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Financial Advisor And Fairness Opinion

State Capital Corp.

$136.5 Million 09/19/2019 Depository Complete
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Transaction Details

  • State Capital Corp. (“State Capital”), parent company of State Bank and Trust Company, announced today the signing of a definitive merger agreement with BancPlus Corporation (“BancPlus”), the parent company of BankPlus
  • Combination between two of Mississippi’s oldest banks
  • Combined company will have approximately $4.2 billion in assets and rank as the 6th largest bank by deposits in the state of Mississippi
  • Transaction expands BankPlus’ footprint into Louisiana and Alabama
  • Kirk Graves, Chief Executive Officer of State Bank, will join the senior executive management team of BankPlus upon completion of the merger
  • State Capital shareholders will receive shares of BancPlus’ common stock for each outstanding share of State Capital common stock. The transaction is valued at approximately $136.5 million in the aggregate, or $38.75 per share
  • Merger is expected to close in the first quarter of 2020
Sources: Company filings, SNL Financial and publicly available information.
  1. (1) Transaction multiples calculated based on the aggregate deal value and financial results as of or for the twelve months ended June 30, 2019.

    (2) Reflects Q’2 2019 FR Y-9C financial data for State Capital Corp. and BancPlus Corporation.

    (3) Bank-level.

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