Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Corporation
Target:
Metropolitan BancGroup, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/17/2017
Announcement Date:
1/17/2017
Announced Deal Value ($ M):
189.71
Status:
Completed
Completion Date:
7/1/2017
Announced Deal Value Per Share ($ )
24.49
Consideration Breakout
| Common Stock ($M) | 200.4 |
| Common Stock Issued | 4,883,182 |
Deal Pricing Ratios
| Announcement | Completion | |
|---|---|---|
| Price / Book (%) | 206.25 | 223.04 |
| Price / Tangible Book (%) | 217.17 | 234.85 |
| Price / Earnings (x) | 27.58 | 29.82 |
| Price / Deposits (%) | 21.36 | 21.70 |
| Price / Assets (%) | 16.41 | 17.61 |
| Tangible Book Premium/ Deposits (%) | 14.38 | 18.35 |
Deal Terms
Description of Consideration
Renasant Corp. exchanged 0.6066 shares of its common stock for each outstanding share of Metropolitan BancGroup Inc. Renasant Corp. also paid approximately $4.76 million in cash to Metropolitan stock option holders for 100% of the voting equity interest in Metropolitan. Target financials are for Metropolitan Bank. Renasant Corp. also assumed Metropolitan BancGroup Inc.'s subordinated notes.
| Accounting Method | Acquisition |
| In-State Transaction? | Yes |
| Merger of Equals? | No |
| Geographic Expansion? | Partial Overlap |
| Goodwill Generated ($ 000) | 140,512 |
| Estimated Cost Savings (%) | 37.50 |
| Estimated Cost Savings ($ 000) | 10,245 |
| Est. Restructuring Charges ($ 000) | 22,600 |
| Maximum Termination Fee ($ 000) | 6,800 |
| Minimum Termination Fee ($ 000) | 0 |
| Exchange Ratio (Common For Common) | 0.606600 |
| Exchange Ratio (Common For Preferred) | NA |
| Exchange Ratio (Preferred For Common) | NA |
| Exchange Ratio (Preferred For Preferred) | NA |
| Lockup Agreement | No |
| Strike Price ($ ) | NA |
| % of Shares Outstanding | NA |
| Shares Under Option | NA |
| Core Deposit Intangibles ($ 000) | 6,966 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Sandler O'Neill & Partners LP |
| Seller | Yes | Raymond James & Assoc. Inc. |
Legal Counsel
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Phelps Dunbar LLP |
| Seller | Yes | Troutman Pepper Hamilton |