Return to Mergers & Acquisitions

Deal Overview

Buyer:
IBT Bancorp, Inc.
Actual Acquirer:
Farmers State Bank of Breckenridge
Target:
Farwell State Savings Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
12/22/2005
Announcement Date:
12/22/2005
Announced Deal Value ($ M):
38.06
Status:
Completed
Completion Date:
10/3/2006
Announced Deal Value Per Share ($ )
145.00

Consideration Breakout
Cash ($M) 7.6
Common Stock ($M) 33.5
Common Stock Issued 797,475

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 278.9 295.5
Price / Tangible Book (%) 278.9 295.5
Price / Earnings (x) 24.8 29.1
Price / Deposits (%) 49.90 55.34
Price / Assets (%) 41.86 46.10
Tangible Book Premium/ Deposits (%) 37.40 43.68
Deal Terms
Description of Consideration

IBT Bancorp Inc. paid $29.00 in cash and exchanged 3.0382 shares of common stock to acquire Farwell State Savings Bank. Total consideration was subject to adjustment under certain circumstances.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 22,263
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 382
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.0382
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) 1,442
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Austin Associates LLC
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Foster Swift Collins & Smith
Seller Yes Bodman PLC
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