Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Banner Corporation
Actual Acquirer:
Banner Bank
Target:
San Juan Financial Holding Company
Deal Type:
Bank & Thrift Company
Agreement Date:
12/18/2006
Announcement Date:
12/18/2006
Announced Deal Value ($ M):
41.58
Status:
Completed
Completion Date:
5/1/2007
Announced Deal Value Per Share ($ )
114.12

Consideration Breakout
Cash ($M) 6.0
Common Stock ($M) 30.6
Common Stock Issued 819,209

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 240.8 199.7
Price / Tangible Book (%) 243.5 201.6
Price / Earnings (x) 19.0 16.6
Price / Deposits (%) 32.31 30.06
Price / Assets (%) 27.62 24.12
Tangible Book Premium/ Deposits (%) 20.92 16.80
Deal Terms
Description of Consideration

Banner Corp. exchanged 2.2503 shares and paid $16.48 in cash for each share of San Juan Financial Holding Co. Options were exchanged for cash. Target's financials are for Islanders Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 19,833
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 2.25
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) 6,298
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes McAdams Wright Ragen Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Davis Wright Tremaine LLP