Mergers & Acquisitions

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Deal Overview

Buyer:
Banner Corporation
Actual Acquirer:
Banner Bank
Target:
Home Federal Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/24/2013
Announcement Date:
9/24/2013
Announced Deal Value ($ M):
196.01
Status:
Terminated
Completion Date:
10/23/2013
Announced Deal Value Per Share ($ )
NA

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 115.1 NA
Price / Tangible Book (%) 115.5 NA
Price / Earnings (x) NM NA
Price / Deposits (%) 23.79 NA
Price / Assets (%) 19.45 NA
Tangible Book Premium/ Deposits (%) 3.68 NA
Deal Terms
Description of Consideration

Banner Corp. would have paid $87.6 million in cash and would have issued 2,904,000 shares of common stock to acquire Home Federal Bancorp Inc. Buyer's Issued shares were subject to $26.00-$40.00 cap/floor.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 27,000
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 14,400
Maximum Termination Fee ($ 000) 2,954
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 10,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes D.A. Davidson & Co.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Vorys Sater Seymour and Pease