Mergers & Acquisitions

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Deal Overview

Buyer:
Mid Penn Bancorp, Inc.
Actual Acquirer:
Mid Penn Bank
Target:
Scottdale Bank & Trust Company
Deal Type:
Bank & Thrift Company
Agreement Date:
3/29/2017
Announcement Date:
3/29/2017
Announced Deal Value ($ M):
59.14
Status:
Completed
Completion Date:
1/8/2018
Announced Deal Value Per Share ($ )
1,166.00

Consideration Breakout
Cash ($M) 5.9
Common Stock ($M) 62.1
Common Stock Issued 1,878,827

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 130.0 145.3
Price / Tangible Book (%) 130.0 145.3
Price / Earnings (x) NM 52.7
Price / Deposits (%) 27.38 31.07
Price / Assets (%) 22.46 25.37
Tangible Book Premium/ Deposits (%) 6.41 9.83
Deal Terms
Description of Consideration

Mid Penn Bancorp Inc. paid $1,166 per share in cash or exchanged 38.88 share of its common stock for all of the outstanding shares of Scottdale Bank & Trust Co., subject to 90% of the consideration being paid in stock.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 19,189
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 619
Maximum Termination Fee ($ 000) 2,366
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 38.880000
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) 4,940
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Ambassador Financial Group Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stevens & Lee PC
Seller Yes Tucker Arensberg PC