Mergers & Acquisitions

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Deal Overview

Buyer:
SB Financial Group, Inc.
Actual Acquirer:
SB Financial Group, Inc.
Target:
Edon Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/6/2020
Announcement Date:
2/7/2020
Announced Deal Value ($ M):
15.53
Status:
Completed
Completion Date:
6/5/2020
Announced Deal Value Per Share ($ )
103.50

Consideration Breakout
Cash ($M) 15.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 133.3 135.3
Price / Tangible Book (%) 135.3 135.3
Price / Earnings (x) 36.5 42.6
Price / Deposits (%) 30.78 32.21
Price / Assets (%) 25.11 26.03
Tangible Book Premium/ Deposits (%) 8.21 8.94
Deal Terms
Description of Consideration

SB Financial Group Inc. paid $103.50 per share in cash for each of the outstanding share of Edon Bancorp Inc. Target financials are for Edon State Bank Co. of Edon Ohio.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 430
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 465
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) 946
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Janney Montgomery Scott LLC
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hogan Lovells US LLP
Seller Yes Howard & Howard Attorneys PLLC