Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
New Century Bancorp, Inc.
Actual Acquirer:
New Century Bank South
Target:
Progressive State Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
2/2/2006
Announcement Date:
2/2/2006
Announced Deal Value ($ M):
16.60
Status:
Completed
Completion Date:
7/13/2006
Announced Deal Value Per Share ($ )
21.30

Consideration Breakout
Cash ($M) 16.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 233.8 234.3
Price / Tangible Book (%) 233.8 234.3
Price / Earnings (x) 29.7 27.4
Price / Deposits (%) 31.83 29.48
Price / Assets (%) 27.84 25.97
Tangible Book Premium/ Deposits (%) 20.23 19.21
Deal Terms
Description of Consideration

New Century paid $21.30 in cash for each share of Progressive State Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 8,674
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 500
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) 1,384
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes McKinnon & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Gaeta & Eveson PA
Seller Yes McCoy Weaver Wiggins