Mergers & Acquisitions

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Deal Overview

Buyer:
Select Bancorp, Inc.
Actual Acquirer:
Select Bancorp, Inc.
Target:
Premara Financial, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/20/2017
Announcement Date:
7/21/2017
Announced Deal Value ($ M):
40.11
Status:
Completed
Completion Date:
12/15/2017
Announced Deal Value Per Share ($ )
12.50

Consideration Breakout
Cash ($M) 12.1
Common Stock ($M) 28.1
Common Stock Issued 2,334,999

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 155.4 160.4
Price / Tangible Book (%) 159.0 164.1
Price / Earnings (x) 50.7 48.1
Price / Deposits (%) 19.34 18.37
Price / Assets (%) 15.27 14.71
Tangible Book Premium/ Deposits (%) 8.20 8.25
Deal Terms
Description of Consideration

Select Bancorp, Inc. paid $12.65 per share in cash or exchanged 1.0463 shares of its common stock for each of the outstanding share of Premara Financial, Inc., subject to 70% 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) 17,973
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 3,600
Est. Restructuring Charges ($ 000) 4,308
Maximum Termination Fee ($ 000) 1,600
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.046300
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) 2,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Roger G Powell LLC
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wyrick Robbins Yates & Ponton
Seller Yes Johnson Pope et al.