Return to Mergers & Acquisitions

Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
First Capital Bankshares, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
1/5/2004
Announcement Date:
1/5/2004
Announced Deal Value ($ M):
41.39
Status:
Completed
Completion Date:
6/1/2004
Announced Deal Value Per Share ($ )
5,750.00

Consideration Breakout
Cash ($M) 41.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 301.0 290.7
Price / Tangible Book (%) 301.0 290.7
Price / Earnings (x) 23.9 27.1
Price / Deposits (%) 26.58 28.77
Price / Assets (%) 19.06 18.97
Tangible Book Premium/ Deposits (%) 34.64 34.50
Deal Terms
Description of Consideration

First Busey paid $5,750 in cash for each share of First Capital Bankshares.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 24,913
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 2,383
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Howe Barnes Hoefer & Arnett
Seller Yes Empire Valuation Consultants
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Howard & Howard Attorneys PLLC