Return to Mergers & Acquisitions

Deal Overview

Buyer:
Colony Bankcorp, Incorporated
Actual Acquirer:
Colony Bankcorp, Incorporated
Target:
Quitman Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/23/2001
Announcement Date:
10/23/2001
Announced Deal Value ($ M):
7.24
Status:
Completed
Completion Date:
3/29/2002
Announced Deal Value Per Share ($ )
13.46

Consideration Breakout
Cash ($M) 2.4
Common Stock ($M) 5.0
Common Stock Issued 367,093

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 105.7 106.6
Price / Tangible Book (%) 105.7 106.6
Price / Earnings (x) 28.0 35.5
Price / Deposits (%) 13.38 13.21
Price / Assets (%) 11.09 11.45
Tangible Book Premium/ Deposits (%) 1.62 1.77
Deal Terms
Description of Consideration

Colony exchanged 0.683 share of common stock and $4.41 in cash for each share of Quitman common stock outstanding.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 500
Maximum Termination Fee ($ 000) 200
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.683000
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Demarest Strategy Group
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Martin Snow LLP
Seller Yes Manatt Phelps & Phillips LLP
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