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Deal Overview

Buyer:
Colony Bankcorp, Inc.
Actual Acquirer:
Colony Bankcorp, Inc.
Target:
LBC Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/17/2018
Announcement Date:
12/18/2018
Announced Deal Value ($ M):
34.09
Status:
Completed
Completion Date:
5/1/2019
Announced Deal Value Per Share ($ )
22.30

Consideration Breakout
Cash ($M) 15.3
Common Stock ($M) 18.0
Common Stock Issued 1,054,029

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 184.2 178.6
Price / Tangible Book (%) 184.2 178.6
Price / Earnings (x) 24.4 15.9
Price / Deposits (%) 16.67 18.97
Price / Assets (%) 14.96 16.96
Tangible Book Premium/ Deposits (%) 9.30 10.10
Deal Terms
Description of Consideration

Colony Bankcorp Inc. paid $23.50 per share in cash or exchanged 1.3239 shares of its common stock for each of the outstanding share of LBC Bancshares Inc., subject to 55% of the consideration paid in stock. Target financials are for Calumet Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 36.50
Estimated Cost Savings ($ 000) 1,834
Est. Restructuring Charges ($ 000) 4,300
Maximum Termination Fee ($ 000) 1,432
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.323900
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) 3,300
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Hovde Group LLC
Seller Yes BSP Securities LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes James-Bates-Brannan-Groover
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