Mergers & Acquisitions

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Deal Overview

Buyer:
Community Trust Bancorp, Inc.
Actual Acquirer:
Community Trust Bank NA
Target:
Heritage Community Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
3/14/2005
Announcement Date:
3/14/2005
Announced Deal Value ($ M):
12.16
Status:
Completed
Completion Date:
6/10/2005
Announced Deal Value Per Share ($ )
25.75

Consideration Breakout
Cash ($M) 12.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 120.2 133.2
Price / Tangible Book (%) 120.2 133.2
Price / Earnings (x) NM NM
Price / Deposits (%) 14.27 15.42
Price / Assets (%) 10.82 11.81
Tangible Book Premium/ Deposits (%) 2.95 4.68
Deal Terms
Description of Consideration

Community Trust paid $25.75 in cash for each outstanding share of Heritage.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 3,799
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 600
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,701
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Greenebaum Doll & McDonald
Seller Yes Wyatt Tarrant & Combs