Mergers & Acquisitions

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Deal Overview

Buyer:
Community Trust Bancorp, Inc.
Actual Acquirer:
Community Trust Bank, Inc.
Target:
Lafollette First National Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
6/8/2010
Announcement Date:
6/8/2010
Announced Deal Value ($ M):
16.09
Status:
Completed
Completion Date:
11/17/2010
Announced Deal Value Per Share ($ )
650.00

Consideration Breakout
Cash ($M) 16.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 105.5 110.5
Price / Tangible Book (%) 105.5 110.5
Price / Earnings (x) NM NM
Price / Deposits (%) 9.82 10.10
Price / Assets (%) 9.61 9.83
Tangible Book Premium/ Deposits (%) 0.69 1.34
Deal Terms
Description of Consideration

Community Trust Bancorp Inc. paid $650.00 per share in cash to acquire all the outstanding common stock of LaFollette First National Corp. Community Trust Bancorp Inc. also assumed a debt of $1.5 million to be payable by LaFollette First National Corp. for the promissory notes. Target's financials are for First National Bank of La Follette.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 440
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 700
Minimum Termination Fee ($ 000) 0
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) 1,124
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 Miller & Martin PLLC