Mergers & Acquisitions

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Deal Overview

Buyer:
Community Trust Bancorp, Inc.
Actual Acquirer:
Pikeville National Corporation
Target:
Woodford Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/27/1994
Announcement Date:
9/27/1994
Announced Deal Value ($ M):
22.30
Status:
Completed
Completion Date:
5/31/1995
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 20.3
Common Stock Issued 966,988

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 196.3 175.7
Price / Tangible Book (%) 196.3 175.7
Price / Earnings (x) 17.5 27.5
Price / Deposits (%) 22.56 22.63
Price / Assets (%) 20.16 19.97
Tangible Book Premium/ Deposits (%) 12.68 11.15
Deal Terms
Description of Consideration

Woodford shareholders received, in aggregate, 966,988 shares of Pikeville National common for all outstanding shares. Seller's financials are for Woodford Bank & Trust Company.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 300
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 22.3659
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) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Greenebaum Doll & McDonald
Seller Yes Stoll Keenon Ogden PLLC