Mergers & Acquisitions

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Deal Overview

Buyer:
Community Trust Bancorp, Inc.
Actual Acquirer:
Pikeville National Corporation
Target:
First American Kentucky Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
1/23/1990
Announcement Date:
1/23/1990
Announced Deal Value ($ M):
19.90
Status:
Completed
Completion Date:
7/31/1990
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 17.6
Common Stock ($M) 1.0
Common Stock Issued 79,387

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 137.0 126.8
Price / Tangible Book (%) 137.0 126.8
Price / Earnings (x) 22.4 38.0
Price / Deposits (%) 11.74 10.89
Price / Assets (%) 10.50 9.78
Tangible Book Premium/ Deposits (%) 3.56 2.56
Deal Terms
Description of Consideration

Pikeville acquired all outstanding shares of First American Kentucky for $17,600,114 in cash and 79,387 shares of Pikeville common stock. Seller's financials are for First American Bank, Ashland, KY.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 5,432
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA