Mergers & Acquisitions

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Deal Overview

Buyer:
Community Trust Bancorp, Inc.
Actual Acquirer:
Pikeville National Corporation
Target:
Community Bank of Lexington, Inc
Deal Type:
Bank & Thrift Company
Agreement Date:
2/13/1989
Announcement Date:
2/13/1989
Announced Deal Value ($ M):
10.10
Status:
Completed
Completion Date:
2/2/1995
Announced Deal Value Per Share ($ )
61.88

Consideration Breakout
Cash ($M) 1.0
Common Stock ($M) 8.3
Common Stock Issued 366,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 263.8 279.9
Price / Tangible Book (%) 263.8 279.9
Price / Earnings (x) 32.7 NM
Price / Deposits (%) 24.38 20.46
Price / Assets (%) 18.35 15.29
Tangible Book Premium/ Deposits (%) 18.66 16.02
Deal Terms
Description of Consideration

Community Bank shareholders received 2.25 shares of Pikeville common for each share held. Holders of the non-cumulative preferred issue received, in aggregate, $1 million in cash plus accrued but unpaid dividends.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 6,300
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) 2.2500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 20.0000
% of Shares Outstanding 20.60
Shares Under Option 40,000
Core Deposit Intangibles ($ 000) 1,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Greenebaum Doll & McDonald
Seller Yes Slone Benton & Long PSC