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New Albany, Ind.-based Community Bank Shares of Indiana Inc. ($846.1 million) agreed to acquire Elizabethtown, Ky.-based First Financial Service Corp. ($858.6 million) in a transaction valued at approximately $17.9 million, according to an April 22 news release.
Under the agreement, Community Bank Shares of Indiana will exchange all of the issued and outstanding common shares of First Financial for 0.153 of a share of Community Bank Shares of Indiana's common stock, subject to potential adjustments. The transaction value is based on Community Bank Shares of Indiana's 20-trading-day average common stock price of $22.33 per share as of April 17, assuming no exchange ratio adjustments.
SNL calculates that, on a per-share basis, the deal value is 133.45% of book and tangible book. The price is 2.20% of deposits and 2.01% of assets, and the tangible book premium-to-core-deposits ratio is 0.70%.
According to data compiled by SNL, offers for bank and thrift targets in the...