Mergers & Acquisitions

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Deal Overview

Buyer:
BOK Financial Corporation
Actual Acquirer:
BOK Financial Corporation
Target:
Valley Commerce Bancorp, Ltd.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/20/2004
Announcement Date:
12/20/2004
Announced Deal Value ($ M):
32.02
Status:
Completed
Completion Date:
4/6/2005
Announced Deal Value Per Share ($ )
20.74

Consideration Breakout
Cash ($M) 32.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 267.6 179.2
Price / Tangible Book (%) 267.6 179.2
Price / Earnings (x) 25.9 38.9
Price / Deposits (%) 29.71 28.68
Price / Assets (%) 21.02 21.01
Tangible Book Premium/ Deposits (%) 19.13 13.39
Deal Terms
Description of Consideration

BOK Financial Corp. paid $20.07 per share in cash for each share of Valley plus an additional $0.67 per share in cash over a three-year period subject to adjustments.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 16,650
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,500
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) 4,380
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Frederic Dorwart Lawyers
Seller Yes Bodman PLC