Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
BOK Financial Corporation
Actual Acquirer:
BOK Financial Corporation
Target:
Worth Bancorporation, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/9/2007
Announcement Date:
3/9/2007
Announced Deal Value ($ M):
127.13
Status:
Completed
Completion Date:
5/31/2007
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 127.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 375.7 375.7
Price / Tangible Book (%) 409.8 409.8
Price / Earnings (x) 24.0 24.0
Price / Deposits (%) 36.88 38.57
Price / Assets (%) 32.61 33.77
Tangible Book Premium/ Deposits (%) 31.49 33.53
Deal Terms
Description of Consideration

BOK Financial Corporation paid $127.1 million in cash to acquire all outstanding common shares of Worth Bancorporation Inc., subject to adjustment. Target's financials are for Worth National Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 85,178
Estimated Cost Savings (%) 15.00
Estimated Cost Savings ($ 000) 1,857
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 4,000
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 13,741
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes SAMCO Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Frederic Dorwart Lawyers
Seller Yes Jenkens & Gilchrist PC