Mergers & Acquisitions

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Deal Overview

Buyer:
BOK Financial Corporation
Actual Acquirer:
Bank of Oklahoma NA
Target:
Citizens Holding Company
Deal Type:
Bank & Thrift Company
Agreement Date:
5/12/1994
Announcement Date:
5/12/1994
Announced Deal Value ($ M):
32.30
Status:
Completed
Completion Date:
11/14/1994
Announced Deal Value Per Share ($ )
91.95

Consideration Breakout
Cash ($M) 3.0
Common Stock ($M) 30.4
Common Stock Issued 1,380,017

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 154.3 145.4
Price / Tangible Book (%) 162.0 151.1
Price / Earnings (x) 8.4 9.5
Price / Deposits (%) 17.26 17.87
Price / Assets (%) 15.09 15.47
Tangible Book Premium/ Deposits (%) 6.49 5.67
Deal Terms
Description of Consideration

Citizens Holding common shareholders received 4.31728 shares of BOK common stock for each share held. Preferred shares were cashed out at their $20 par value. Dissenting shareholders received $1.71 million in cash.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 25.00
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) 4.3173
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) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Frederic Dorwart Lawyers
Seller Yes McAfee & Taft