This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Combined Louisville MSA Footprint (Graphic: Business Wire)

ABOUT S.Y. BANCORP

Louisville, Kentucky-based S.Y. Bancorp, Inc., with more than $2.10 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company (click for Bank logo), which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT. The trust preferred securities of S.Y. Bancorp Capital Trust II also trade on the NASDAQ Global Select Market under the symbol SYBTP.

ABOUT THE BANCORP

The Bancorp, Inc., headquartered in La Grange, Kentucky, is the holding company for THE BANK - Oldham County, Inc. (click for Bank logo), which provides a full range of commercial and consumer banking services from four banking offices located in La Grange, Louisville, Crestwood and Prospect.

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 regarding S.Y. Bancorp, Bancorp, and the proposed business combination transaction between S.Y. Bancorp and Bancorp. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements. Words such as "anticipate," "believe," "could," "estimate," "expect," "may," "plan," "will," "would" and other similar expressions are intended to identify these forward-looking statements. Such risks and uncertainties include, but are not limited to, the following: the risk that the expected cost savings, synergies and other financial benefits from the proposed acquisition might not be realized within the expected time frame or at all; the ability to promptly and effectively integrate the business of Bancorp into that of S.Y. Bancorp; the possibility that the merger does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; and the reaction of customers and employees to the proposed transaction. For more information, see the risk factors described in S.Y. Bancorp's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. Forward-looking statements speak only as of the date they are made and S.Y. Bancorp and its affiliates assume no duty to update forward looking statements to reflect events or circumstances that occur after the date on which such statements were made.

               

 Acquisition of The Bancorp, Inc.

   by S.Y. Bancorp (NASDAQ: SYBT)

   Holding Company for Stock Yards Bank & Trust

 

Contacts

Investors Media

Nancy Davis

Neil Lancaster

Executive Vice President and

Director of Sales and Service

Chief Financial Officer

Stock Yards Bank & Trust

S.Y. Bancorp

(502) 625-2556

(502) 625-9176

 

Key Management

 
 

 

S.Y. Bancorp

David Heintzman

Chairman and

Ja Hillebrand

Chief Executive Officer

President

 
 

The Bancorp, Inc.

R. Alex Rankin

Stephen Norton

Chairman

President and

Chief Executive Officer

 

 

   

Transaction Summary

 
Aggregate Purchase Price $19.882 million, including cash out of in-the-money options, based upon SYBT closing price on December 18, 2012.
 
Purchase price $464.52 per Bancorp share, subject to adjustment.
 
Shares outstanding 41,933.
 
Fixed Exchange Ratio 12.7557 shares of SYBT for each share of Bancorp.
 
Accretion Immediate excluding transaction costs.
 
Consideration 60% stock, 40% cash.
 
Termination fee Up to $750,000 in certain events.
 
Price to tangible book 103%.
 
Core deposit premium 0.5%.
 
Projected cost savings $2.1 million annually, with approximately 60% realized in 2013.
 
Estimated transaction costs Approximately $1.8 million after tax.
 
Approvals Regulatory and shareholders of Bancorp.
 
Anticipated closing Early second quarter 2013.
     

General Information

 

SYBT

The Bancorp

Pro Forma (2)

 
Total branches 31 4 35
 
Louisville MSA branches 25 4 29
 

Total assets (1)

$2.103 billion $137.4 million $2.240 billion
 

Louisville MSA assets (1)

$1.840 billion

$139.2 million

$1.979 billion

 

Gross loans (1)

$1.578 billion $46.8 million $1.625 billion
 

Deposits (1)

$1.690 billion $114.9 million $1.805 billion
 

Equity (1)

$201 million $19.4 million $220.4 million
 

(1) Financial data as of September 30, 2012.

(2) Financial data does not reflect potential purchase accounting adjustments.





4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,093.66 -109.71 -0.60%
S&P 500 2,097.66 -10.12 -0.48%
NASDAQ 4,965.7940 -14.1070 -0.28%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs