Email page Email page PDF view PDF view Print view Print view Email Alert Email Alert

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

SmartFinancial, Inc.
Actual Acquirer:
SmartFinancial, Inc.
Progressive Financial Group, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 9.8
Common Stock ($M) 24.5
Common Stock Issued 1,292,578

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 124.15 119.55
Price / Tangible Book (%) 124.94 120.58
Price / Earnings (x) 27.00 31.07
Price / Deposits (%) 15.96 13.11
Price / Assets (%) 14.17 11.83
Tangible Book Premium/ Deposits (%) 4.21 2.84
Deal Terms
Description of Consideration

SmartFinancial Inc. paid $474.82 per share in cash and exchanged 62.3808 shares of its stock for each of the outstanding share of Progressive Financial Group Inc. In accordance with the terms of the Merger Agreement, Progressive Financial Group also effected a distribution to its shareholders prior to the Effective Date of $4,756,701. Target financials are for Progressive Savings Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 9,316
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 3,928
Est. Restructuring Charges ($ 000) 5,696
Maximum Termination Fee ($ 000) 2,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 62.380800
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) 1,370
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Olsen Palmer LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Baker Donelson Bearman