Fifth Third Bank

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Buyer:Fifth Third Bancorp, Cincinnati, OH
Seller:South Florida Bank Holding Corp, Fort Myers, FL
Transaction SummaryTop
Fifth Third has agreed to acquire South Florida Bank Holding Corporation, and its subsidiary, South Florida Bank, in a common stock transaction valued at approximately $28.6 million. Each share of South Florida Bank Holding Corporation will be exchanged for .348 shares of Fifth Third. Headquartered in Ft. Myers, FL, South Florida Bank's four offices, with $87 million in assets and $78 million in deposits, will be merged with Fifth Third Bank, FL, an affiliate bank of Fifth Third Bancorp. Headquartered in Naples, FL, Fifth Third Bank, FL, has four offices, $221 million in assets and $173 million in deposits. Founded in 1858, Fifth Third Bank is headquartered in Cincinnati, Ohio. The bank is one of 12 affiliates of Fifth Third Bancorp which has $28.3 billion in assets, 470 full-service banking Centers including 107 Bank Mart(R) ATM's in Ohio, Kentucky, Indiana, Florida and Arizona. The transaction was completed on June 10, 1999 with aggregate consideration of approximately $29.4 million.
Transaction DataTop
Announcement Date10/22/98
Accounting TypePooling
Consideration TypeCommon Stock
Reason for TransactionIn-market expansion
Percent of Target Common Shrs Acquired100
Number of Target CommonShrs Acquired1,265,350
Number of Buyer Common Shrs Issued440,342
Number of Buyer Preferred Shrs IssuedN/A
Buyer/Target Exchange Ratio(s)
Common Stock:Common Stock.3480
Common Stock:Preferred StockN/A
Preferred Stock:Common StockN/A
Preferred Stock:Preferred StockN/A
Payment In: (At Announcement Date)
Cash ($000)0
Common Stock ($000)28,534
Debt ($000)0
Convertible Debt ($000)0
Pref Stock ($000)0
Convertible Preferred Stock ($000)0
Other Consider ($000)0
Earnout Consideration Value ($000)N/A
Collar/Cuff?No
Collar Cuff Agreement Description:
N/A
Completion Date06/10/99
Transaction StatusCompleted
Transaction Revised?No
Revision DateN/A
Merger of Equals?No
Hostile/Unsolicited?No
Transaction Started as Rumor?No
Termination Fee ($000)N/A
Goodwill Created ($000)20,379.00
Core Deposit Intangibles Created ($000)N/A
Target's Current Year EPS EstimateN/A
Target's Next Year EPS EstimateN/A
Target's Common Stock Options7,125
Average Strike Price of Options ($)6.64
Target's Conv Pref Equity ($000)N/A
Pref Eqty Equiv Convert Cmn ShrsN/A
Target's Convertible Debt ($000)N/A
Conv Debt Equiv Convert Cmn ShrsN/A
Lock-up Agreement?No
Number of Shares Under OptionN/A
Percent of Outstanding SharesN/A
Exercise Price per Share ($)N/A
Lock-Up Agreement Description:
N/A
Cost SavingsTop
N/A
Transaction PricingTop
 At Announcement DateAt Completion Date
Total Purchase Price ($000)28,64729,358
Payment in Common Stock ($000)28,53429,241
Purchase Price Per Share ($)22.5523.11
Price to Equity (x)3.433.27
Price to Tangible Equity Excl MSR(x)3.433.27
Price to LTM Net Inc. (x)18.7619.20
Price/Current Yr Earn Est(x)N/AN/A
Price to Next Yr Earn Est(x)N/AN/A
Price to Assets (%)33.5631.74
Price to Deposits (%)38.4937.28
Premium to Core Deposits(%)29.4027.66
Transaction AdvisersTop
Financial Advisers:N/AN/A
Legal Advisers:Graydon, Head, & Richeyyes
Financial Advisers:The Carson Medlin Companyyes
Legal Advisers:Smith, Mackinnon, Greeley, Bowdoin & Edwards, P.A.yes
Target Performance DataTop
Company:South Florida Bank Holding Corp
Institution TypeHolding Co
Regulatory ID Number1840717
TickerN/A
CUSIPN/A
Stock ExchangeUnknown
Primary SIC CodeN/A
Street Address2017 McGregor Blvd
Phone Number(941) 334-2020
# of Employees43
# of Branches0
NationSoutheast
RegionUnited States
Financial Data SourceRegulatory Filings
Financial DataTop
Prior to AnnouncementPrior to Completion
09/30/9806/30/9812/31/9703/31/99
Total Assets ($000)85,35086,39082,85992,486
Total Deposits ($000)74,42176,69473,54778,756
Total Core Deposits ($000)69,01170,09867,34973,666
Total Equity ($000)8,3577,9327,1708,979
Intangible Assets ($000).00.00.00.00
Tang Eq Capital Excl MSR ($000)8,3577,9327,1708,979
LTM Net Income ($000)1,5271,5031,4291,529
Shares OutstandingN/AN/AN/AN/A
Total Equity/Assets (%)9.799.188.659.71
Tang Eq Inc MSR/Assets (%)9.799.188.659.71
Book Value Per Share ($)N/AN/AN/AN/A
LTM Earnings Per Share ($)N/AN/AN/AN/A
NPA/Total Assets (%).83.881.041.07
LLR/NPL (%)339.06324.10256.40105.21
YTD Net Income ($000)1,134761.001,429208.00
Annualized ROA1.781.801.83.91
Annualized ROE19.4920.1421.649.28
LTM Operating Expense/AA3.763.653.633.16
LTM Noninterest Income/AA.71.70.74.66
LTM Efficiency Ratio (%)73.0872.3470.7763.45
Data Provided by Thomson Reuters Bank Insight