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Mergers & Acquisitions

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: First Internet Bancorp
Actual Acquirer: First Internet Bank of Indiana
Target: Landmark Financial Corporation
Deal Type: Bank & Thrift Company
Agreement Date8/25/2006
Announcement Date8/25/2006
Announced Deal Value ($M)12.00
Completion Date1/1/2007
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)12.0
Deal Pricing Ratios
Price / Book (%)172.3164.6
Price / Tangible Book (%)172.3164.6
Price / Earnings (x)17.619.5
Price / Deposits (%)20.8719.79
Price / Assets (%)18.5117.55
Tangible Book Premium/ Deposits (%)8.767.77
Deal Terms
Description of Consideration
First Internet Bancorp paid approximately $12 million in cash to acquire Landmark Financial Corporation. Target's financials are for Landmark Savings Bank FSB.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)4,687
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)400.00
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)NA
% of Shares Outstanding49.00
Shares Under Option1,469,343
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBingham Greenebaum Doll LLP
SellerYesFaegre Baker Daniels LLP

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