Britton, S.D.-based Beresford Bancorp Inc. and The Farrar Beresford Bancorp. Inc. Irrevocable Trust applied to acquire Carlsbad, N.M.-based Western Bancshares of Alamogordo Inc.

The applicants plan to convert back to savings and loan holding companies after the merger of Alamogordo, N.M.-based Western Bank, a unit of Western Bancshares, into Beresford, S.D.-based First Savings Bank, a unit of Beresford Bancorp.

On an aggregate basis, SNL calculates that the deal value is 119.2% of common equity, 127.6% of tangible common equity, 21.7% of assets and 32.6x earnings.

SNL valuations for bank and thrift targets in the Southwest region between Dec. 15, 2017, and Dec. 15, 2018, averaged 188.59% of book, 197.02% of tangible book and had a median of 20.64x last-12-months earnings, on an aggregate basis.

SNL is an offering of S&P Global Market Intelligence.