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Missouri-based peers Legends Bank, Home Savings Bank to merge

Linn,Mo.-based LegendsBank ($307.1 million as of June 30), a unit of , is purchasingJefferson City, Mo.-based Home SavingsBank ($24.1 million as of March 31).

Thepurchase coverssubstantially all the assets and substantially all of the liabilities of Home SavingsBank, which will become a branch of Legends Bank post-merger, according to aninteragency merger act application.

There is nointerim charter proposed as part of the transaction. All of the currentdirectors of Home Savings will be offered a position on a Jefferson Cityadvisory board that Legends Bank will form once the deal closes. In addition,post-merger, Home Savings President and CEO John Curtit will become JeffersonCity market president for the combined company for a short time before retiring,while Home Savings Senior Vice President Dennis Mueller will join Legends Bankas vice president. Neither of the two will hold any shares in Legends or itsholding company, nor will any shares of such companies change hands or beissued in connection with the transaction.

SNLvaluations for bank and thrift targets in the Midwest region between June 21,2015, and June 21, 2016, averaged 129.10% of book, 133.15% of tangible book andhad a median of 19.14x last-12-months earnings, on an aggregate basis.

Legendsexpects to able to offer larger credits to Home Savings' customers, as itscapital is roughly $49.5 million compared to Home Savings' capital account of$1.6 million, as of March 31. No products or services currently offered by thetwo banks will be discontinued as part of the transaction.

Datacompiled by SNL shows that the combined bank will operate 11 branches inMissouri, to be ranked No. 84 with a 0.17% share of approximately $156.98billion in total market deposits.

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