Columbia, La.-based Caldwell Holding Co. intends to Mansfield, La.-basedProgressive National FinancialCorp and thereby indirectly acquire ($43.8million), according to a notice posted in the Federal Register on Oct. 5.
Caldwell Holding is the parent company of ($157.7million) and Caldwell Bank &Trust Co. ($191.0 million), per SNL data.
According to SNL data, offers for bank and thrift targets inthe Southwest between Sept. 30, 2015, and Sept. 30, 2016, averaged 145.70% ofbook, 154.28% of tangible book and had a median of 25.51x last-12-monthsearnings, on an aggregate basis.
Upon completion, Caldwell Holding will enter De Soto Parish,La., with two branches to be ranked fourth with a 7.05% share of about $498.24million in total market deposits and Caddo Parish, La., with one branch to beranked No. 19 with a 0.09% share of about $5.47 billion in total marketdeposits.
SAMCO Capital Markets Inc., led by Jacob Thompson, was theexclusive financial adviser to Progressive National Financial and ProgressiveNational Bank, and Fenimore Kay Harrison & Ford LLP, led by Joseph Ford andDouglas Weissinger, served as their legal adviser. Jones Walker LLP, led byMichael Waters, was legal counsel to Caldwell Holding Co.