Missouri-based Bethany Bankshares Inc. applied with the Federal Reserve Bank of Kansas City to merge with Maysville, Mo.-based Fairport Bancshares Inc. and indirectly acquire Bank of Fairport.
Terms of the deal were not disclosed in the Federal Register.
SNL valuations for bank and thrift targets in the Midwest region between March 6, 2018 and March 6, 2019 averaged 161.33% of book and 171.94% of tangible book and had a median of 20.86x last-12-months earnings, on an aggregate basis.
Bethany Bankshares Inc. will enter DeKalb County, Mo., with two branches to be ranked sixth with a 7.2% share of approximately $248.04 million in total market deposits.
As of Dec. 31, 2018, Bethany Bankshares, the parent company of BTC Bank, had about $499.9 million in total consolidated assets, while Fairport Bancshares had about $17.5 million in total consolidated assets, according to S&P Global Market Intelligence data.
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- Author
- Syed Wajih AbbasFatima Aitizaz
- Theme
- Banking