trending Market Intelligence /marketintelligence/en/news-insights/trending/ESLQP9ws1GgtapHqM0Lzgw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Reliant Bancorp's positive earnings reignited First Advantage Bancorp deal

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


Reliant Bancorp's positive earnings reignited First Advantage Bancorp deal

Brentwood, Tenn.-based Reliant Bancorp Inc. agreed to acquire Clarksville, Tenn.-based First Advantage Bancorp in a cash-and-stock transaction valued at $123.4 million.

First Advantage Bancorp's process to enter into a merger agreement began April 19, 2017, when the company was informed of a party, referred to as company A, interested in pursuing a merger. On June 5, 2017, First Advantage Bancorp received a nonbinding indication of interest from company A, the terms of which the board found disappointing.

From June to August of 2017, the board engaged Raymond James Financial Inc. as a financial adviser and had meetings with company A regarding concerns with the potential merger. On Sept. 29, 2017, First Advantage Bancorp terminated the discussions with company A.

On Oct. 18, 2017, Raymond James contacted 20 financial institutions, of which 10 executed nondisclosure agreements, including company B, which stated it needed time to process another strategic initiative.

From November 2017 to December 2018, First Advantage received bids from Company C and company D, but both discussions were terminated. The board decided to remain open to a business combination with a larger financial institution while looking for opportunities to acquire smaller banks in its market.

From March to May 2019, Raymond James communicated with five financial institutions regarding the possibility of a potential business combination. Company B and Reliant each expressed interest.

From June to July, First Advantage Bancorp had discussions on the merits of pursuing a transaction with Reliant as compared to a transaction with company B. Reliant was pursuing another transaction at the time and there were concerns over the deal's termination period. The company continued negotiations with company B and conducted reverse due diligence and found that company B's stock price fell while Reliant's stock and earnings increased. The board terminated discussions with company B.

Reliant and First Advantage Bancorp renegotiated the terms of the proposed deal, from August to October, and landed on the terms that First Advantage Bancorp shareholders will receive 1.17 shares of Reliant Bancorp common stock and $3.00 cash for each common share they own. The deal may also be terminated by Reliant, if First Advantage Bancorp's equity capital decreases below $73 million or if shareholders holding more than 10% of common stock exercise dissenters' rights.

On Oct. 22, Reliant and First Advantage Bancorp announced the execution of the merger agreement.