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In Iowa, Community Bankshares to buy TruBank

In Iowa, Indianola-basedCommunity Bancshares Corp.will acquire Oskaloosa-based TruBank($128.1 million).

Community Bancshareswill pay cash to acquire3,920 shares, or 100% of TruBank's outstanding shares, according to a merger application.The purchase price for the shares is $2,650.26 per share, for a total of approximately$11.0 million. This includes the assumption that TruBank parent will distribute $3million of its subsidiary bank's excess capital to its stockholders before the transactionis consummated.

SNL's valuationsfor bank and thrift targets in the Midwest between April 5, 2015, and April 5, 2016,averaged 125.60% of book, 130.53% of tangible book and had a median of 18.61x last-12-monthearnings, on an aggregate basis.

Community Bancsharesis the parent company of CommunityBank ($163.8 million), and the combined entity is expected to have approximately$300 million in assets and eight banking locations. Within the state, CommunityBancshares will enter Mahaska County with one branch, to be ranked third with a17.69% share of approximately $428.6 million in total market deposits. It will enterDallas County with one branch, to be ranked No. 20 with a 0.72% share of approximately$1.21 billion in total market deposits. It will also enter Keokuk County with onebranch, to be ranked fifth with a 5.5% share of approximately $297.7 million intotal market deposits.

The merger isstill subject to shareholder and regulatory approval, which is expected to be grantedwithin the quarter.

Click onthe map below to access a larger version as a PDF. To use branch analytics toolsto compare market overlap, click here. To createcustom maps, click here.

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