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• W31176076 abstract "Goals. Objectives. Challenges. Opportunities. All are formulaic to bank executive management agendas. But when executives and directors of the former Brentwood, Tenn.-based Premier Bancorp, Inc. concluded their annual strategic planning meeting in the fall of 2003, their attention was focused on two distinct paths for the future. We felt like we had reached a fork in the road, says Jim Harris, CEO of the $156.8 million-asset commercial bank that started in 1997. We had not done a secondary offering since our initial offering, and to sustain the level of growth that we had been experiencing, we knew that we would need additional capital. Looking ahead, Harris and his board contemplated their alternatives--initiating the process of raising more capital to fuel longer-term growth objectives; or determining the company's value if it elected to travel the merger route. Operating two banking locations in Tennessee's economically attractive Williamson County, Harris knew that the bank had carved a competitive niche in a highly desirable geographic location--a major plus in any potential negotiation. We started the process of doing our research, and after talking with some outside professionals and considering the attractiveness of the market, we came to the conclusion that we probably had a pretty valuable company here, recollects Harris. After studying proposed strategies for both scenarios, Premier subsequently announced in 2004 its intent to merge into BancorpSouth, a $10.8 billion financial holding company with about 250 banking and mortgage locations in a six-state region. any merger will bring about change, we like the way that BancorpSouth is structured and the way it operates its banks with an emphasis on local decision making, says Harris, who assumed duties as president of BancorpSouth in Brentwood. They wanted to be here and they're committed to growing here. fact, we've already seen significant increases in areas such as cash management given the products we're now able to offer. If Premier's experience sounds familiar, it's probably because it touches some common themes, given recent M&A patterns beyond the megabanks. Longer-term capital needs, liquidity, succession planning, additional products, as well as the cost and the hassle of regulatory compliance, among other factors, have prompted managers and directors of smaller-to-mid-sized institutions to their options. Experts say that understanding one's competitive strengths--as well as objective value--against the backdrop of broader marketplace dynamics can significantly impact a bank's negotiating position. Semantics aside, many consultants claim there really is a difference in being purchased and being sold. Organizations should not be afraid to build into their business plan a component regarding conditions under which it would be prudent to sell, says Walter Moeling, an Atlanta attorney with Powell Goldstein LLP. In my experience, those that plan for it always come out ahead of those that don't. Unfortunately, discussions that should be occurring in the boardroom are often taking place in the parking lot after the board meeting, according to one long-time adviser. A common misconception is that management's and the board's timetable for selling is consistent with an acquirer's timetable for acquiring. Moreover, prospective sellers also frequently neglect to consider that industry averages for multiples don't always translate to individual markets given acquirers' priorities. Hot markets rule While providing a glimpse into one acquired bank's rationale for selling, the Premier deal also reflects another significant M&A reality that small-to-mid-sized banks can't afford to ignore: hot economic markets rule. Curtis Carpenter, managing director of Investment Banking Services with Sheshunoff & Co., Austin, Texas, says that communities surrounding cities such as Dallas, Houston, Chicago, and Nashville--to name a few--have been especially attractive, as has the state of Florida. …" @default.
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• W31176076 date "2005-04-01" @default.
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• W31176076 title "Why They Sell: A Look Behind the Headlines at Seller Motivation, Buyer Strategies, and the Overall M&A Outlook" @default.
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