NASB Financial Inc. to purchase CBES Bancorp for 1.13 times revenue
Weekly Corporate Growth Report, Sep 16, 2002
The Deal: NASB Financial Inc. has signed a definitive agreement to acquire CBES Bancorp Inc. CBES will merge with a subsidiary of NASB formed specifically to facilitate the acquisition. Under the terms of the agreement, NASB will pay $17.50 for each share of CBES common stock. Including the anticipated cash-out of CBES options, the transaction value is estimated at $15.4 million. The deal requires approval from CBES shareholders and regulatory agencies. The merger is expected to close in the fourth quarter of 2002.
Discussion: CBES Bacorp is the holding company for Community Bank of Excelsior Springs. The bank has two offices, which serve Clay and Ray counties in northwestern Missouri. The bank offers CDs and checking, savings, money market, and NOW accounts. The majority of the bank's loans are residential mortgages and construction loans.
NASB Financial is the holding company for North American Savings Bank. The bank operates more than 15 branch and loan offices, mostly in the Kansas City area. The bank offers a range of deposit products to retail and commercial customers. Company subsidiary Nor-Am sells annuities, mutual funds, and insurance.
After completing the merger, NASB will operate nine full-service banking locations.
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