• NASDAQ : ANCX

  • Price $ 26.45
  • Change $ (0.02) - (0.08)%
  • Volume 71,821
  • As of July 21, 2017 Close Minimum 20 minute delay.

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Access National Corporation
Actual Acquirer:
Access National Bank
Target:
Middleburg Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
10/21/2016
Announcement Date:
10/24/2016
Announced Deal Value ($ M):
263.86
Status:
Completed
Completion Date:
4/1/2017
Announced Deal Value Per Share ($ )
35.43

Consideration Breakout
Common Stock ($M) 294.8
Common Stock Issued 9,516,097

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 195.2 227.3
Price / Tangible Book (%) 200.7 233.7
Price / Earnings (x) 32.5 35.4
Price / Deposits (%) 24.17 28.29
Price / Assets (%) 19.76 23.41
Tangible Book Premium/ Deposits (%) 15.20 19.03
Deal Terms
Description of Consideration

In a merger of equals, Access National Corp. exchanged 1.3314 shares of its common stock for each of the outstanding share of Middleburg Financial Corp. Access National Corp. also assumed Middleburg Financial Corp.'s Subordinated debentures.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 96,392
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 13,900
Maximum Termination Fee ($ 000) 9,900
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.3314
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 11,644
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes FBR Capital Markets & Co.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Troutman Sanders LLP
Seller Yes Williams Mullen