Investment Banking - First Scottsdale Bank, N.A.
Transactions | Banking
Client: First Scottsdale Bank, N.A.
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- First Scottsdale Bank, N.A. is a three-branch commercial bank headquartered in Scottsdale, Arizona. First Scottsdale operates full service banking centers in Scottsdale, Phoenix and Gold Canyon, Arizona.
- At March 31, 2015, First Scottsdale had assets of $106.3 million, shareholders’ equity of $16.8 million and LTM net income of -$438,000.
- Heartland Financial USA, Inc. (NASDAQ: HTLF) is a $6.5 billion multi-bank holding company headquartered in Dubuque, Iowa, with 88 branches across 18 states and nine community banks.
- The transaction will strengthen Heartland’s existing Greater Phoenix presence, which currently includes the seven branches of Arizona Bank & Trust.
- The total merger consideration is $17.7 million, to be paid 100% in cash.
- The purchase price is approximately 104.1% of tangible book value.
- Boenning is serving as financial advisor and issued a fairness opinion to First Scottsdale.