D.A. Davidson & Co. is pleased to announce that it served as the exclusive financial advisor to The Foothills Bank (“Foothills”) in the successful acquisition of the operations of Summit Bank in Prescott, AZ from the FDIC.
Foothills was the winning bidder for Summit Bank from the FDIC, and entered into an agreement to acquire certain assets and assume essentially all deposits of Summit Bank. Summit Bank had approximately $73 million in total assets as of 3/31/2011 and Foothills had approximately $213 million in total assets as of 6/30/2011. The transaction will increase pre-deal assets by approximately 34% to $286 million. This transaction will extend Foothills into a new geographic market and add 1 branch location for a total of 5 Foothills branch locations. The winning bid for the transaction included a deposit premium, asset discount and did not include loss-share coverage.
As the exclusive investment banking advisor to Foothills, D.A. Davidson & Co. advised on all aspects of the transaction, including due diligence support, pro-forma financial analysis, bidding strategy, comprehensive presentations to the Board of Directors and construction of the final bid.
This is the 3rd acquisition for Foothills in the past 2 years, all of which included D.A. Davidson & Co. as investment banking advisor to Foothills.
About The Foothills Bank
The Foothills Bank was established in 1997 and remains Yuma, AZ's oldest and largest community bank. As of June 30, 2011, the bank had total assets of $213 million and equity capital over $28 million. Through conservative lending, flexible financial products and "Personal Touch" service the Board of Directors and Management of The Foothills Bank are dedicated to remaining one of Arizona’s premier community banks.