Tompkins Financial/VIST Financial
On January 26, 2012, Tompkins Financial Corporation (AMEX: TMP) and VIST Financial Corp (Nasdaq: VIST) entered into a definitive merger agreement under which Tompkins Financial will acquire VIST Financial Corp.
The all stock transaction is valued at approximately $86 million at the time of signing the merger agreement, or $12.50 per VIST common share.
Under the terms of the merger agreement, VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held, subject to adjustment.
Excluding one-time merger expenses, Tompkins Financial expects the transaction to be accretive to earnings per share in the first year and into the future. When the transaction is completed, Tompkins Financial will have approximately $4.8 billion in assets, $3.8 billion in deposits, and $2.9 billion in loans, with 67 banking offices. VIST Bank will operate as a subsidiary of Tompkins Financial with a separate banking charter, local management team, and local Board of Directors. Robert D. Davis will continue as President and CEO of VIST Bank.
Closing is expected in Q312.
Macquarie Capital acted as financial advisor to Tompkins Financial Corporation, and Harris Beach PLLC served as legal adviser to Tompkins. Stifel Nicolaus Weisel acted as financial advisor to VIST Financial Corp., and Stevens & Lee P.C. acted as legal adviser to VIST.
The all stock transaction is valued at approximately $86 million at the time of signing the merger agreement, or $12.50 per VIST common share.
Under the terms of the merger agreement, VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held, subject to adjustment.
Excluding one-time merger expenses, Tompkins Financial expects the transaction to be accretive to earnings per share in the first year and into the future. When the transaction is completed, Tompkins Financial will have approximately $4.8 billion in assets, $3.8 billion in deposits, and $2.9 billion in loans, with 67 banking offices. VIST Bank will operate as a subsidiary of Tompkins Financial with a separate banking charter, local management team, and local Board of Directors. Robert D. Davis will continue as President and CEO of VIST Bank.
Closing is expected in Q312.
Macquarie Capital acted as financial advisor to Tompkins Financial Corporation, and Harris Beach PLLC served as legal adviser to Tompkins. Stifel Nicolaus Weisel acted as financial advisor to VIST Financial Corp., and Stevens & Lee P.C. acted as legal adviser to VIST.
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Boenning & Scattergood Downgrades VIST Financial (VIST) to Neutral; Acquired by Tompkins Financial (TMP) for $12.50/share
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Unuasual 11 Midday Movers 01/26: (VIST) (MITI) (RNWK) (ENMD) Higher; (MNTA) (CRR) (MWW) Lower
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Notable Mergers and Acquisitions of the Day 1/26: [(AMGN)/(MITI) CELG) (TMP)/(VIST)]
