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Mergers & Acquisitions

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Deal Overview

Buyer:
Great Western Bancorp, Inc.
Actual Acquirer:
Great Western Bank
Target:
HF Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/30/2015
Announcement Date:
11/30/2015
Announced Deal Value ($ M):
139.69
Status:
Completed
Completion Date:
5/16/2016
Announced Deal Value Per Share ($ )
19.70

Consideration Breakout
Cash ($M) 34.4
Common Stock ($M) 107.4
Common Stock Issued 3,448,119

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 128.9 128.5
Price / Tangible Book (%) 134.9 134.5
Price / Earnings (x) 24.3 15.1
Price / Deposits (%) 15.24 15.63
Price / Assets (%) 11.92 12.46
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

Great Western Bancorp Inc. paid $19.50 in cash or exchanged 0.65 shares of its common stock for each outstanding share of HF Financial Corp., subject to 75% of the consideration to be paid in stock. Great Western Bancorp Inc. also assumed HF Financial Corp.'s subordinated debentures.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 47,789
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 15,000
Est. Restructuring Charges ($ 000) 25,000
Maximum Termination Fee ($ 000) 5,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.6500
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) 10,650
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RBC Capital Markets LLC
Seller Yes Piper Jaffray & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Nyemaster Goode West Hansell
Seller Yes Briggs & Morgan PA