Mergers & Acquisitions

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Deal Overview

Opus Bank
Actual Acquirer:
Opus Bank
RMG Capital Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 54.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 130.2 128.4
Price / Tangible Book (%) 130.6 128.8
Price / Earnings (x) 47.2 30.7
Price / Deposits (%) 9.69 10.09
Price / Assets (%) 9.82 10.46
Tangible Book Premium/ Deposits (%) 3.02 2.96
Deal Terms
Description of Consideration

Opus Bank paid $17.47 in cash for each common outstanding share of RMG Capital Corp. In addition, Opus Bank redeemed RMG's preferred stock for $5.3 million. Opus Bank also assumed RMG's four outstanding series of junior subordinated debentures which were issued to trusts that issued related trust preferred securities in an aggregate amount of $18 million.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 49,600
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 4,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Patton Boggs LLP
Seller Yes Manatt Phelps & Phillips LLP