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NCOM

National Commerce

$39.55

0.1 (0.25%)

17:16
08/16/17
08/16
17:16
08/16/17
17:16

National Commerce, FirstAtlantic Financial sign definitive merger agreement

National Commerce Corporation, the parent company of National Bank of Commerce, and FirstAtlantic Financial Holdings, the parent company of FirstAtlantic Bank, jointly announced the signing of a definitive agreement providing for the merger of FirstAtlantic with and into NCC. Subsequent to the merger, FirstAtlantic Bank will become a part of NBC, but will continue to operate under the "FirstAtlantic Bank" trade name and its existing management team. The transaction is expected to result in a combined institution with approximately $3.1B in assets.Under the terms of the definitive agreement, each share of common stock of FirstAtlantic issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive either 0.44 shares of NCC common stock or $17.25 in cash. However, the total amount of cash payable in the merger will be equal to, as nearly as practicable, $11,148,555, subject to NCC's right to increase the cash component of the merger consideration up to $14,857,305 if cash elections from FirstAtlantic shareholders exceed the initial cash amount. Accordingly, elections by FirstAtlantic shareholders to receive a particular form of consideration, whether cash or NCC common stock, will be prorated as necessary to cause the total amount of cash payable by NCC in the merger to equal, as nearly as practicable, the cash amount described above. Each outstanding option to purchase shares of FirstAtlantic common stock will be cancelled in return for a cash payment equal to the difference between $17.25 and the option exercise price, while outstanding warrants to purchase shares of FirstAtlantic common stock will represent a right to purchase shares of NCC common stock, with the exercise price and number of shares underlying the warrants adjusted according to the exchange ratio described above.

  • 18

    Sep

NCOM National Commerce
$39.55

0.1 (0.25%)

12/15/16
RAJA
12/15/16
DOWNGRADE
RAJA
Market Perform
National Commerce downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst David Long downgraded National Commerce to Market Perform based on valuation.
09/01/16
09/01/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pentair (PNR) downgraded to Underperform from Market Perform at Cowen by analyst Joseph Giordano, who said the Valves & Controls sale will have a negative impact on future growth. The remaining company is more likely to see growth deceleration than acceleration, Giordano tells investors. 2. BankUnited (BKU) downgraded to Underperform from Market Perform at Hovde Group. 3. National Commerce (NCOM) downgraded to Market Perform from Outperform at Fig Partners. 4. Mobile TeleSystems (MBT) downgraded to Hold from Buy at HSBC. 5. Interactive Intelligence (ININ) downgraded to Neutral at Roth Capital and to Market Perform at Northland after the company announced yesterday that it has agreed to be acquired by Genesys for $60.50 per share in cash. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/01/16
FIGP
09/01/16
DOWNGRADE
FIGP
Market Perform
National Commerce downgraded to Market Perform from Outperform at Fig Partners
08/31/16
RAJA
08/31/16
NO CHANGE
Target $30
RAJA
Outperform
National Commerce price target raised to $30 from $26 at Raymond James
Raymond James analyst William Wallace IV raised his price target for National Commerce to $30 from $26 following its announced whole-bank acquisition of Private Bancshares, with the transaction expected to close in Q4 or Q1. The analyst believes National Commerce is acquiring a "healthy institution" with a proven management team. He reiterates an Outperform rating on National Commerce's shares.

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