M&A · Financials · State Commercial Banks
Central Valley Community Bancorp to acquire Community West Bancshares
Announced Oct 10, 2023 · Closed Mar 28, 2024
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Central Valley Community Bancorp
- Target
- Community West Bancshares
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 28, 2024
Deal protections
- Break fee (target pays)
- $4.0M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Janney Montgomery Scott
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- Sector median 35.0%
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedOct 10, 2023
- Proxy filedJan 2, 2024
- Definitive proxyJan 2, 2024
- Shareholder voteFeb 8, 2024
- ClosedMar 28, 2024
Valuation · fairness opinions
Precedent transactionsPiper Sandler$5.89$10.66
Precedent transactionsPiper Sandler$6.70$16.68
Precedent transactionsPiper Sandler$9.75$19.37
Precedent transactionsPiper Sandler$10.15$19.38
Discounted cash flowJanney Montgomery Scott$12.94$17.94
Discounted cash flowJanney Montgomery Scott$9.59$13.73
Implied value per Community West Bancshares share by analysis, from Piper Sandler and Janney Montgomery Scott · DCF discount rate 10%–14%.