U.S. private equity deal activity remains robust and continued fundraising and private equity dry powder (funds raised but not yet invested) will drive competition and push deal prices upwards. Private equity firms continue to search aggressively for smaller deals in the lower middle market, which is often less competitive and lacks the strategic acquirer interest…. Read More >
News & Insights
The Proposed SECURE Act and Your Retirement
Earlier this summer, the House of Representatives passed the SECURE Act (“Setting Every Community Up for Retirement Enhancement”) with bipartisan support and a nearly unanimous vote. As of the writing of this commentary, it stalled in the Senate, but reports show bipartisan support there as well. The proposed legislation (“the Act”) can be considered to… Read More >
CB&S Bank-PrimeSouth Bank Complete Merger
On July 31, 2019 CBS-Banc Corp. of Russellville, AL and PrimeSouth Bancshares, Inc. of Pike Road, AL announced the closing of their merger which combines two well-respected banking franchises and creates a $1.9 billion institution operating in three of Alabama’s four largest markets. The deal consideration was 100% cash. Other financial terms were not disclosed…. Read More >
PW&Co Advises First Southern State Bank in Acquisition
First Bancshares of Stevenson, Inc. of Stevenson, AL (“FBS”) and Vantage Bancshares, Inc. of Albertville, AL (“Vantage”) announced yesterday the signing of a definitive agreement under which FBS and Vantage will enter into a strategic merger to combine two well-respected banking franchises. The combined institution will be approximately $525 million in assets and will operate… Read More >
What’s It Worth, Spring 2019
U.S. private equity deal activity and total transaction value dipped slightly in Q1 2019, but prices on completed deals remain elevated. Continued record-breaking fundraising efforts and private equity dry powder (funds raised but not yet invested) will likely continue to drive competition and push deal prices upwards. Private equity firms continue to search aggressively for… Read More >
Birmingham Area Economic Report, Q4 2018
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The chart below shows a snapshot of… Read More >
PW&Co Advises Trinity Bank in Merger
River Financial Corporation of Prattville, AL and Trinity Bancorp, Inc. of Dothan, AL announced today the signing of a definitive agreement under which River and Trinity will enter into a strategic merger to combine two well-respected banking franchises and create a $1.25 billion institution operating in several of Alabama’s largest markets. The deal consideration is… Read More >
Long Term Portfolio Returns – January 2019 Update
In order to make sound investment decisions today, we are forced to make long term projections of portfolio returns. The methodology, assumptions, and original inputs for our approach to predicting long term portfolio returns are originally documented in our white paper titled, Projecting Long Term Portfolio Returns[1]. This paper updates the original with data as… Read More >
What It Means To Be A Fiduciary Under ERISA
Overview The Employee Retirement Income Security Act of 1974 (ERISA) sets out comprehensive standards of conduct for those who manage an employee benefit plan and its assets. In addition to a specific person being named in the plan document, a fiduciary is defined in ERISA as someone who: 1) exercises discretion over the management of… Read More >
Planning for Charitable Giving
According to the National Philanthropic Trust,[1] approximately 90% of high net worth families give to charity, and in 2017, charitable giving accounted for 2.1% of gross domestic product. American families have historically given more money to charity than those in other countries, and charitable giving has become a fabric of our culture, a way to… Read More >
PWC Advises PrimeSouth Bank in Merger
CBS-Banc Corp. of Russellville, AL and PrimeSouth Bancshares, Inc. of Pike Road, AL announced today the signing of a definitive agreement under which CBS and PrimeSouth will enter into a strategic merger to combine two well-respected banking franchises and create a $1.9 billion institution operating in three of Alabama’s four largest markets. The deal consideration… Read More >
BankFirst-FNB of Central AL Complete Merger
On April 1, 2019 BankFirst Capital Corporation of Columbus, MS and FNB Bancshares of Central Alabama, Inc. of Tuscaloosa, AL announced the closing of their merger that combines two well-respected banking franchises. The merger creates a $1.3 billion institution and expands BankFirst’s presence in Alabama, including the vibrant Tuscaloosa market. Porter White Capital, LLC served… Read More >
BancorpSouth-Merchants Complete Merger
On April 1, 2019 BancorpSouth Bank of Tupelo, MS (NYSE: BXS) and Merchants Trust, Inc. of Jackson, AL announced the closing of their merger that combines two well-respected banking franchises. The merger expands BancorpSouth’s presence in southwest Alabama, including the vibrant Mobile market. The merger consideration was a mix of cash and BancorpSouth stock. Porter… Read More >
Middle-Market M&A Update
Last month, PW&Co attended a professional conference with over 1,000 middle-market private equity professionals and other capital providers. The story we have heard for the past few years continued – competition to invest capital and close deals has continued to drive up valuation multiples. Based on the conversations that took place, we identified the following… Read More >
PW&Co Completes Sale of Supreme Cores
PW&Co, a Birmingham investment bank, acted as the exclusive sell-side advisor to Supreme Cores of the Carolinas, Inc. and its subsidiary Supreme Cores Alabama, Inc. (“together, “Company” or “Supreme Cores”) in their sale to JBA Capital (Columbus, GA). The Company produces high quality, complex cores that are used by foundries to shape metal casting products,… Read More >
PW&Co Advises on $301,055,000 BJCC Stadium and Arena Financing
Porter White & Company, a Birmingham-based municipal advisor, advised the Birmingham-Jefferson Civic Center Authority (BJCC) on its $301,055,000 financing for construction of a multi-purpose outdoor stadium and renovation of its Legacy Arena. The complex financing utilized six different series of bonds, which required the coordination of multiple governmental and private entities, including the BJCC, City… Read More >
Peoples Southern Merges with River B&T
River Financial Corporation of Prattville, AL and PSB Bancshares, Inc. of Clanton, AL have closed their merger, effective October 31, 2018. The combined bank has approximately $1.1 billion in total assets, $700 million in total loans and $900 million in total deposits and has fourteen locations across Alabama. Porter White Capital, LLC served as exclusive… Read More >
Peoples Southern Bank Advised by Porter White in Merger with River Bank & Trust
River Financial Corporation of Prattville, AL and PSB Bancshares, Inc. of Clanton, AL announced last week the signing of a definitive agreement under which River Bank & Trust and Peoples Southern Bank will enter into a strategic merger to combine two well-respected banking franchises in Alabama. Upon closing of the transaction, the combined bank will… Read More >
