Integra Bank Corp. in Evansville, Ind., said late Wednesday that it has a deal to buy Webster Bancorp in Clay, Ky., for about $29.4 million in stock.
Integra, formerly known as National City Bancshares, said it would repurchase 1.75 million of its shares and exchange the stock for all of Webster's outstanding stock. On the basis of Integra's Monday closing price of $16.813, the purchase price would be 1.47 times Webster's book value and 12.1 times its earnings. Integra's stock was trading at $17.25 midday Thursday.
Integra, a $2.3 billion-asset multibank holding company, operates 66 branches and 108 automated teller machines in Indiana, Ohio, Illinois, and Kentucky. Webster, with $294 million of assets, is the parent of 93-year-old West Kentucky Bank, which operates seven branches in two counties.
The deal, to be accounted for as a purchase, is expected to close in the first quarter of 2001.
