Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
Permanent Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/20/1999
Announcement Date:
12/20/1999
Announced Deal Value ($ M):
92.00
Status:
Completed
Completion Date:
7/27/2000
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 88.7
Common Stock Issued 3,400,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 225.3 206.2
Price / Tangible Book (%) 289.2 260.7
Price / Earnings (x) 29.9 37.6
Price / Deposits (%) 26.00 24.93
Price / Assets (%) 18.33 18.03
Tangible Book Premium/ Deposits (%) 19.64 18.89
Deal Terms
Description of Consideration

Old National exchanged 0.7719 share for each share of Permanent common stock outstanding.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 50,000
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 4,600
Minimum Termination Fee ($ 000) NA
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Capital Resources Group Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Silver Freedman Taff & Tiernan