Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
St. Joseph Capital Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
10/21/2006
Announcement Date:
10/21/2006
Announced Deal Value ($ M):
77.26
Status:
Completed
Completion Date:
2/1/2007
Announced Deal Value Per Share ($ )
40.00

Consideration Breakout
Cash ($M) 77.3

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 241.8 229.1
Price / Tangible Book (%) 241.8 229.1
Price / Earnings (x) 27.6 28.6
Price / Deposits (%) 20.53 20.35
Price / Assets (%) 15.74 16.19
Tangible Book Premium/ Deposits (%) 18.18 16.59
Deal Terms
Description of Consideration

Old National Bancorp paid $40.00 in cash for each outstanding common stock of St. Joseph Capital Corp.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 50,261
Estimated Cost Savings (%) 29.00
Estimated Cost Savings ($ 000) 2,069
Est. Restructuring Charges ($ 000) 6,100
Maximum Termination Fee ($ 000) 3,500
Minimum Termination Fee ($ 000) 0
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) 10,049
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Ice Miller LLP
Seller Yes Barack Ferrazzano Kirschbaum