Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
Monroe Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
10/5/2010
Announcement Date:
10/6/2010
Announced Deal Value ($ M):
90.45
Status:
Completed
Completion Date:
1/1/2011
Announced Deal Value Per Share ($ )
14.52

Consideration Breakout
Common Stock ($M) 90.1
Common Stock Issued 7,575,410

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 161.7 161.0
Price / Tangible Book (%) 161.7 161.0
Price / Earnings (x) NM NM
Price / Deposits (%) 13.58 13.52
Price / Assets (%) 10.79 10.75
Tangible Book Premium/ Deposits (%) 6.96 6.88
Deal Terms
Description of Consideration

Old National Bancorp exchanged 1.216 shares of its common stock for each share of Monroe Bancorp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 70,729
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 10,800
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.216000
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) 8,200
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Howe Barnes Hoefer & Arnett
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Barnes & Thornburg LLP