Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
First Citizens Bank & Trust
Target:
First United Savings Bank FSB
Deal Type:
Bank & Thrift Company
Agreement Date:
9/30/1994
Announcement Date:
9/30/1994
Announced Deal Value ($ M):
17.90
Status:
Completed
Completion Date:
11/6/1995
Announced Deal Value Per Share ($ )
31.45

Consideration Breakout
Common Stock ($M) 17.2
Common Stock Issued 519,703

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 173.3 177.9
Price / Tangible Book (%) 180.0 183.7
Price / Earnings (x) NM NM
Price / Deposits (%) 15.81 15.31
Price / Assets (%) 13.39 12.11
Tangible Book Premium/ Deposits (%) 9.23 8.68
Deal Terms
Description of Consideration

First United shareholders received 0.8925 shares of OLDB common for each share held. The exchange ratio was subject to adjustment if OLDB's average stock price was more than 10% above or below $34.762.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.892500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 26.5000
% of Shares Outstanding 24.80
Shares Under Option 144,410
Core Deposit Intangibles ($ 000) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Barnes & Thornburg LLP