Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
First State Bank of Greenville
Target:
First Citizens United, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/30/1993
Announcement Date:
8/30/1993
Announced Deal Value ($ M):
3.80
Status:
Completed
Completion Date:
7/11/1994
Announced Deal Value Per Share ($ )
63.41

Consideration Breakout
Common Stock ($M) 3.8
Common Stock Issued 106,807

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 142.2 126.9
Price / Tangible Book (%) 142.2 126.9
Price / Earnings (x) 13.2 8.5
Price / Deposits (%) 17.04 16.24
Price / Assets (%) 15.05 14.26
Tangible Book Premium/ Deposits (%) 5.44 3.71
Deal Terms
Description of Consideration

First Citizens United shareholders received 1.7955 shares of Old National common for each share held. Deal Values adjusted for OLDB 5% stock dividend effective 2/11/94.

Accounting Method Pooling of Interests
In-State Transaction? No
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) 1.795500
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) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Paxton King & Creager P.L.C.