Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
U.S.B. Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/7/1991
Announcement Date:
11/7/1991
Announced Deal Value ($ M):
25.90
Status:
Completed
Completion Date:
3/30/1992
Announced Deal Value Per Share ($ )
81.23

Consideration Breakout
Common Stock ($M) 29.4
Common Stock Issued 957,717

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 188.0 209.0
Price / Tangible Book (%) 188.0 209.0
Price / Earnings (x) 19.4 21.2
Price / Deposits (%) 19.19 21.51
Price / Assets (%) 17.00 19.06
Tangible Book Premium/ Deposits (%) 9.62 12.57
Deal Terms
Description of Consideration

USB shareholders received 3.0 shares of Old National common for each share held. Old National is actually acquiring 97.4% of USB, since it already owns 8,550 shares of the seller's common stock.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
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) 3.000000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
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 No NA
Seller No NA