Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
SBT Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/20/1989
Announcement Date:
12/20/1989
Announced Deal Value ($ M):
12.50
Status:
Completed
Completion Date:
10/31/1990
Announced Deal Value Per Share ($ )
61.53

Consideration Breakout
Common Stock ($M) 11.3
Common Stock Issued 490,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 129.4 167.3
Price / Tangible Book (%) 129.4 167.3
Price / Earnings (x) NM NM
Price / Deposits (%) 11.39 11.03
Price / Assets (%) 10.28 10.07
Tangible Book Premium/ Deposits (%) 3.43 5.50
Deal Terms
Description of Consideration

SBT shareholders received 2.41 shares of Old National common stock for each share held.

Accounting Method Pooling of Interests
In-State Transaction? No
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) 2.410000
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