Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bancorp
Target:
Dulaney Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/5/1998
Announcement Date:
11/5/1998
Announced Deal Value ($ M):
16.98
Status:
Completed
Completion Date:
2/5/1999
Announced Deal Value Per Share ($ )
575.54

Consideration Breakout
Common Stock ($M) 15.0
Common Stock Issued 314,880

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 226.9 201.0
Price / Tangible Book (%) 226.9 201.0
Price / Earnings (x) 22.8 20.2
Price / Deposits (%) 49.02 43.41
Price / Assets (%) 40.03 35.45
Tangible Book Premium/ Deposits (%) 29.21 23.24
Deal Terms
Description of Consideration

Old National exchanged 10.675 shares for each Dulaney share held. Seller's financials are for Dulaney National Bank.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 10.675000
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 NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Duane Morris LLP