Bank, thrift, and bank-owned financial services pooling-of-interest
Announced
Buyer: Target:
1 First Bank System, Inc., MN U.S. Bancorp, OR
2 Banc One Corporation, OH First USA Inc., TX
3 Washington Mutual, Inc., WA Great Western Financial Corp., CA
4 Wachovia Corporation, NC Central Fidelity Banks, Inc., VA
5 Bankers Trust New York Corp. Alex Brown Incorporated, MD
6 Associated Banc-Corp., WI First Financial Corporation, WI
7 Huntington Bancshares Inc., OH First Michigan Bank Corp., MI
8 Summit Bancorp, NJ Collective Bancorp, Inc., NJ
9 Charter One Financial, Inc., OH RCSB Financial, Inc., NY
10 CCB Financial Corporation, NC American Federal Bank, SC
11 Union Planters Corporation, TN Magna Bancorp, Inc., MS
12 Sovereign Bancorp, Inc., PA Bankers Corp., NJ
Completed
Buyer: Target:
1 Mercantile Bancorp., Inc., MO Mark Twain Bancshares, Inc., MO
2 Banc One Corporation, OH Liberty Bancorp, Inc., OK
3 Keystone Financial, Inc., PA Financial Trust Corp., PA
4 Westamerica Bancorporation, CA Vallicorp Holdings, Inc., CA
5 UST Corp, MA Walden Bancorp, Inc., MA
6 Summit Bancorp, NJ B.M.J. Financial Corp., NJ
7 Regions Financial Corp, AL Allied Bankshares, Inc., GA
Announced Total Total Price/ Price/
InstitutAnnounceprice price/ target ptarget price
Buyertype date ($millions)share 1 mo pri2 wk prior
1 FirstHC 3/20/97 $9,030.30 $59.08 119.4 119.1
2 Banc Cr .Card 1/20/97 7,900.00 52.61 156.5 154.7
3 WashiS&L 3/6/97 6,600.00 47.93 148.6 104.8
4 WachoHC 6/24/97 2,303.30 39.45 133.2 125.2
5 BankeInv. Adv 4/6/97 1,700.00 68.27 117.7 143.4
6 AssocS&L 5/14/97 1,093.50 29.26 113.6 110.9
7 HuntiHC 5/5/97 893.2 31.5 113.1 115.1
8 SummiS&L 2/28/97 874.6 42.51 123.7 121.5
9 ChartS&L 5/21/97 633.1 42.32 141.7 133.8
10 CCB FS&L 2/18/97 348.4 30.26 147.6 139.1
11 UnionS&L 5/8/97 328.7 23.82 142.2 138.1
12 SoverHC 2/6/97 323.5 25.5 122.5 114
Completed Total Total Price/ Price/
InstitutCompletiprice price/ target ptarget price
Buyertype date ($millions)share 1 mo pri2 wk prior
1 MercaHC 4/25/97 $950.40 54.74 116.47 116.81
2 Banc HC 5/31/97 517.1 50.82 128.22 127.83
3 KeystHC 5/30/97 417 49.09 156.88 154.8
4 WestaHC 4/12/97 292.8 20.11N/A 135.48
5 UST CHC 1/3/97 206.9 38.83 165.77 158.33
6 SummiHC 3/1/97 200.9 26.76 156.9 164.3
7 RegioHC 1/31/97 161 12.77 83.23 94.09
AnnouEPS Buyer P/E of Deal price
merged LTM acquirerto LTM n% dilutive
Buyerbank EPS (anncmt)income(xor accre
1 First 4.45 5.31 14.74 23.82 -16.18Dilutive
2 Banc 2.41 3.23 13.97 28.44 -25.39Dilutive
3 Washi 2.12 2.87 18.56 31.54 -26.09Dilutive
4 Wacho 3.97 4.14 15.14 20.08 -4.03Dilutive
5 Banke 5.54 7.13 11.15 13.23 -22.3Dilutive
6 Assoc 2.16 2.55 14.99 22.34 -15.34Dilutive
7 Hunti 1.77 1.84 16.32 19.65 -3.7Dilutive
8 Summi 2.86 2.9 16.38 18.24 -1.36Dilutive
9 Chart 2.17 1.93 24.14 15.45 12.64Accretive
10 CCB F 4.13 4.53 15.01 23.64 -8.81Dilutive
11 Union 2.1 2.06 22.39 18.36 1.95Accretive
12 Sover 0.97 0.86 13.04 12.98 12.41Accretive
ComplEPS Buyer P/E of Deal price
merged LTM acquirerto LTM n% dilutive
Buyerbank EPS (anncmt)income(xor accre
1 Merca 2.84 2.72 21.17 17.35 4.65Accretive
2 Banc 3.33 3.27 13.22 17.67 1.71Accretive
3 Keyst 1.73 1.84 16.15 20.82 -6.01Dilutive
4 Westa 3.2 3.91 14.8N/M -18.04Dilutive
5 UST C 1.17 1.23 16.61 19.25 -5Dilutive
6 Summi 1.76 1.74 27.5 22.84 0.85Accretive
7 Regio 2.93 2.98 18.61N/M -1.69Dilutive
ROE% required of target
Announced to offset premium Cost of
Target improvements startequity
Buyer: ROE 1st Year 2nd Yearcapital (%)
1 First Bank System, Inc. 17.42 21.24 21.81 16.85
2 Banc One Corporation, O 20.46 33.34 35.27 19.44
3 Washington Mutual, Inc. 5.1 5.38 5.42 16.33
4 Wachovia Corporation, N 14.76 19.04 19.68 13.53
5 Bankers Trust New York 23.42 35.1 36.85 18.51
6 Associated Banc-Corp., 13.26 14.93 15.18 14.47
7 Huntington Bancshares I 16.01 18.78 19.2 11.77
8 Summit Bancorp, NJ 13.54 16.89 17.39 13.74
9 Charter One Financial, 12.11 16.82 17.53 14.67
10 CCB Financial Corporati 13.23 19.18 20.07 11.46
11 Union Planters Corporat 11.57 16.64 17.4 14.47
12 Sovereign Bancorp, Inc. 12.93 15 15.32 11.56
ROE% required of target
Completed to offset premium Cost of
Target improvements startequity
Buyer: ROE 1st Year 2nd Yearcapital (%)
1 Mercantile Bancorp., In 18.3 21.76 22.19 12.5
2 Banc One Corporation, O 10.05 13.23 13.68 13.84
3 Keystone Financial, Inc 14.13 22.83 23.91 12.39
4 Westamerica Bancorporat 6.89 9.66 10.02 13.22
5 UST Corp, MA 12.25 20.13 20.95 10.32
6 Summit Bancorp, NJ 13.41 22.91 23.88 10.22
7 Regions Financial Corp, 15.2 14.19 14.06 12.81
American Banker, 1997