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Top 25 bank and thrift mergers completed in first half of 1998
(Dollars in millions)
part 1 of 5
Buyer
1 First Union Corp., Charlotte, N.C.
2 NationsBank Corp., Charlotte, N.C.
3 National City Corp., Cleveland
4 Banc One Corp., Columbus, Ohio
5 First American Corp., Nashville
6 Union Planters Corp., Memphis
7 National City Corp., Cleveland
8 North Fork Bancorp, Mattituck, N.Y.
9 M&T Bank Corp., Buffalo
10 H.F. Ahmanson & Co., Irwindale, Calif.
11 Fifth Third Bancorp, Cincinnati
12 Fifth Third Bancorp, Cincinnati
13 Peoples Heritage Financial Group
14 Star Banc Corp., Cincinnati
15 CNB Bancshares, Evansville, Ind.
16 First Midwest Bancorp, Itasca, Ill.
17 Sovereign Bancorp, Wyomissing, Pa.
18 Webster Financial Corp., Waterbury, Conn.
19 Bay View Capital Corp., San Mateo, Calif.
20 BB&T Corp., Winston-Salem, N.C.
21 Mercantile Bancorp, St. Louis
22 Golden State Bancorp Inc., Glendale, Calif.
23 First Security Corp., Salt Lake City
24 United Bankshares, Fairfax, Va.
25 Marshall & Ilsley Corp., Milwaukee
part 2 of 5
Target
1 CoreStates Financial Corp., Philadelphia
2 Barnett Banks, Jacksonville, Fla.
3 First of America Bank Corp., Kalamazoo, Mich.
4 First Commerce Corp., New Orleans
5 Deposit Guaranty Corp., Jackson, Miss.
6 Magna Group Inc., St. Louis
7 Fort Wayne National Corp., Ind.
8 New York Bancorp, Douglaston
9 OnBancorp Inc., Syracuse
10 Coast Savings Financial, Los Angeles
11 State Savings Company, Columbus, Ohio
12 CitFed Bancorp, Dayton, Ohio
13 CFX Corp., Keene, N.H.
14 Great Financial Corp., Louisville, Ky.
15 Pinnacle Financial Services, St. Joseph, Mich.
16 Heritage Finl. Services Inc., Tinley Park, Ill.
17 ML Bancorp, Villanova, Pa.
18 Eagle Financial Corp., Bristol, Conn.
19 America First Eureka Holdings, San Francisco
20 Life Bancorp, Norfolk, Va.
21 CBT Corp., Paducah, Ky.
22 Cenfed Financial Corp., Pasadena
23 California State Bank, West Covina
24 George Mason Bankshares, Fairfax, Va.
25 Advantage Bancorp, Kenosha, Wis.
part 3 of 5
Buyer
adviser's
Buyer's primary adviser fee
1 Morgan Stanley Dean Witter & Co. $17.00
2 Goldman, Sachs & Co. 18
Merrill Lynch & Co. 18
In house N/M
3 NationsBanc Montgomery Securities Inc 10
UBS Securities 10
4 In house N/M
5 Morgan Stanley Dean Witter & Co 10.3
6 Stifel, Nicolaus & Co. 2.2
7 NationsBanc Montgomery Securities Inc N/A
UBS Securities N/A
8 Goldman, Sachs & Co. 2
9 Keefe, Bruyette & Woods Inc. 0.5
Price Waterhouse N/A
10 Merrill Lynch & Co. N/A
11 Salomon Smith Barney Inc. N/A
12 N/A N/M
13 McConnell, Budd & Downes 0.2
14 Credit Suisse First Boston Corp. N/A
15 Oppenheimer & Co. Inc. 0.3
16 Goldman, Sachs & Co. 1.5
17 Merrill Lynch & Co. 0.3
18 Merrill Lynch & Co. 1.3
19 Hovde Financial Inc. 3
20 N/A N/A
21 In house N/M
22 Credit Suisse First Boston Corp. N/A
23 JP Morgan Securities N/A
24 N/A N/A
25 N/A N/A
part 4 of 5
Adviser'
as a % o
final
deal val Target's primary adviser
1 0.08% J.P. Morgan Securities
Credit Suisse First Boston Corp.
2 0.12% Morgan Stanley Dean Witter & Co
0.12% J.P. Morgan Securities
3 0.07% Merrill Lynch & Co.
0.07%
4 Keefe, Bruyette & Woods
5 0.43% Credit Suisse First Boston Corp.
6 0.10% Donaldson, Lufkin & Jenrette Securities
7 Keefe, Bruyette & Woods
8 0.19% Sandler O'Neill & Partners LP
Keefe, Bruyette & Woods
9 0.05% Sandler O'Neill & Partners LP
10 Goldman, Sachs & Co.
11 Keefe, Bruyette & Woods
12 Keefe, Bruyette & Woods
13 0.02% Keefe, Bruyette & Woods
14 Sandler O'Neill & Partners LP
15 0.04% Friedman, Billings, Ramsey & Co.
Donaldson, Lufkin & Jenrette Securities
PL Capital
16 0.35% McDonald & Co.
17 0.06% Sandler O'Neill & Partners LP
18 0.31% Sandler O'Neill & Partners LP
19 0.77% Merrill Lynch & Co.
20 Sandler O'Neill & Partners LP
21 Morgan Stanley Dean Witter & Co.
22 Merrill Lynch & Co.
23 Keefe, Bruyette & Woods
24 Friedman, Billings, Ramsey & Co.
25 Hovde Financial
part 5 of 5
Target Adviser's fee
adviser'as a % of
fee deal value
1 $17.60 0.09%
16.6
2 31 0.21%
9 0.06%
3 27.6 0.35%
4 9.7 0.28%
5 10.6 0.44%
6 11.8 0.56%
7 3.3 0.31%
8 4.8 0.46%
0.7 0.07%
9 5.8 0.58%
10 6.2 0.65%
11 N/A
12 2.1 0.26%
13 5.9 0.70%
14 3.4 0.48%
15 1.2 0.18%
3.6 0.52%
0.7 0.10%
16 2.2 0.51%
17 2 0.49%
18 1.6 0.40%
19 1.9 0.48%
20 2.7 0.73%
21 2.6 0.97%
22 2.2 0.71%
23 N/A
24 0.3 0.12%
25 1.9 0.80%
