1 With help of adviser, draw up memorandum which describes bank, its
2 Prepare list of potential acquirers
3 Contact potential acquirers to determine level of interest
4 Narrow down list of acquirers
5 Invite potential acquirers to review banks' operations
6 Evaluate offers from interested banks and select best one
7 Review "fairness opinion" - adviser's evaluation on bidder's price
8 File regulatory documents
9 Seek shareholder and regulatory approval
Source: American Banker, Sutro & Co.