Letting Go The Necessary steps to selling a bank

1 With help of adviser, draw up memorandum which describes bank, its management, and provides key financial information

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.

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