+++
part 1 of 5
Buyer:
1 NationsBank Corp., Charlotte, N.C.
2 Travelers Group, New York
3 First Union Corp., Charlotte, N.C.
4 Fleet Financial Group, Boston
5 Star Banc Corp., Cincinnati
6 Union Planters Corp., Memphis, Tenn.
7 Sovereign Bancorp., Wyomissing, Pa.
8 Wachovia Corp., Winston-Salem, N.C.
9 United Bankshares, Charleston, W. Va.
10 Fulton Financial Corp., Lancaster, Pa.
11 Golden State Bancorp, Glendale, Calif.
12 Western Bancorp, Laguna Niguel, Calif.
13 Hibernia Corp., New Orleans
14 Zions BanCorp., Salt Lake City
15 People's Bank, Bridgeport, Conn.
16 Regions Fin'l Corp., Birmingham, Ala.
17 WesBanco, Wheeling, W Va.
Totals for Mergers Analyzed
Average for Mergers Analyzed
Findings
part 2 of 5
InstitutDate
Target: type announced
1 Barnett Banks, Jacksonville, Fla. BHC 8/29/97
2 Salomon Inc., New York Sec. bro 9/23/97
3 Signet Banking Corp., Richmond, Va. BHC 7/21/97
4 Quick & Reilly Group, Palm Beach, Fla. Sec. bro 9/16/97
5 Great Financial Corp., Louisville, Ky. S&L 9/15/97
6 Capital Bancorp, Miami BHC 8/13/97
7 ML Bancorp, Villanova, Pa. S&L 9/18/97
8 1st United Bancorp, Boca Raton, Fla. BHC 8/7/97
9 George Mason Bankshares, Fairfax, Va. BHC 9/11/97
10 Keystone Heritage Group, Lebanon, Pa. BHC 8/15/97
11 Cenfed Financial Corp., Pasadena, CalifS&L 8/18/97
12 Santa Monica Bank, Santa Monica, Calif.Bank 7/31/97
13 ArgentBank, Thibodeaux, La. Bank 7/16/97
14 Vectra Banking Corp., Denver BHC 9/24/97
15 Norwich Financial Corp., Norwich, Conn.BHC 9/4/97
16 Palfed Inc., Aiken, S.C. S&L 9/23/97
17 Commercial Bancshares, Parkersburg, W VBHC 9/12/97
part 3 of 5
Deal pri
Value of Price Deal price
transaction to book P/ 12 to
Target: ($millions) value at an estimate
1 Barnett Bank $14,821.70 4.06 16.64 24.75 20.83
2 Salomon Inc. 9,200.00 1.92 18.09 13.87 12.55
3 Signet Banki 3,324.60 3.49 31.32 34.57 18.94
4 Quick & Reil 1,600.00 3.88 15.01 20.16 18.59
5 Great Financ 656.4 2.16 22.24 28.21 19.13
6 Capital Banc 359.2 2.23 19.52 14.8 14.1
7 ML Bancorp, 349.8 2.26 22.98 22.66 19.96
8 1st United B 221.1 4 15.3 21.53 16.18
9 George Mason 215 2.93 16.55 25.61 21.49
10 Keystone Her 210.9 3.2 18.71 20.55 18.94
11 Cenfed Finan 208.4 1.65 54.21 17.41 12.3
12 Santa Monica 198.2 2.72 23.64 20.61 17.5
13 ArgentBank, 190 2.79 15.65 24.77 22.53
14 Vectra Banki 173.9 4.24 22.71 20.27 17.94
15 Norwich Fina 164 1.96 20.37 20.28 19.23
16 Palfed Inc., 149.9 2.64 20.38 51.68 23.81
17 Commercial B 126.7 2.98 21.94 25.45 23.12
$321,667.70
2.89 22.07 23.95 18.65
Deals Dilutive
Deals Accretive
part 4 of 5
1998 1999
Deal price Effect of Deal
price
Target: estimate date per shr.
1 Barnett Bank 18.75 Dilutive Dilutive Dilutive $75.19
2 Salomon Inc. 13.07 Accretive Accretive Accretive 81.43
3 Signet Banki 17.07 Dilutive Accretive Accretive 53.59
4 Quick & Reil 17.4 Dilutive Dilutive Dilutive 40.89
5 Great Financ 17.05 Dilutive Accretive Accretive 44
6 Capital Banc 12.87 Accretive Accretive Accretive 43
7 ML Bancorp, 16.38 Accretive Accretive Accretive 27.35
8 1st United B 14.7 Dilutive Dilutive Accretive 20.88
9 George Mason 18.69 Dilutive Dilutive Dilutive 36.68
10 Keystone Her 17.21 Dilutive Dilutive Accretive 52.84
11 Cenfed Finan 11.18 Accretive Accretive Accretive 34.43
12 Santa Monica 15.91 Accretive Accretive Accretive 28
13 ArgentBank, 19.64 Dilutive Dilutive Dilutive 29.07
14 Vectra Banki 16.28 Accretive Accretive Accretive 28.17
15 Norwich Fina 16.68 Accretive Accretive Accretive 28.75
16 Palfed Inc., 20.75 Dilutive Dilutive Dilutive 27.39
17 Commercial B 21.01 Dilutive Dilutive Accretive 78.38
16.74
10 8 5
7 9 12
part 5 of 5
Deal priPremium Present Anticipated
to markepaid value of ccost svg.
2 wks.prby buyer savings % of targets
Target: to ann. (millions) (millions)non int.exp.
1 Barnett Bank 142 $4,240.80 $3,871.60 55
2 Salomon Inc. 128.9 2,333.20 4,971.90 45
3 Signet Banki 141.7 952.7 730.5 50
4 Quick & Reil 119.4 256.5 281.6 40
5 Great Financ 131.8 146.7 151.2 40
6 Capital Banc 106.2 19 161.5 30
7 ML Bancorp, 130.2 75.3 59.3 40
8 1st United B 122.8 39 20 30
9 George Mason 132.2 48.1 49.6 30
10 Keystone Her 165.1 82.4 109 35
11 Cenfed Finan 104.7 8.9 62 30
12 Santa Monica 121.7 35.4 44.3 30
13 ArgentBank, 133.7 47.8 73.3 40
14 Vectra Banki 122.5 24.8 64.6 35
15 Norwich Fina 115.4 20.9 50 35
16 Palfed Inc., 152.2 49.6 54.2 35
17 Commercial B 157.9 46.5 28.5 40
126.2
131.1 38
Net CostSaving-Banks 10 of 15
Net Cost Sang
M&A Research Analysis: James J. Gilloon. Announced deal price to book