Financial Advisers' Fees for Top 25 Bank and Thrift Mergers

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(Dollars in millions)

part 1 of 4

Buyer

1 Deutsche Bank, Frankfurt

2 Roslyn Bancorp, New York

3 BB&T Corp., Winston-Salem, N.C.

4 FirstMerit Corp., Akron, Ohio

5 Chittenden Corp., Burlington, Vt.

6 Peoples Heritage Financial Group, Portland, Me.

7 Sovereign Bancorp, Wyomissing, Pa.

8 Republic Bancorp, Owoso, Mich.

9 Wells Fargo & Co., San Francisco

10 BancWest Corp., Honolulu, Hawaii

11 M&T Bank Corp., Buffalo

12 Anchor BanCorp Wisconsin, Madison

13 Richmond County Financial Corp., New York

14 Temple-Inland Financial, Diboll, Tex.

15 First Financial Bancorp, Hamilton, Ohio

16 Fifth Third Bancorp, Cincinnati

17 Dime Bancorp, New York

18 FBOP Corp., Oak Park, Ill.

19 Centura Banks, Rocky Mount, N.C.

20 Valley National Bancorp, Wayne, N.J.

21 National Penn Bancshares, Boyertown, Pa.

22 United National Bancorp, Bridgewater, N.J.

23 Old National Bancorp, Evansville, Ind.

24 Fifth Third Bancorp, Cincinnati

25 Commercial Federal Corp., Omaha

Averages for the top 25 mergers completed in the first half of 1999

part 2 of 4

Value of

transaction

Seller at close

1 Bankers Trust Corp., New York $9,378.70

2 TR Financial Corp., Garden City, N.Y 663.9

3 MainStreet Financial Corp., Martinsv 661.1

4 Signal Corp., Wooster, Ohio 424.6

5 Vermont Financial Services, Brattleb 410.1

6 SIS Bancorp, Springfield, Mass. 343.3

7 Peoples Bancorp, Lawrenceville, N.J. 322

8 D&N Financial Corp., Hancock, Mich. 225.3

9 Hemisphere Financial, Brownsville, T 174

10 SierraWest Bancorp, Truckee, Calif. 168.1

11 FNB Rochester Corp., Rochester, N.Y. 146.4

12 FCB Financial Corp., Neenah, Wis. 142.4

13 Bayonne Bancshares, N.J. 136.8

14 HF Bancorp, Hemet, Calif. 122.2

15 Sand Ridge Financial Corp., Highland 121.5

16 Enterprise Federal Bancorp, West Che 120.9

17 Lakeview Financial Corp., Paterson, 111.3

18 Calumet Bancorp, Dolton, Ill. 110.5

19 First Coastal Bankshares, Virginia B 109.9

20 Ramapo Financial Corp., Wayne, N.J. 108

21 Elverson National Bank, Pa. 105.2

22 Raritan Bancorp, N.J. 95

23 Southern Bancshares Ltd., Carbondale 94.4

24 Ashland Bankshares, Ashland, Ky. 84.5

25 Midland First Financial Corp., Lee's 83

part 3 of 4

Buyer's Buyer's

adviser's feROE last 12

Buyer's primary basis pts. mo. prior to

financial adviser deal value deal closing

1 Goldman, Sachs & Co. NA 15.53%

2 Sandler O'Neill & Partn 0.75 8.61

3 NA NA 19.61

4 Goldman, Sachs & Co. 0.78 15.14

5 CIBC Oppenheimer Corp. 0.44 17.89

6 Keefe, Bruyette & Woods NA 14.59

7 NA NA 15.17

8 Roney & Co. NA 16.22

9 NA NA 15.71

10 NA NA 8.51

11 NA NA 14.77

12 McDonald Investments 0.25 17.94

13 Tucker Anthony 0.11 7.83

14 Salomon Smith Barney NA NA

15 NA NA 15.07

16 NA NA 16.23

17 Credit Suisse First Bos NA 17.93

18 NA NA 31.59

19 NA NA 15.75

20 MG Advisors NA 19.04

21 LSC Financial 0.03 17.1

22 Keefe, Bruyette & Woods 0.42 13.2

23 NA NA 14.77

24 NA NA 16.23

25 Merrill Lynch & Co. NA 9.87

0.40% 15.60%

part 4 of 4

Seller's Seller's

adviser's fROE last 12

Seller's primary basis pts. mo. prior to

financial adviser deal value deal closing

1 Morgan Stanley Dean Witter & NA 2.86%

2 Goldman, Sachs & Co. 0.87 16.99

3 Scott & Stringfellow 0.45 12.32

4 Sandler O'Neill & Partners 0.71 7.56

5 McConnell, Budd & Downes 0.62 9.02

6 Oppenheimer & Co. 0.67 13.36

7 Berwind Financial Group 0.87 4.24

8 Hovde Financial 0.98 15.11

9 Alex Sheshunoff & Co. NA 9.11

10 Banc of America Securities 1.51 10.48

11 Sandler O'Neill & Partners 0.75 13.95

12 Hovde Financial 0.63 9.01

13 Sandler O'Neill & Partners 1.44 5.83

14 Keefe, Bruyette & Woods 1.24 0.13

15 Hovde Financial 1.65 14.28

16 Keefe, Bruyette & Woods 0.83 6.79

17 Sandler O'Neill & Partners 1.48 17.17

18 ABN Amro NA 6.92

19 Trident Securities 0.76 9.67

20 Danielson Associates 0.58 12.06

21 Berwind Financial Group 0.2 12.44

22 Endicott Financial Advisors 1.04 13.43

23 Professional Bank Services 0.35 14.53

24 Professional Bank Services 0.02 12.5

25 U.S. Bancorp Piper Jaffray NA 26.72

0.84% 11.06% ===

Source: Sheshunoff Information Services, Thomson Financial company, and American Banker research.

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