Bank, thrift, and bank-owned financial services pooling-of-interest mergers in 1997 for $150 million or greater part 1 of 4

Announced

Buyer: Target:

1 First Bank System, Inc., MN U.S. Bancorp, OR

2 Banc One Corporation, OH First USA Inc., TX

3 Washington Mutual, Inc., WA Great Western Financial Corp., CA

4 Wachovia Corporation, NC Central Fidelity Banks, Inc., VA

5 Bankers Trust New York Corp. Alex Brown Incorporated, MD

6 Associated Banc-Corp., WI First Financial Corporation, WI

7 Huntington Bancshares Inc., OH First Michigan Bank Corp., MI

8 Summit Bancorp, NJ Collective Bancorp, Inc., NJ

9 Charter One Financial, Inc., OH RCSB Financial, Inc., NY

10 CCB Financial Corporation, NC American Federal Bank, SC

11 Union Planters Corporation, TN Magna Bancorp, Inc., MS

12 Sovereign Bancorp, Inc., PA Bankers Corp., NJ

Completed

Buyer: Target:

1 Mercantile Bancorp., Inc., MO Mark Twain Bancshares, Inc., MO

2 Banc One Corporation, OH Liberty Bancorp, Inc., OK

3 Keystone Financial, Inc., PA Financial Trust Corp., PA

4 Westamerica Bancorporation, CA Vallicorp Holdings, Inc., CA

5 UST Corp, MA Walden Bancorp, Inc., MA

6 Summit Bancorp, NJ B.M.J. Financial Corp., NJ

7 Regions Financial Corp, AL Allied Bankshares, Inc., GA Average Deal Premium over Market Price of part 2 of 4 Potential Impact of Pooling of Interest Merger Deals for Acquirers Bank, thrift, and bank-owned financial services pooling-of-interest mergers in 1997 for $150 million or greater

Announced Total Total Price/ Price/

InstitutAnnounceprice price/ target ptarget price

Buyertype date ($millions)share 1 mo pri2 wk prior

1 FirstHC 3/20/97 $9,030.30 $59.08 119.4 119.1

2 Banc Cr .Card 1/20/97 7,900.00 52.61 156.5 154.7

3 WashiS&L 3/6/97 6,600.00 47.93 148.6 104.8

4 WachoHC 6/24/97 2,303.30 39.45 133.2 125.2

5 BankeInv. Adv 4/6/97 1,700.00 68.27 117.7 143.4

6 AssocS&L 5/14/97 1,093.50 29.26 113.6 110.9

7 HuntiHC 5/5/97 893.2 31.5 113.1 115.1

8 SummiS&L 2/28/97 874.6 42.51 123.7 121.5

9 ChartS&L 5/21/97 633.1 42.32 141.7 133.8

10 CCB FS&L 2/18/97 348.4 30.26 147.6 139.1

11 UnionS&L 5/8/97 328.7 23.82 142.2 138.1

12 SoverHC 2/6/97 323.5 25.5 122.5 114

Completed Total Total Price/ Price/

InstitutCompletiprice price/ target ptarget price

Buyertype date ($millions)share 1 mo pri2 wk prior

1 MercaHC 4/25/97 $950.40 54.74 116.47 116.81

2 Banc HC 5/31/97 517.1 50.82 128.22 127.83

3 KeystHC 5/30/97 417 49.09 156.88 154.8

4 WestaHC 4/12/97 292.8 20.11N/A 135.48

5 UST CHC 1/3/97 206.9 38.83 165.77 158.33

6 SummiHC 3/1/97 200.9 26.76 156.9 164.3

7 RegioHC 1/31/97 161 12.77 83.23 94.09 Average Deal Premium over Mark 134.58 135.95 part 3 of 4 Potential Impact of Pooling of Interest Merger Deals for Acquirers Bank, thrift, and bank-owned financial services pooling-of-interest mergers in 1997 for $150 million or greater

AnnouEPS Buyer P/E of Deal price

merged LTM acquirerto LTM n% dilutive

Buyerbank EPS (anncmt)income(xor accre

1 First 4.45 5.31 14.74 23.82 -16.18Dilutive

2 Banc 2.41 3.23 13.97 28.44 -25.39Dilutive

3 Washi 2.12 2.87 18.56 31.54 -26.09Dilutive

4 Wacho 3.97 4.14 15.14 20.08 -4.03Dilutive

5 Banke 5.54 7.13 11.15 13.23 -22.3Dilutive

6 Assoc 2.16 2.55 14.99 22.34 -15.34Dilutive

7 Hunti 1.77 1.84 16.32 19.65 -3.7Dilutive

8 Summi 2.86 2.9 16.38 18.24 -1.36Dilutive

9 Chart 2.17 1.93 24.14 15.45 12.64Accretive

10 CCB F 4.13 4.53 15.01 23.64 -8.81Dilutive

11 Union 2.1 2.06 22.39 18.36 1.95Accretive

12 Sover 0.97 0.86 13.04 12.98 12.41Accretive

ComplEPS Buyer P/E of Deal price

merged LTM acquirerto LTM n% dilutive

Buyerbank EPS (anncmt)income(xor accre

1 Merca 2.84 2.72 21.17 17.35 4.65Accretive

2 Banc 3.33 3.27 13.22 17.67 1.71Accretive

3 Keyst 1.73 1.84 16.15 20.82 -6.01Dilutive

4 Westa 3.2 3.91 14.8N/M -18.04Dilutive

5 UST C 1.17 1.23 16.61 19.25 -5Dilutive

6 Summi 1.76 1.74 27.5 22.84 0.85Accretive

7 Regio 2.93 2.98 18.61N/M -1.69Dilutive Average Deal Premium over Market Price of Target at intervals prior to merger part 4 of 4 Potential Impact of Pooling of Interest Merger Deals for Acquirers Bank, thrift, and bank-owned financial services pooling-of-interest mergers in 1997 for $150 million or greater

ROE% required of target

Announced to offset premium Cost of

Target improvements startequity

Buyer: ROE 1st Year 2nd Yearcapital (%)

1 First Bank System, Inc. 17.42 21.24 21.81 16.85

2 Banc One Corporation, O 20.46 33.34 35.27 19.44

3 Washington Mutual, Inc. 5.1 5.38 5.42 16.33

4 Wachovia Corporation, N 14.76 19.04 19.68 13.53

5 Bankers Trust New York 23.42 35.1 36.85 18.51

6 Associated Banc-Corp., 13.26 14.93 15.18 14.47

7 Huntington Bancshares I 16.01 18.78 19.2 11.77

8 Summit Bancorp, NJ 13.54 16.89 17.39 13.74

9 Charter One Financial, 12.11 16.82 17.53 14.67

10 CCB Financial Corporati 13.23 19.18 20.07 11.46

11 Union Planters Corporat 11.57 16.64 17.4 14.47

12 Sovereign Bancorp, Inc. 12.93 15 15.32 11.56

ROE% required of target

Completed to offset premium Cost of

Target improvements startequity

Buyer: ROE 1st Year 2nd Yearcapital (%)

1 Mercantile Bancorp., In 18.3 21.76 22.19 12.5

2 Banc One Corporation, O 10.05 13.23 13.68 13.84

3 Keystone Financial, Inc 14.13 22.83 23.91 12.39

4 Westamerica Bancorporat 6.89 9.66 10.02 13.22

5 UST Corp, MA 12.25 20.13 20.95 10.32

6 Summit Bancorp, NJ 13.41 22.91 23.88 10.22

7 Regions Financial Corp, 15.2 14.19 14.06 12.81 Average Deal Premium over Market Price of Target at intervals prior to merger

American Banker, 1997 ===

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