+++ Banks listed in order of the market-to-book ratio for the third quarter of 1996, compared with the third quarter of 1995

The Market Performance of the Top Banks as Measured by the Market-to- Book Ratio

part 1 of 3

Mkt.Book Ratio of Market-

Rank to-Book Value

3Q96 3Q95 3Q96 3Q95

1 1 MBNA Corp. (L) 593 583.69

2 5 Fifth Third Bancorp (L) 303.05 233.37

3 3 First Bank System, Inc. (S) 292.8 236.72

4 7 State Street Boston Corp. (S) 283.33 214.48

5 9 Northern Trust Corp. (L) 263.21 205.63

6 4 Norwest Corp. (S) 262.4 236.71

7 28 Boatmen's Bancshares, Inc.(S,r) 248.89 171.14

8 6 First Tennessee National Corp. (L 240.84 223.97

9 8 CoreStates Financial Corp, (S,r) 236.99 214.43

10 36 Comerica, Inc. (S) 235.48 163.41

11 13 Citicorp (M) 232.73 186.23

12 12 Marshall & Ilsley Corp. (L) 229.44 201.48

13 29 U.S. Bancorp (S,r) 226.23 168.36

14 27 Mellon Bank Corp. (S) 225.63 171.26

15 19 Bank of New York Co., Inc. (S) 225.61 183.5

16 14 Firstar Corp. (L) 222.15 185.63

17 10 Huntington Bancshares, Inc. (L) 221.15 204.14

18 11 Wachovia Corp. (S) 219.32 203.04

19 20 Southern National Corp. (L,r) 219.04 182.29

20 24 National City Corp. (S,r) 216.25 175.03

21 18 Banc One Corp. (M) 213.1 184.14

22 32 First Union Corp. (M,r) 208.99 166.23

23 15 Bank of Boston Corp.(S,r) 208.11 185.38

24 22 Mercantile Bancorp. Inc.(L,r) 203.84 176.81

25 34 Summit Bancorp (L,r) 202.91 165.29

26 35 KeyCorp (S) 200.82 165.14

27 25 Old Kent Financial Corp. (L) 195.46 172.74

28 23 Regions Financial Corp. (L,r) 194.09 176.63

29 39 PNC Bank Corp. (S,r) 193.7 158.83

30 17 SunTrust Banks, Inc. (S) 191.32 184.61

31 38 First Empire State Corp. (L) 190.69 158.96

32 48 Chase Manhattan Corp. (M,r) 190.64 148.73

33 30 Barnett Banks, Inc. (S) 190.46 167.83

34 44 First Security Corp. (L) 190.18 154.14

35 47 NationsBank Corp. (M) 189.81 152.84

36 43 Fleet Financial Group, Inc.(S,r) 186.19 154.27

37 45 First of America Bank Corp. (L) 181.53 153.73

38 37 AmSouth Bancorp. (L) 180.31 160.2

39 16 Signet Banking Corp. (L) 179.65 184.83

40 21 Compass Bancshares (L,r) 179.22 179.39

41 33 Central Fidelity Banks Inc. (L) 176.11 165.65

42 40 SouthTrust Corp. (S) 174.59 158.72

43 31 Crestar Financial Corp.(L,r) 174.35 166.94

44 2 Wells Fargo & Co. (M) 173.98 260.27

45 41 Union Planters Corp.(L,r) 173.17 157.41

46 26 First American Corp. (L,r) 169.31 171.68

47 42 J.P. Morgan & Co., Inc. (M) 168.9 156.76

48 46 First Chicago NBD Corp. (M,r) 166.91 153.25

49 53 BankAmerica Corp. (M) 161.28 128.51

50 54 BanPonce Corp. (L) 159.2 127.3

51 51 Bankers Trust New York Corp. (M) 152.02 135.83

52 52 Bancorp Hawaii, Inc. (L) 148.91 134.84

53 49 Republic New York Corp. (S) 143.95 141.78

54 50 UnionBanCal Corp.(F,S,r) 123.63 137.59

Mean values for mega banks 185.84 167.28

Mean values for superregionals 214.29 179.61

Mean values for large regionals 216.28 192.78

Mean values for all 59 banks 209.91 183.18

Median values for mega banks 181.9 155.01

Median values for superregionals 217.79 171.2

Median values for large regionals 192.39 174.69

Median values for all 59 banks 194.78 171.2

part 2 of 2

Mkt.Book Price Earnings Dividend

Rank MultipleYield (%)

3Q96 3Q95 3Q96 3Q95 3Q96 3Q95

1 1 MBNA Corp. (L) 15.8 16.47 1.84 2.02

2 5 Fifth Third Banc 19.64 13.1 2 2.44

3 3 First Bank Syste 17.06 11.35 2.47 3.01

4 7 State Street Bos 15.94 12.99 1.32 1.7

5 9 Northern Trust C 14.42 11.73 1.89 2.26

6 4 Norwest Corp. (S 13.4 11.78 2.65 2.95

7 28 Boatmen's Bancsh 17.68 11.01 3.01 4

8 6 First Tennessee 12.02 10.67 3.19 3.39

9 8 CoreStates Finan 12.15 10.4 3.88 3.71

10 36 Comerica, Inc. ( 12.38 9.99 3.03 3.85

11 13 Citicorp (M) 12.25 10.92 1.99 1.7

12 12 Marshall & Ilsle 16.74 13.09 2.46 2.63

13 29 U.S. Bancorp (S, 13.17 9.67 3.14 3.96

14 27 Mellon Bank Corp 11.31 9.81 4.05 4.47

15 19 Bank of New York 12.24 10.57 3 3.1

16 14 Firstar Corp. (L 12.97 10.55 3.15 3.66

17 10 Huntington Bancs 12.5 11.62 3.48 3.56

18 11 Wachovia Corp. ( 12.76 12.39 3.23 3.34

19 20 Southern Nationa 16.63 11.72 3.25 3.5

20 24 National City Co 12.84 10.87 3.56 4.28

21 18 Banc One Corp. ( 12.65 10.92 3.32 3.73

22 32 First Union Corp 12.94 9.38 3.48 4.08

23 15 Bank of Boston C 32.15 11.34 3.04 3.11

24 22 Mercantile Banco 14.13 11.3 3.15 2.95

25 34 Summit Bancorp ( 12.58 11.43 3.62 3.63

26 35 KeyCorp (S) 12.22 9.51 3.45 4.2

27 25 Old Kent Financi 12.18 11.35 3.02 3.25

28 23 Regions Financia 14.71 11.67 2.9 3.25

29 39 PNC Bank Corp. ( 12.27 11.24 4.19 5.02

30 17 SunTrust Banks, 14.64 13.12 1.95 2.18

31 38 First Empire Sta 12.33 9.71 1.12 1.26

32 48 Chase Manhattan 11.25 9.82 2.8 3.29

33 30 Barnett Banks, I 12.98 10.89 3.2 3.32

34 44 First Security C 11.27 10.25 3.05 3.57

35 47 NationsBank Corp 10.39 8.71 2.67 2.97

36 43 Fleet Financial 10.91 9.83 3.87 4.24

37 45 First of America 15.66 10.21 3.57 4.1

38 37 AmSouth Bancorp. 17.94 12.03 3.6 4

39 16 Signet Banking C 13.65 13.19 2.99 2.58

40 21 Compass Bancshar 13.22 10.42 3.72 3.58

41 33 Central Fidelity 14.43 11.78 3.63 3.69

42 40 SouthTrust Corp. 11.21 10.47 2.89 3.18

43 31 Crestar Financia 17.15 11.84 3.53 3.22

44 2 Wells Fargo & Co 20.12 9.06 2 2.48

45 41 Union Planters C 13.25 9.92 3.04 3.36

46 26 First American C 12.9 10.89 2.58 2.6

47 42 J.P. Morgan & Co 16.83 10.87 3.65 3.88

48 46 First Chicago NB 10.47 9.02 3.18 3.45

49 53 BankAmerica Corp 11.73 8.7 2.63 3.07

50 54 BanPonce Corp. ( 10.07 8.81 2.67 3.1

51 51 Bankers Trust Ne 9.93 10.27 5.09 5.69

52 52 Bancorp Hawaii, 12.83 10.82 3.08 3.23

53 49 Republic New Yor 9.6 9.44 2.2 2.46

54 50 UnionBanCal Corp 12.13 9.46 2.83 2.64

Mean values for 12.86 9.77 3.08 3.43

Mean values for 13.95 10.81 3.05 3.44

Mean values for 14.13 11.44 2.94 3.12

Mean values for 13.83 10.9 3.01 3.29

Median values fo 11.99 9.6 2.99 3.37

Median values fo 12.57 10.72 3.04 3.33

Median values fo 13.45 11.39 3.07 3.25

Median values fo 12.87 10.87 3.05 3.3

part 3 of 3

Mkt.Book

Rank Stock Price Earnings Per Share

3Q96 3Q95 9/30/96 9/30/95% Change 3Q96

1 1 MBNA Corp. (L) 34.75 27.667 25.6 0.55

2 5 Fifth Third Banc 58.125 38.25 51.96 0.75

3 3 First Bank Syste 66.875 48.125 38.96 0.99

4 7 State Street Bos 57.375 40 43.44 0.91

5 9 Northern Trust C 65.75 46 42.93 1.14

6 4 Norwest Corp. (S 40.75 32.5 25.38 0.76

7 28 Boatmen's Bancsh 55.875 37 51.01 0.79

8 6 First Tennessee 33.188 27.75 19.6 0.69

9 8 CoreStates Finan 43.25 36.625 18.09 0.89

10 36 Comerica, Inc. ( 51.5 36.375 41.58 1.04

11 13 Citicorp (M) 90.625 70.75 28.09 1.85

12 12 Marshall & Ilsle 30.125 25.125 19.9 0.46

13 29 U.S. Bancorp (S, 39.5 28.25 39.82 0.75

14 27 Mellon Bank Corp 59.25 44.75 32.4 1.31

15 19 Bank of New York 29.375 23.25 26.34 0.6

16 14 Firstar Corp. (L 48.25 37.125 29.97 0.93

17 10 Huntington Bancs 23 20.455 12.44 0.46

18 11 Wachovia Corp. ( 49.5 43.125 14.78 0.98

19 20 Southern Nationa 33.25 26.25 26.67 0.5

20 24 National City Co 42.125 30.875 36.44 0.82

21 18 Banc One Corp. ( 41 33.182 23.56 0.81

22 32 First Union Corp 66.75 51 30.88 1.29

23 15 Bank of Boston C 57.875 47.625 21.52 0.46

24 22 Mercantile Banco 52 44.75 16.2 0.92

25 34 Summit Bancorp ( 39.75 32 24.22 0.79

26 35 KeyCorp (S) 44 34.25 28.47 0.9

27 25 Old Kent Financi 42.375 36.31 16.7 0.87

28 23 Regions Financia 48.25 40.625 18.77 0.82

29 39 PNC Bank Corp. ( 33.375 27.875 19.73 0.69

30 17 SunTrust Banks, 41 33.063 24.01 0.7

31 38 First Empire Sta 249 190 31.05 5.05

32 48 Chase Manhattan 80.125 60.875 31.62 1.8

33 30 Barnett Banks, I 33.75 28.313 19.2 0.65

34 44 First Security C 27.5 20.917 31.47 0.61

35 47 NationsBank Corp 86.875 67.25 29.18 2.12

36 43 Fleet Financial 44.5 37.75 17.88 1.02

37 45 First of America 52.625 42.875 22.74 0.84

38 37 AmSouth Bancorp. 44.5 38 17.11 0.62

39 16 Signet Banking C 26.75 26.375 1.42 0.49

40 21 Compass Bancshar 34.375 31.25 10 0.65

41 33 Central Fidelity 24.25 21.667 11.92 0.42

42 40 SouthTrust Corp. 30.5 25.125 21.39 0.68

43 31 Crestar Financia 59 55.875 5.59 0.86

44 2 Wells Fargo & Co 260 185.625 40.07 3.23

45 41 Union Planters C 35.5 29.75 19.33 0.69

46 26 First American C 48 43.125 11.3 0.93

47 42 J.P. Morgan & Co 88.875 77.375 14.86 1.32

48 46 First Chicago NB 45.25 38.25 18.3 1.09

49 53 BankAmerica Corp 82.125 59.875 37.16 1.75

50 54 BanPonce Corp. ( 27 19.375 39.35 0.67

51 51 Bankers Trust Ne 78.625 70.25 11.92 1.99

52 52 Bancorp Hawaii, 39 33.75 15.56 0.76

53 49 Republic New Yor 69.125 58.5 18.16 1.8

54 50 UnionBanCal Corp 49.5 53 -6.6 1.02

Mean values for mega banks 1.73

Mean values for superregionals 0.89

Mean values for large regionals 0.89

Mean values for all 59 banks 1.05

Median values for mega banks 1.78

Median values for superregionals 0.86

Median values for large regionals 0.72

Median values fo 0.83

part 4 of 4

Mkt.Book

Rank Total Return

3Q96 3Q95 3Q95 Year-to-Date

1 1 MBNA Corp. (L) 0.42 55.96

2 5 Fifth Third Bancorp (L) 0.75 30.08

3 3 First Bank System, Inc. (S) 1.08 35.72

4 7 State Street Boston Corp. (S 0.78 42.33

5 9 Northern Trust Corp. (L) 0.99 25.61

6 4 Norwest Corp. (S) 0.7 35.91

7 28 Boatmen's Bancshares, Inc.(S 0.84 52.85

8 6 First Tennessee National Cor 0.65 23.26

9 8 CoreStates Financial Corp, ( 0.88 32.29

10 36 Comerica, Inc. (S) 0.91 36.28

11 13 Citicorp (M) 1.79 50.5

12 12 Marshall & Ilsley Corp. (L) 0.49 26.04

13 29 U.S. Bancorp (S,r) 0.73 21.89

14 27 Mellon Bank Corp. (S) 1.15 26.16

15 19 Bank of New York Co., Inc. ( 0.58 40.5

16 14 Firstar Corp. (L) 0.88 27.74

17 10 Huntington Bancshares, Inc. 0.44 12.8

18 11 Wachovia Corp. (S) 0.88 20.49

19 20 Southern National Corp. (L,r 0.57 36.55

20 24 National City Corp. (S,r) 0.72 36.44

21 18 Banc One Corp. (M) 0.76 28.12

22 32 First Union Corp. (M,r) 1.36 34.2

23 15 Bank of Boston Corp.(S,r) 1.06 42.95

24 22 Mercantile Bancorp. Inc.(L,r 0.99 10.71

25 34 Summit Bancorp (L,r) 0.7 18.87

26 35 KeyCorp (S) 0.9 32.44

27 25 Old Kent Financial Corp. (L) 0.8 18.04

28 23 Regions Financial Corp. (L,r 0.87 18.91

29 39 PNC Bank Corp. (S,r) 0.62 17.74

30 17 SunTrust Banks, Inc. (S) 0.63 38.34

31 38 First Empire State Corp. (L) 5.14 18.79

32 48 Chase Manhattan Corp. (M,r) 1.58 50.51

33 30 Barnett Banks, Inc. (S) 0.67 32.39

34 44 First Security Corp. (L) 0.51 17.3

35 47 NationsBank Corp. (M) 1.95 38.31

36 43 Fleet Financial Group, Inc.( 0.96 26.13

37 45 First of America Bank Corp. 1.05 27.34

38 37 AmSouth Bancorp. (L) 0.79 18.4

39 16 Signet Banking Corp. (L) 0.5 25.25

40 21 Compass Bancshares (L,r) 0.75 12.62

41 33 Central Fidelity Banks Inc. 0.46 22.23

42 40 SouthTrust Corp. (S) 0.6 32.38

43 31 Crestar Financial Corp.(L,r) 1.19 7.67

44 2 Wells Fargo & Co. (M) 5.23 26.37

45 41 Union Planters Corp.(L,r) 0.79 12.87

46 26 First American Corp. (L,r) 0.99 7.13

47 42 J.P. Morgan & Co., Inc. (M) 1.78 10.7

48 46 First Chicago NBD Corp. (M,r 1.07 32.38

49 53 BankAmerica Corp. (M) 1.72 44.38

50 54 BanPonce Corp. (L) 0.55 38.38

51 51 Bankers Trust New York Corp. 1.72 32.26

52 52 Bancorp Hawaii, Inc. (L) 0.78 13.08

53 49 Republic New York Corp. (S) 1.57 24.98

54 50 UnionBanCal Corp.(F,S,r) 1.4 -0.76

Mean values for mega banks 1.9 34.77

Mean values for superregiona 0.88 31.37

Mean values for large region 0.92 21.9

Mean values for all 59 banks 1.09 27.79

Median values for mega banks 1.72 33.29

Median values for superregio 0.86 32.42

Median values for large regi 0.77 18.89

Median values for all 59 ban 0.86 26.86 ===

Data Sources: SNL Securities, Charlottesville, Va, . The SNL data were taken from SNL Bank DataSource, which contains GAAP financials on market and per share data on all publicly traded commercial banks and bank holding companies as well as the large foreign-bank owned holding companies. (r) 1995 data has been restated for subsequent mergers, changes in accounting principles, and revisions. (M)- A mega banking company. A company ranked among the top 10 in assets on Sept. 30. (S)- A superregional banking company. A company with assets between $25 billion (approximately) and $90 billion. There were 20 such companies on Sept. 30 with asset ranks of 11 to 30. (L)- A large regional banking company. A company with assets between $10 billion and $25 billion. There were 29 such companies on Sept. 30 with asset ranks of 31 to 59. (F)- Owned by a foreign banking company. Market- to-book value is the stock price on the last trading day of September, divided by the publicly reported book value per share on the last trading day of September. The price earnings multiple is the stock price, as defined above, as a multiple of fully diluted earnings per share. The dividend yield for the third quarter is the indicated annual dividend as a percentage of the closing price for the quarter. The stock price is the price per share as of the close of business on the last trading day of September. Earnings per share is net income available to the common shareholder as a percentage of primary shares outstanding. Total return year-to-date is the sum of the change in stock price from the end of the fourth quarter of 1995 to the end of the third quarter of 1996 plus the quarterly dividends for the current year ( assumed to be reinvested on the ex-date) expressed as a percentage of the stock price at the end of the fourth quarter. The group means are unweighted and are calculated by American Banker by summing all of the values within a peer group and dividing that number by the total number of observations. The median is obtained by finding the midpoint of the array of values. All rankings, means, and medians for 1995, are for the current report panels. Compiled by American Banker, 1996

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