+++
part 1 of 3
Market- Price/98
Ticker to-book EPS est.
AmSouth Bancorp., Birmingham, Ala. ASO 3.26 17.75
Associated Banc-Corp., Green Bay, Wis. ASBC 3.41 17.56
Banc One Corp., Columbus, Ohio ONE 2.82 12.47
Bank of New York Co. BK 4.62 18.77
BankAmerica Corp., San Francisco BAC 2.63 14.75
BankBoston Corp., Boston BKB 3.16 14.68
Bankers Trust New York Corp. BT 2.28 13.18
BB&T Corp., Winston-Salem, N.C. BBK 3.89 18.57
Chase Manhattan Corp., New York CMB 2.3 11.2
Citicorp, New York CCI 2.98 13.02
Comerica Inc., Detroit CMA 3.75 16.96
Commerce Bancshares, Kansas City, Mo. CBSH 2.67 17.69
Compass Bancshares, Birmingham, Ala. CBSS 3.09 16.7
Crestar Financial Corp., Richmond CF 3.08 18.27
Fifth Third Bancorp, Cincinnati FITB 5.57 28
First American Corp., Nashville FATN 3.19 19.06
First Chicago NBD Corp. FCN 3.16 15.24
First Empire State Corp., Buffalo FES 3.11 16.82
First Security Corp., Salt Lake City FSCO 3.68 20.94
First Tennessee National Corp., Memphis FTEN 2.24 19.29
First Union Corp., Charlotte, N.C. FTU 2.71 13.14
Firstar Corp., Milwaukee FSR 3.64 19.2
Fleet Financial Group, Boston FLT 2.67 14.5
Hibernia Corp., New Orleans HIB 2.61 16.85
Huntington Bancshares, Columbus, Ohio HBAN 3.44 18.27
J.P. Morgan & Co., New York JPM 2.09 13.39
KeyCorp, Cleveland KEY 3 15.1
Marshall & Ilsley Corp., Milwaukee MRIS 4.35 22.67
MBNA Corp., Wilmington, Del. KRB 7.8 28.7
Mellon Bank Corp., Pittsburgh MEL 4.21 18.89
Mercantile Bancorp., St. Louis MTL 3.33 19.97
National City Corp., Cleveland NCC 3.5 16.44
NationsBank Corp., Charlotte, N.C. NB 2.07 12.97
Northern Trust Corp., Chicago NTRS 4.8 23.02
Norwest Corp., Minneapolis NOB 4.58 19.57
Old Kent Financial Corp., Grand Rapids, Mi OKEN 3.58 19.33
Pacific Century Financial Corp., Honolulu BOH 1.73 12.96
PNC Bank Corp., Pittsburgh PNC 3.36 15.86
Popular Inc., Hato Rey-San Juan, P.R. BPOP 2.55 15
Regions Financial Corp., Birmingham, Ala. RGBK 3.02 17.43
Republic New York Corp. RNB 2.11 13.45
SouthTrust Corp., Birmingham, Ala. SOTR 1.97 15.67
Star Banc Corp., Cincinnati STB 5.4 21.65
State Street Corp., Boston STT 4.69 21.88
Summit Bancorp, Princeton, N.J. SUB 3.58 18.82
Suntrust Banks Inc., Atlanta STI 2.88 20.81
U.S. Bancorp, Minneapolis USB 4.69 18.17
Union Planters Corp., Memphis UPC 3.28 17.68
UnionBanCal Corp., San Francisco UNBC 2.39 15.16
Wachovia Corp., Winston-Salem, N.C. WB 3.27 18.44
Wells Fargo & Co., San Francisco WFC 2.33 20.7
Top US Bank Averages (51) 3.34 17.58
part 2 of 3
Expected
Non-Int. $ cost sMerger Prem.
Expense per shar(Non-int. Deposit 1998 P/E
WACC 1997 ($ miif M&A tCost Svgs PremiCurrent
AmSouth Bancorp 11.60% $526.20 $7.80 14.37% 23.71% 83.60%
Associated Banc 12.34% 207.8 9.87 17.91% 21.84% 82.70%
Banc One Corp., 12.70% 5,711.50 10.43 19.19% 28.21% 58.70%
Bank of New Yor 14.98% 1,874.00 4.73 8.19% 40.12% 88.40%
BankAmerica Cor 14.79% 8,521.00 7.59 10.39% 18.55% 69.40%
BankBoston Corp 13.91% 2,324.10 8.68 9.24% 21.30% 69.10%
Bankers Trust N 10.92% 4,981.00 26.77 23.81% 14.77% 62.10%
BB&T Corp., Win 11.72% 820.5 8.05 12.56% 30.84% 87.40%
Chase Manhattan 14.10% 10,069.00 14.74 13.46% 13.80% 52.70%
Citicorp, New Y 14.39% 13,987.00 16.21 12.82% 19.24% 61.30%
Comerica Inc., 11.76% 1,008.00 10.11 11.20% 31.15% 79.90%
Commerce Bancsh 12.35% 326.4 16.27 24.02% 18.54% 83.30%
Compass Bancsha 12.64% 371 8.63 19.73% 19.51% 78.60%
Crestar Financi 12.66% 707.3 8.27 14.51% 27.00% 86.00%
Fifth Third Ban 13.58% 506.2 5.35 6.55% 70.18% 131.80%
First American 12.52% 402 10.18 20.46% 25.31% 89.70%
First Chicago N 13.33% 3,332.00 8.85 10.60% 24.44% 71.70%
First Empire St 12.52% 418.1 102.78 22.10% 18.60% 79.20%
First Security 12.57% 554.1 6.45 15.40% 33.15% 98.60%
First Tennessee 12.34% 756.5 16.68 24.99% 37.14% 90.80%
First Union Cor 12.40% 5,320.00 9.55 18.64% 20.59% 61.90%
Firstar Corp., 13.19% 744 6.75 15.91% 30.60% 90.40%
Fleet Financial 12.65% 3,379.00 16.35 21.82% 20.25% 68.30%
Hibernia Corp., 12.38% 361.9 4.39 23.28% 17.62% 79.30%
Huntington Banc 11.86% 759.9 4.67 12.96% 25.00% 86.00%
J.P. Morgan & C 10.56% 5,066.00 12.59 11.15% 15.73% 63.00%
KeyCorp, Clevel 12.15% 2,435.00 10.99 15.52% 23.12% 71.10%
Marshall & Ilsl 12.20% 747.2 14.48 23.30% 29.81% 106.70%
MBNA Corp., Wil 15.17% 1,977.20 1.67 6.10% 93.14% 97.90%
Mellon Bank Cor 13.43% 2,568.00 11.77 19.42% 37.71% 88.90%
Mercantile Banc 11.86% 723.4 7.46 12.13% 25.61% 94.00%
National City C 12.20% 2,010.60 9.29 14.14% 30.28% 77.40%
NationsBank Cor 12.25% 7,457.00 10.81 17.77% 18.27% 61.00%
Northern Trust 13.37% 891.8 9.04 12.96% 37.97% 108.40%
Norwest Corp., 12.72% 4,421.30 6.61 17.14% 40.30% 92.10%
Old Kent Financ 12.19% 490.8 7.74 19.52% 16.68% 91.00%
Pacific Century 11.50% 475.7 4.36 17.61% 8.55% 61.00%
PNC Bank Corp., 10.56% 2,614.80 8.36 14.66% 26.30% 74.70%
Popular Inc., H 11.82% 605.4 7.66 15.47% 17.55% 70.60%
Regions Financi 12.39% 599.7 5.83 13.81% 22.06% 82.10%
Republic New Yo 11.48% 903.8 7.33 6.42% 9.93% 63.30%
SouthTrust Corp 11.87% 748.2 10.74 16.92% 22.01% 73.80%
Star Banc Corp. 13.13% 321.8 7.25 12.64% 49.26% 101.90%
State Street Co 14.76% 1,734.00 14.3 24.57% 30.38% 103.00%
Summit Bancorp, 13.57% 733.7 5.72 10.74% 30.57% 88.60%
Suntrust Banks 14.61% 1,685.60 6.6 9.25% 26.12% 98.00%
U.S. Bancorp, M 12.58% 2,300.70 11.57 10.33% 35.90% 85.60%
Union Planters 12.40% 611.6 14.04 20.69% 25.22% 83.20%
UnionBanCal Cor 12.36% 1,010.60 17.96 16.71% 14.09% 71.40%
Wachovia Corp., 12.55% 1,679.20 7.88 9.72% 42.07% 86.80%
Wells Fargo & C 13.58% 4,549.00 47.08 13.87% 24.39% 97.40%
Top US Bank Ave 12.69% 15.42% 27.54% 82.04%
part 3 of 3
Rel. P/E Target Target
vs. BanksRel. P/E Price Price Price InRel. P/E&Inc
5-yr. Hig5-yr. Low12/31/97Rel. P/EModel VaModel Val. Avg
AmSouth Bancorp 101.00% 121.80% 91.50% $54.31 $59.02 $60.11
Associated Banc 99.90% 118.80% 94.80% 55.13 59.03 60.09
Banc One Corp., 70.90% 100.10% 88.40% 49.38 60.89 69.28
Bank of New Yor 106.80% 102.30% 98.10% 57.81 54 71.52
BankAmerica Cor 83.90% 87.50% 80.60% 73 73.12 98.75
BankBoston Corp 83.50% 90.50% 81.40% 93.94 96.24 114.4
Bankers Trust N 75.00% 74.20% 69.00% 112.44 108.66 139.76
BB&T Corp., Win 105.60% 141.40% 92.40% 64.06 77.92 64.69
Chase Manhattan 63.70% 81.70% 65.40% 109.5 120.32 145.03
Citicorp, New Y 74.10% 90.80% 71.50% 126.44 136.13 156.33
Comerica Inc., 96.50% 133.60% 82.00% 90.25 111.69 107.68
Commerce Bancsh 100.60% 122.70% 88.90% 67.75 74.43 71.13
Compass Bancsha 95.00% 113.40% 80.40% 43.75 46.86 55.48
Crestar Financi 103.90% 142.70% 95.50% 57 71 55.34
Fifth Third Ban 159.30% 170.00% 138.00% 81.75 77.46 87.61
First American 108.40% 124.30% 79.90% 49.75 51.49 45.4
First Chicago N 86.70% 102.10% 81.50% 83.5 87.85 81.83
First Empire St 95.70% 113.60% 84.00% 465 495.63 532.42
First Security 119.10% 144.20% 89.10% 41.88 46.36 44.65
First Tennessee 109.70% 115.60% 106.40% 33.38 33.8 34.39
First Union Cor 74.70% 98.00% 82.50% 51.25 59.18 55.78
Firstar Corp., 109.20% 112.10% 106.70% 42.44 42.5 44.76
Fleet Financial 82.50% 104.20% 84.20% 75.13 83.9 87.01
Hibernia Corp., 95.90% 115.50% 87.40% 18.88 20.4 21.5
Huntington Banc 103.90% 124.40% 91.00% 36 38.89 35.52
J.P. Morgan & C 76.20% 82.40% 80.10% 112.88 118.62 137.65
KeyCorp, Clevel 85.90% 81.50% 80.50% 70.81 67.34 75.05
Marshall & Ilsl 129.00% 153.00% 107.30% 62.13 67.55 62.34
MBNA Corp., Wil 163.30% 150.10% 127.00% 27.31 32 40.83
Mellon Bank Cor 107.40% 105.80% 94.20% 60.63 56.12 70.37
Mercantile Banc 113.60% 143.80% 90.90% 61.5 71.25 64.44
National City C 93.50% 90.40% 89.80% 65.75 63.5 81.75
NationsBank Cor 73.80% 97.00% 76.80% 60.81 69.08 76.53
Northern Trust 130.90% 140.70% 104.70% 69.75 66.73 91.51
Norwest Corp., 111.30% 114.80% 93.50% 38.75 35.97 55.31
Old Kent Financ 110.00% 126.30% 88.90% 39.63 41.1 42.6
Pacific Century 73.70% 84.70% 80.90% 24.75 27 26.65
PNC Bank Corp., 90.20% 116.30% 82.30% 56.94 65.19 63.77
Popular Inc., H 85.30% 100.90% 75.60% 49.5 52.22 62.27
Regions Financi 99.20% 117.60% 92.00% 42.19 45 45.48
Republic New Yo 76.50% 78.30% 74.00% 114.19 113.79 139.76
SouthTrust Corp 89.10% 108.20% 101.40% 42.3 48.93 41.45
Star Banc Corp. 123.20% 159.80% 97.60% 57.38 69.26 63.67
State Street Co 124.40% 123.10% 112.40% 58.19 54.29 68.82
Summit Bancorp, 107.00% 151.90% 99.20% 52.88 68.56 54.67
Suntrust Banks 118.40% 113.50% 109.30% 71.38 66.4 86.2
U.S. Bancorp, M 103.40% 148.40% 96.40% 111.94 145.73 115.86
Union Planters 100.50% 144.90% 90.10% 67.88 79.75 57.06
UnionBanCal Cor 86.20% 116.90% 84.00% 107.5 107.97 91.83
Wachovia Corp., 104.90% 112.30% 95.70% 81.13 80.4 86.15
Wells Fargo & C 117.70% 120.20% 105.00% 339.44 321.96 364.86
Top US Bank Ave 100.00% 116.24% 90.98%
Source: American Banker Research, 1997 yearend bank earnings releases.