Mergers & Acquisitions

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Deal Overview

Buyer:
Banner Corporation
Actual Acquirer:
Banner Corporation
Target:
Oregon Business Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
9/26/2001
Announcement Date:
9/26/2001
Announced Deal Value ($ M):
10.01
Status:
Completed
Completion Date:
1/1/2002
Announced Deal Value Per Share ($ )
18.75

Consideration Breakout
Cash ($M) 10.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 215.3 212.1
Price / Tangible Book (%) 215.3 212.1
Price / Earnings (x) 55.9 40.5
Price / Deposits (%) 35.21 27.79
Price / Assets (%) 29.28 24.21
Tangible Book Premium/ Deposits (%) 29.29 21.69
Deal Terms
Description of Consideration

Banner Corp. paid $10.0 million in cash for all outstanding shares of Oregon Business Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 4,700
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 500
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 714
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RP Financial LC
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Foster Pepper PLLC