Mergers & Acquisitions

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Deal Overview

Buyer:
First Washington Bancorp, Inc.
Actual Acquirer:
First Savings Bank of Wshngton
Target:
Towne Bancorp, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
11/24/1997
Announcement Date:
11/24/1997
Announced Deal Value ($ M):
28.50
Status:
Completed
Completion Date:
4/1/1998
Announced Deal Value Per Share ($ )
93.84

Consideration Breakout
Cash ($M) 7.8
Common Stock ($M) 23.6
Common Stock Issued 898,210

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 372.2 383.6
Price / Tangible Book (%) 384.9 395.4
Price / Earnings (x) 22.1 19.4
Price / Deposits (%) 29.53 26.88
Price / Assets (%) 26.64 24.54
Tangible Book Premium/ Deposits (%) 26.62 25.01
Deal Terms
Description of Consideration

Each share of Towne was exchanged for either $91.62 in cash or 3.355 FWWB shares plus $11.78 in cash. FWWB issued approximately 898,210 shares and paid $7.84M in cash for all outstanding shares and options.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 19,794
Estimated Cost Savings (%) 0.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,400
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 3.36
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Southard Financial LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Gerrish Smith Tuck PC