Mergers & Acquisitions

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Deal Overview

Buyer:
First Washington Bancorp, Inc.
Actual Acquirer:
First SB of Washington Bancorp
Target:
Inland Empire Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
3/12/1996
Announcement Date:
3/12/1996
Announced Deal Value ($ M):
32.20
Status:
Completed
Completion Date:
8/1/1996
Announced Deal Value Per Share ($ )
60.24

Consideration Breakout
Cash ($M) 32.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 182.9 164.3
Price / Tangible Book (%) 182.9 164.3
Price / Earnings (x) 14.0 12.2
Price / Deposits (%) 23.03 23.75
Price / Assets (%) 20.19 20.61
Tangible Book Premium/ Deposits (%) 10.70 9.51
Deal Terms
Description of Consideration

Inland Empire Bank shareholders received $60.8951 in cash for each share held.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 12,721
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 2,000
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Columbia Financial Advisors
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Schwabe Williamson & Wyatt