Mergers & Acquisitions

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Deal Overview

Buyer:
First Washington Bancorp, Inc.
Actual Acquirer:
First Washington Bancorp, Inc.
Target:
Whatcom State Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
6/15/1998
Announcement Date:
6/15/1998
Announced Deal Value ($ M):
12.10
Status:
Completed
Completion Date:
1/1/1999
Announced Deal Value Per Share ($ )
16.90

Consideration Breakout
Common Stock ($M) 13.1
Common Stock Issued 507,053

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 212.0 225.2
Price / Tangible Book (%) 212.0 225.2
Price / Earnings (x) 24.0 25.3
Price / Deposits (%) 16.37 16.20
Price / Assets (%) 13.99 13.88
Tangible Book Premium/ Deposits (%) 9.99 10.20
Deal Terms
Description of Consideration

First Savings exchanged 0.7671 shares for each Whatcom share held. Seller'sfinancials are for Whatcom State Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 5,678
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 600
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.77
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 No NA
Seller Yes Columbia Financial Advisors
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Breyer & Associates PC
Seller Yes Keller Rohrback LLP