Mergers & Acquisitions

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Deal Overview

Buyer:
First Washington Bancorp, Inc.
Actual Acquirer:
First Washington Bancorp, Inc.
Target:
Seaport Citizens Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
12/22/1998
Announcement Date:
12/22/1998
Announced Deal Value ($ M):
10.10
Status:
Completed
Completion Date:
4/1/1999
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 10.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 252.7 243.6
Price / Tangible Book (%) 252.7 243.6
Price / Earnings (x) 16.0 15.6
Price / Deposits (%) 26.56 24.73
Price / Assets (%) 23.87 22.32
Tangible Book Premium/ Deposits (%) 18.62 16.81
Deal Terms
Description of Consideration

First Washington paid approximately $10.1 million in cash for all outstanding shares of Seaport Citizens Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
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) 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 Paine Hamblen Coffin