Mergers & Acquisitions

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Deal Overview

Buyer:
German American Bancorp
Actual Acquirer:
German American Bancorp
Target:
1ST Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
6/25/1998
Announcement Date:
6/25/1998
Announced Deal Value ($ M):
57.10
Status:
Completed
Completion Date:
12/31/1998
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 46.9
Common Stock Issued 2,040,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 243.8 188.0
Price / Tangible Book (%) 248.0 191.4
Price / Earnings (x) 28.7 24.3
Price / Deposits (%) 46.53 40.48
Price / Assets (%) 22.00 17.50
Tangible Book Premium/ Deposits (%) 32.82 23.08
Deal Terms
Description of Consideration

German American exchanged 1.8188 shares for each 1st Bancorp share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.818800
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 50.9400
% of Shares Outstanding 19.90
Shares Under Option 218,142
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes BKD Corporate Finance LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Leagre Chandler & Millard LLP
Seller Yes Barnes & Thornburg LLP