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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corp.
Actual Acquirer:
First Merchants Corp.
Target:
Francor Financial, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/9/2001
Announcement Date:
2/9/2001
Announced Deal Value ($ M):
29.20
Status:
Completed
Completion Date:
7/1/2001
Announced Deal Value Per Share ($ )
105.72

Consideration Breakout
Cash ($M) 14.5
Common Stock ($M) 16.2
Common Stock Issued 784,838

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 162.7 166.9
Price / Tangible Book (%) 162.7 166.9
Price / Earnings (x) 13.6 13.7
Price / Deposits (%) 21.67 21.16
Price / Assets (%) 18.49 18.61
Tangible Book Premium/ Deposits (%) 10.08 10.20
Deal Terms
Description of Consideration

Francor shareholders received either $121.74 in cash or 4.32 shares (or a blend of the two) for each share held, subject to "continuity of interests" conditions. Seller's finls at announcement are for Frances Slocum B&T Co.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 7,907
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 4.320000
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) 4,804
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Renninger & Associates
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Krieg DeVault LLP

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