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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corporation
Actual Acquirer:
First Merchants Corporation
Target:
Ameriana Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
6/26/2015
Announcement Date:
6/29/2015
Announced Deal Value ($ M):
69.48
Status:
Completed
Completion Date:
12/31/2015
Announced Deal Value Per Share ($ )
22.71

Consideration Breakout
Common Stock ($M) 71.2
Common Stock Issued 2,737,906

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.2 170.4
Price / Tangible Book (%) 170.1 175.4
Price / Earnings (x) 31.5 49.0
Price / Deposits (%) 17.79 18.93
Price / Assets (%) 14.40 15.47
Tangible Book Premium/ Deposits (%) 8.46 9.35
Deal Terms
Description of Consideration

First Merchants Corp. exchanged 0.9037 shares of its common stock for each of the outstanding share of Ameriana Bancorp. In addition to this, First Merchants Corp. also assumed subordinated debentures from Ameriana Bancorp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 38,624
Estimated Cost Savings (%) 55.00
Estimated Cost Savings ($ 000) 9,800
Est. Restructuring Charges ($ 000) 1,000
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.903700
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) 5,342
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes River Branch Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Kilpatrick Townsend & Stockton

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