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Mergers & Acquisitions

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Deal Overview

Buyer:
First Merchants Corp.
Actual Acquirer:
First Merchants Corp.
Target:
First United Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/16/1990
Announcement Date:
11/16/1990
Announced Deal Value ($ M):
6.00
Status:
Completed
Completion Date:
8/5/1991
Announced Deal Value Per Share ($ )
96.00

Consideration Breakout
Cash ($M) 2.5
Common Stock ($M) 4.0
Common Stock Issued 152,612

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 144.3 153.3
Price / Tangible Book (%) 144.3 153.3
Price / Earnings (x) 18.9 16.5
Price / Deposits (%) 14.27 14.66
Price / Assets (%) 12.88 13.28
Tangible Book Premium/ Deposits (%) 4.76 5.56
Deal Terms
Description of Consideration

First United shareholders received, at their option, 4 shares of FRME plus cash, or $96 cash. The cash portion of the first option was set at $12 and reduced by $4 for each $1 rise in FRME over $21.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 1,082
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 4.000000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
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 NA NA
Seller Yes NatCity Investments Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Krieg DeVault LLP

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