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Bank of Princeton Investors Bancorp, Inc.

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Investors Bancorp, Inc.
Actual Acquirer:
Investors Bank
Target:
Bank of Princeton
Deal Type:
Bank & Thrift Company
Agreement Date:
5/3/2016
Announcement Date:
5/3/2016
Announced Deal Value ($ M):
155.36
Status:
Terminated
Completion Date:
1/24/2017
Announced Deal Value Per Share ($ )
30.60

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 151.0 NA
Price / Tangible Book (%) 151.0 NA
Price / Earnings (x) 13.1 NA
Price / Deposits (%) 18.94 NA
Price / Assets (%) 15.00 NA
Tangible Book Premium/ Deposits (%) 9.26 NA
Deal Terms
Description of Consideration

Investors Bancorp Inc. would have paid $30.75 in cash or exchanged 2.6333 shares of its common stock for each outstanding share of Bank of Princeton, subject to 60% consideration which would have been paid in common stock.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 7,798
Est. Restructuring Charges ($ 000) 9,231
Maximum Termination Fee ($ 000) 6,400
Minimum Termination Fee ($ 000) 0
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) 11,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RBC Capital Markets LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Stevens & Lee PC