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MoreBank

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Bank of Princeton
Actual Acquirer:
Bank of Princeton
Target:
MoreBank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/5/2010
Announcement Date:
5/21/2010
Announced Deal Value ($ M):
5.50
Status:
Completed
Completion Date:
9/30/2010
Announced Deal Value Per Share ($ )
4.80

Consideration Breakout
Common Stock ($M) 5.5
Common Stock Issued 465,195

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 118.7 115.5
Price / Tangible Book (%) 118.7 115.5
Price / Earnings (x) NM NM
Price / Deposits (%) 9.03 9.08
Price / Assets (%) 7.57 7.59
Tangible Book Premium/ Deposits (%) 1.76 1.56
Deal Terms
Description of Consideration

Bank of Princeton exchanged 0.4 share of its common stock for each share of MoreBank, subject to MoreBank maintaining their equity capital above $4.3 million.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
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) 551
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Kafafian Group Inc.
Seller Yes Garland McPherson & Assoc. Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Pepper Hamilton LLP
Seller Yes Stradley Ronon Stevens & Young
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