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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Target:
American Home Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
4/6/1993
Announcement Date:
4/6/1993
Announced Deal Value ($ M):
2.50
Status:
Completed
Completion Date:
10/8/1993
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 2.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 112.41 111.96
Price / Tangible Book (%) 112.41 111.96
Price / Earnings (x) NM 49.02
Price / Deposits (%) 8.13 7.69
Price / Assets (%) 7.44 7.08
Tangible Book Premium/ Deposits (%) 0.91 0.83
Deal Terms
Description of Consideration

Independent exchanged $950.00 in cash for each outstanding American Home Bank share.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) (45)
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) 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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller No NA

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