Return to Mergers & Acquisitions

Deal Overview

Buyer:
Sandy Spring Bancorp, Inc.
Actual Acquirer:
Sandy Spring Bank
Target:
CN Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/13/2006
Announcement Date:
12/13/2006
Announced Deal Value ($ M):
44.21
Status:
Completed
Completion Date:
5/31/2007
Announced Deal Value Per Share ($ )
24.99

Consideration Breakout
Cash ($M) 20.1
Common Stock ($M) 20.8
Common Stock Issued 690,047

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 209.7 191.5
Price / Tangible Book (%) 209.7 191.5
Price / Earnings (x) 30.1 29.0
Price / Deposits (%) 34.16 28.87
Price / Assets (%) 29.23 24.87
Tangible Book Premium/ Deposits (%) 20.40 15.69
Deal Terms
Description of Consideration

Sandy Spring Bancorp Inc. has paid $25.00 in cash, or issued 0.6657 share of its common stock, for each share of CN Bancorp Inc., subject to 40-50% being paid in cash. Options were exchanged for stock.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 22,700
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 1,184
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,764
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.6657
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) 4,600
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Robert W. Baird & Co.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Dickstein Shapiro LLP
Seller Yes Kennedy Sutherland LLP