Mergers & Acquisitions

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Deal Overview

Buyer:
CNB Financial Corporation
Actual Acquirer:
CNB Financial Corporation
Target:
First National Bank of Spangler
Deal Type:
Bank & Thrift Company
Agreement Date:
2/23/1999
Announcement Date:
2/23/1999
Announced Deal Value ($ M):
8.10
Status:
Completed
Completion Date:
8/20/1999
Announced Deal Value Per Share ($ )
3,253.75

Consideration Breakout
Common Stock ($M) 7.2
Common Stock Issued 237,500

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 177.1 154.4
Price / Tangible Book (%) 177.1 154.4
Price / Earnings (x) 27.0 24.9
Price / Deposits (%) 29.35 25.47
Price / Assets (%) 25.02 21.68
Tangible Book Premium/ Deposits (%) 14.88 10.42
Deal Terms
Description of Consideration

First National Bank of Spangler shareholders received 95.0 shares CNB common for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 100
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 95.000000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Danielson Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Klett Lieber Rooney et al.
Seller Yes Reed Smith LLP