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M & A

Return to Mergers & Acquisitions

Deal Overview

Financial Institutions, Inc.
Actual Acquirer:
Bath National Bank
Bank of Avoca
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 1.5
Common Stock Issued 47,055

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 98.7 105.9
Price / Tangible Book (%) 99.2 105.9
Price / Earnings (x) NM NM
Price / Deposits (%) 8.92 9.15
Price / Assets (%) 8.15 8.36
Tangible Book Premium/ Deposits (%) (0.08) 0.60
Deal Terms
Description of Consideration

FISI paid $1.5M in stock to acquire Bank of Avoca. Original terms required an additional cash payment if FISI's shares averaged below $20 during the pending period.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 400
Estimated Cost Savings (%) NA
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) 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) 146
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 Nixon Peabody LLP
Seller Yes Harris Beach PLLC