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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City Holding Company
Target: Lincoln Savings Bank
Deal Type: Bank & Thrift Company
Agreement Date1/6/1994
Announcement Date1/6/1994
Announced Deal Value ($M)68.80
Completion Date5/27/1994
Announced Deal Value Per Share ($)75.94
Deal Pricing Ratios
Price / Book (%)228.5NA
Price / Tangible Book (%)228.5NA
Price / Earnings (x)17.1NA
Price / Deposits (%)39.14NA
Price / Assets (%)27.90NA
Tangible Book Premium/ Deposits (%)24.32NA
Deal Terms
Description of Consideration
Lincoln Savings shareholders would have received 2.25 shares of City commonfor each share held. Either party can terminate if City averages less than $26.00 per share during a 30-day period prior to close.
Accounting MethodPooling of Interests
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 ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesWheat First Union
SellerYesBoenning & Scattergood Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHunton & Williams LLP
SellerYesThorp Reed & Armstrong LLP

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