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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Zions Bancorporation
Actual Acquirer: Vectra Bank Colorado NA
Target: Minnequa Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date7/10/2001
Announcement Date7/10/2001
Announced Deal Value ($M)43.60
Completion Date11/9/2001
Announced Deal Value Per Share ($)3,650.00
Consideration Breakout
Cash ($M)19.6
Common Stock ($M)24.0
Common Stock Issued440,000
Deal Pricing Ratios
Price / Book (%)193.9186.6
Price / Tangible Book (%)193.9186.6
Price / Earnings (x)14.617.7
Price / Deposits (%)14.9514.82
Price / Assets (%)13.8013.63
Tangible Book Premium/ Deposits (%)8.027.49
Deal Terms
Description of Consideration
Zions paid $45 million adjusted for transaction expenses and tax benefits for all outstanding shares of Minnequa. The aggregate consideration was to be 55% common stock and 45% cash and had an estimated value of $43,570,826.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)21,800
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)500
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
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesDuane Morris LLP
SellerYesBuxman Kwitek Ohlsen

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