Return to Mergers & Acquisitions

Deal Overview

Buyer:
USBANCORP, Inc.
Actual Acquirer:
USBANCORP, Inc.
Target:
Johnstown Savings Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
11/11/1993
Announcement Date:
11/11/1993
Announced Deal Value ($ M):
45.60
Status:
Completed
Completion Date:
7/11/1994
Announced Deal Value Per Share ($ )
22.51

Consideration Breakout
Cash ($M) 19.7
Common Stock ($M) 23.7
Common Stock Issued 957,857

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.2 171.4
Price / Tangible Book (%) 168.0 174.2
Price / Earnings (x) 42.5 13.4
Price / Deposits (%) 21.13 20.19
Price / Assets (%) 13.46 12.08
Tangible Book Premium/ Deposits (%) 9.60 8.80
Deal Terms
Description of Consideration

Johnstown shareholders received either (1) $22.50 in cash, (2).8955 shares of UBAN common, or (3) a combination of $10.13 in cash and .4925 shares of UBAN common for each Johnstown share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 10,221
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 Agreement Yes
Strike Price ($ ) 16.5000
% of Shares Outstanding 19.90
Shares Under Option 386,090
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Emerald Asset Mgmt Inc.
Seller Yes Deutsche Bank Securities Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stevens & Lee PC
Seller Yes Elias Matz Tiernan & Herrick