Return to Mergers & Acquisitions

Deal Overview

Buyer:
Dime Savings Bank of Williamsburg
Actual Acquirer:
Dime Savings Bank of Williamsburg
Target:
Conestoga Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/3/1995
Announcement Date:
11/3/1995
Announced Deal Value ($ M):
105.10
Status:
Completed
Completion Date:
6/26/1996
Announced Deal Value Per Share ($ )
21.25

Consideration Breakout
Cash ($M) 105.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 122.3 121.2
Price / Tangible Book (%) 122.3 121.2
Price / Earnings (x) 25.9 30.0
Price / Deposits (%) 27.44 26.37
Price / Assets (%) 21.66 21.32
Tangible Book Premium/ Deposits (%) 7.75 6.83
Deal Terms
Description of Consideration

Shareholders of Conestoga common stock received $21.31 in cash for each share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 28,400
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 4,500
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 Agreement Yes
Strike Price ($ ) 18.0000
% of Shares Outstanding 9.90
Shares Under Option 467,721
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Ryan Beck & Co.
Seller Yes McConnell Budd & Romano Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Thacher Proffitt & Wood
Seller Yes Muldoon Murphy & Aguggia LLP