Return to Mergers & Acquisitions

Deal Overview

Buyer:
Dime Community Bancshares, Inc.
Actual Acquirer:
Dime SB of Williamsburgh (The)
Target:
Financial Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/18/1998
Announcement Date:
7/18/1998
Announced Deal Value ($ M):
73.60
Status:
Completed
Completion Date:
1/21/1999
Announced Deal Value Per Share ($ )
40.50

Consideration Breakout
Cash ($M) 34.6
Common Stock ($M) 32.8
Common Stock Issued 1,504,704

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 246.5 230.7
Price / Tangible Book (%) 247.6 231.6
Price / Earnings (x) 24.4 22.4
Price / Deposits (%) 32.19 29.51
Price / Assets (%) 23.71 21.13
Tangible Book Premium/ Deposits (%) 22.22 18.68
Deal Terms
Description of Consideration

Dime paid $39.14 in cash or 1.8282 in stock for each Financial share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 42,038
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 3,900
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.828200
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 32.0000
% of Shares Outstanding 19.90
Shares Under Option 339,627
Core Deposit Intangibles ($ 000) 2,905
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Merrill Lynch & Co.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Thacher Proffitt & Wood
Seller Yes Skadden Arps Slate Meagher