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Deal Overview

Buyer:
Tompkins Trustco, Inc.
Actual Acquirer:
Tompkins Trustco, Inc.
Target:
Letchworth Independent Bancshares Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
8/2/1999
Announcement Date:
8/2/1999
Announced Deal Value ($ M):
83.90
Status:
Completed
Completion Date:
12/31/1999
Announced Deal Value Per Share ($ )
19.35

Consideration Breakout
Common Stock ($M) 68.0
Common Stock Issued 2,400,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 246.8 193.1
Price / Tangible Book (%) NA 235.7
Price / Earnings (x) 23.1 16.0
Price / Deposits (%) 21.36 16.33
Price / Assets (%) 18.94 14.40
Tangible Book Premium/ Deposits (%) NA 10.54
Deal Terms
Description of Consideration

Letchworth Independent shareholders received 0.685 share of Tompkins Trustco common for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.685000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 14.0000
% of Shares Outstanding 19.90
Shares Under Option 689,737
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Danielson Associates LLC
Seller Yes McConnell Budd & Romano Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Harris Beach PLLC
Seller Yes Mackenzie Smith Lewis et al.
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