Return to Mergers & Acquisitions

Deal Overview

Buyer:
Exchange National Bancshares, Inc.
Actual Acquirer:
Exchange National Bancshares, Inc.
Target:
CNS Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/27/1999
Announcement Date:
10/27/1999
Announced Deal Value ($ M):
25.60
Status:
Completed
Completion Date:
6/16/2000
Announced Deal Value Per Share ($ )
17.80

Consideration Breakout
Cash ($M) 12.8
Common Stock ($M) 12.8
Common Stock Issued 425,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 117.3 116.3
Price / Tangible Book (%) 117.3 116.3
Price / Earnings (x) 34.2 NM
Price / Deposits (%) 36.29 37.88
Price / Assets (%) 27.50 28.33
Tangible Book Premium/ Deposits (%) 6.34 6.11
Deal Terms
Description of Consideration

CNS Bancorp shareholders received $8.80 in cash and 0.30 share of Exchange National stock for each CNS share. Value of stock consideration based on split-adjusted Exchange National offering price of $30 per share.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 3,781
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.150000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes RP Financial LC.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stinson LLP
Seller Yes Muldoon Murphy & Aguggia LLP