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Deal Overview

Buyer:
Exchange National Bancshares, Inc.
Actual Acquirer:
Exchange National Bancshares, Inc.
Target:
MidCentral Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/22/1999
Announcement Date:
9/22/1999
Announced Deal Value ($ M):
8.60
Status:
Completed
Completion Date:
1/3/2000
Announced Deal Value Per Share ($ )
1,962.65

Consideration Breakout
Cash ($M) 7.6
Debt ($M) 1.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 202.7 202.7
Price / Tangible Book (%) 202.7 202.7
Price / Earnings (x) 22.3 22.3
Price / Deposits (%) 18.93 18.60
Price / Assets (%) 16.79 16.48
Tangible Book Premium/ Deposits (%) 10.70 10.71
Deal Terms
Description of Consideration

Exchange paid $1,962.65 cash for each MidCentral share held. About $1M was paid in the form of a 27-month promissory note issued to a former shareholder of MidCentral. Seller's financials are for Osage Valley Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 4,065
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 200
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 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
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stinson LLP
Seller Yes Sexton Bender Maher Hill