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Deal Overview

Buyer:
Exchange National Bancshares, Inc.
Actual Acquirer:
Exchange National Bancshares, Inc.
Target:
Calhoun Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/14/1999
Announcement Date:
9/14/1999
Announced Deal Value ($ M):
14.00
Status:
Completed
Completion Date:
5/4/2000
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 14.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 244.4 239.4
Price / Tangible Book (%) 244.4 239.4
Price / Earnings (x) 16.3 15.7
Price / Deposits (%) 22.81 23.79
Price / Assets (%) 19.91 20.60
Tangible Book Premium/ Deposits (%) 14.60 14.92
Deal Terms
Description of Consideration

Exchange National paid about $14.480 million in cash for all issued and outstanding shares of Calhoun.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 7,750
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
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
Seller Yes E.L. Burch & Associates Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stinson LLP
Seller Yes Witt Hicklin & Snider PC