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Deal Overview

Buyer:
Exchange National Bancshares, Inc.
Actual Acquirer:
Exchange National Bancshares, Inc.
Target:
Bank 10
Deal Type:
Bank & Thrift Company
Agreement Date:
2/28/2005
Announcement Date:
2/28/2005
Announced Deal Value ($ M):
33.35
Status:
Completed
Completion Date:
5/2/2005
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 33.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 244.6 244.6
Price / Tangible Book (%) 244.6 244.6
Price / Earnings (x) 17.7 17.7
Price / Deposits (%) 23.77 23.77
Price / Assets (%) 19.42 19.42
Tangible Book Premium/ Deposits (%) 16.78 16.78
Deal Terms
Description of Consideration

Exchange paid $32,862,000 in cash plus (or minus) the amount by which Bank 10's GAAP book value is greater (or less than) $13,144,800.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 15,127
Estimated Cost Savings (%) 6.00
Estimated Cost Savings ($ 000) 321
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) 0
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) 4,795
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Howe Barnes Hoefer & Arnett
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stinson LLP
Seller Yes Holman Hansen & Colville PC