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Deal Overview

Buyer:
Penns Woods Bancorp, Inc.
Actual Acquirer:
Penns Woods Bancorp, Inc.
Target:
Luzerne National Bank Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
10/18/2012
Announcement Date:
10/18/2012
Announced Deal Value ($ M):
46.06
Status:
Completed
Completion Date:
6/1/2013
Announced Deal Value Per Share ($ )
68.06

Consideration Breakout
Cash ($M) 4.2
Common Stock ($M) 38.4
Common Stock Issued 978,977

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.1 147.0
Price / Tangible Book (%) 165.1 147.0
Price / Earnings (x) 20.3 19.8
Price / Deposits (%) 17.15 15.63
Price / Assets (%) 15.04 13.75
Tangible Book Premium/ Deposits (%) 7.51 5.52
Deal Terms
Description of Consideration

Penns Woods Bancorp Inc. paid $61.86 in cash or issued 1.5534 shares of its common stock for each outstanding share of Luzerne National Bank Corp., subject to 10% of the consideration paid in cash.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 14,205
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 1,307
Maximum Termination Fee ($ 000) 1,800
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.553400
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) 1,882
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Monocacy Financial Advisors
Seller Yes Janney Montgomery Scott LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stevens & Lee PC
Seller Yes Ballard Spahr LLP
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