Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Penns Woods Bancorp, Inc.
Actual Acquirer:
Jersey Shore State Bank
Target:
Lock Haven Savings Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
9/15/1994
Announcement Date:
9/15/1994
Announced Deal Value ($ M):
4.90
Status:
Completed
Completion Date:
4/7/1995
Announced Deal Value Per Share ($ )
48.00

Consideration Breakout
Common Stock ($M) 4.9
Common Stock Issued 102,992

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 194.7 172.9
Price / Tangible Book (%) 194.7 172.9
Price / Earnings (x) 12.3 19.8
Price / Deposits (%) 13.64 14.35
Price / Assets (%) 12.64 13.16
Tangible Book Premium/ Deposits (%) 6.68 6.07
Deal Terms
Description of Consideration

Lock Haven shareholders received 1.00 share of Penns Woods common for each share held. Approximately 3,395 unexercised Lock Haven options rolled over into Penns Woods options.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 10.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 400
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.000000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Boenning & Scattergood Inc.
Seller Yes National Capital Companies LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stevens & Lee PC
Seller Yes Elias Matz Tiernan & Herrick
Copyright 2020, © S&P Global Market Intelligence  Terms of Use