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Deal Overview

Buyer:
Penns Woods Bancorp, Inc.
Actual Acquirer:
Jersey Shore State Bank
Target:
First National Bank of Spring Mills
Deal Type:
Bank & Thrift Company
Agreement Date:
7/23/1998
Announcement Date:
7/23/1998
Announced Deal Value ($ M):
14.60
Status:
Completed
Completion Date:
1/11/1999
Announced Deal Value Per Share ($ )
194.25

Consideration Breakout
Common Stock ($M) 16.1
Common Stock Issued 262,500

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 322.2 346.3
Price / Tangible Book (%) 322.2 346.3
Price / Earnings (x) 37.3 40.6
Price / Deposits (%) 63.22 65.09
Price / Assets (%) 47.63 49.56
Tangible Book Premium/ Deposits (%) 46.45 49.44
Deal Terms
Description of Consideration

First National shareholders received 3.5 shares of Penns Woods stock for each share held. Deal value at completion based on an approximate stockprice of $61.50 for Penns Woods. Buyer's financials are for Jersey Shore.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 3.500000
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 No NA
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Stevens & Lee PC
Seller Yes Rhoads & Sinon LLP
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