Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
Manufacturers Bancorp, Inc
Deal Type:
Bank & Thrift Company
Agreement Date:
3/26/1992
Announcement Date:
3/26/1992
Announced Deal Value ($ M):
7.50
Status:
Completed
Completion Date:
1/1/1993
Announced Deal Value Per Share ($ )
185.00

Consideration Breakout
Cash ($M) 0.5
Common Stock ($M) 8.4
Common Stock Issued 187,040

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 166.4 170.7
Price / Tangible Book (%) 166.4 170.7
Price / Earnings (x) 11.7 11.9
Price / Deposits (%) 12.11 12.70
Price / Assets (%) 11.19 11.67
Tangible Book Premium/ Deposits (%) 5.45 5.85
Deal Terms
Description of Consideration

Manufacturers shareholders received 4.625 shares of CBSH. The agreement called for $185 in CBSH, with the exchange ratio collared at 4.6250 and 5.2857. Seller's financials are for Manufacturers State Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 3,062
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 4.625000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA