Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
CBI-Kansas, Inc.
Target:
Fidelity Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/2/1998
Announcement Date:
7/2/1998
Announced Deal Value ($ M):
39.70
Status:
Completed
Completion Date:
10/30/1998
Announced Deal Value Per Share ($ )
101.76

Consideration Breakout
Common Stock ($M) 34.8
Common Stock Issued 818,188

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 222.4 186.7
Price / Tangible Book (%) 233.0 195.0
Price / Earnings (x) 20.8 16.8
Price / Deposits (%) 19.72 17.93
Price / Assets (%) 17.47 15.46
Tangible Book Premium/ Deposits (%) 13.85 10.26
Deal Terms
Description of Consideration

Commerce Bancshares exchanged 2.0767 shares for each share of Fidelity held.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 2.076700
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 Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Stinson LLP