Mergers & Acquisitions

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Deal Overview

Buyer:
Republic First Bancorp, Inc.
Actual Acquirer:
First Republic Bancorp Inc.
Target:
ExecuFirst Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/17/1995
Announcement Date:
11/17/1995
Announced Deal Value ($ M):
7.40
Status:
Completed
Completion Date:
6/10/1996
Announced Deal Value Per Share ($ )
6.00

Consideration Breakout
Common Stock ($M) 8.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) NM NM
Price / Tangible Book (%) NM NM
Price / Earnings (x) NM NM
Price / Deposits (%) NM NM
Price / Assets (%) NM NM
Tangible Book Premium/ Deposits (%) NM NM
Deal Terms
Description of Consideration

Republic shareholders received 2.02 shares of ExecuFirst common for each outstanding share. Deal value includes the exercise of ExecuFirst options.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? In Market
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0.00
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 5.0000
% of Shares Outstanding 19.90
Shares Under Option 243,985
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Janney Montgomery Scott LLC
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Spector Gadon & Rosen PC
Seller Yes Klehr Harrison Harvey Branzbur