Mergers & Acquisitions

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Deal Overview

Buyer:
Harbor Bancorp Inc.
Actual Acquirer:
Pacific Financial Corp.
Target:
Bank of the Pacific
Deal Type:
Bank & Thrift Company
Agreement Date:
6/9/1999
Announcement Date:
6/9/1999
Announced Deal Value ($ M):
30.20
Status:
Completed
Completion Date:
1/10/2000
Announced Deal Value Per Share ($ )
102.05

Consideration Breakout
Common Stock ($M) 31.4
Common Stock Issued 230,000

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

Bank of the Pacific shareholders received 0.785 share of Pacific Financial Corp. for each common share held. Harbor Bancorp shareholders received 1.0 share of Pacific Financial Corp. for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? Yes
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) 0.785000
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 Sheshunoff & Co.
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Graham & Dunn PC
Seller Yes Gordon Thomas Honeywell