Mergers & Acquisitions

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Deal Overview

Buyer:
Pacific Financial Corporation
Actual Acquirer:
Pacific Financial Corporation
Target:
BNW Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/22/2003
Announcement Date:
10/22/2003
Announced Deal Value ($ M):
17.88
Status:
Completed
Completion Date:
2/27/2004
Announced Deal Value Per Share ($ )
23.08

Consideration Breakout
Common Stock ($M) 16.4
Common Stock Issued 636,562

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 264.3 242.2
Price / Tangible Book (%) 264.3 242.2
Price / Earnings (x) 23.5 23.3
Price / Deposits (%) 23.85 18.86
Price / Assets (%) 19.36 16.73
Tangible Book Premium/ Deposits (%) 23.25 15.61
Deal Terms
Description of Consideration

Pacific Financial exchanged 0.85 share for each share of BNW. Target's financials are for Bank Northwest.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 11,282
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.850000
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) 993
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Columbia Financial Advisors
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Miller Nash Graham & Dunn LLP
Seller Yes Graham & Dunn PC