Mergers & Acquisitions

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Deal Overview

Buyer:
First Busey Corporation
Actual Acquirer:
First Busey Corporation
Target:
Tarpon Coast Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/24/2005
Announcement Date:
2/24/2005
Announced Deal Value ($ M):
38.76
Status:
Completed
Completion Date:
7/29/2005
Announced Deal Value Per Share ($ )
27.00

Consideration Breakout
Cash ($M) 17.4
Common Stock ($M) 21.3
Common Stock Issued 849,965

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 304.4 305.6
Price / Tangible Book (%) 304.5 305.6
Price / Earnings (x) 50.9 49.1
Price / Deposits (%) 29.36 27.40
Price / Assets (%) 26.61 24.66
Tangible Book Premium/ Deposits (%) 23.57 22.05
Deal Terms
Description of Consideration

First Busey paid $12.15 in cash and issued $14.85 in stock to acquire each outstanding share of Tarpon.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 22,317
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) NA
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) 2,371
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Keefe Ventures LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Smith Mackinnon PA
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With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

From opening your first business checking account or loan to creating a strong succession plan, Busey can help you manage your growing business. Our business banking, lending and cash management solutions give you the tools you need to keep your business successful and nimble. Our participation in a wide variety of specialized programs and in-house credit expertise allow us to tailor commercial lending packages to your unique situation and make faster credit decisions. Busey knows that cash flow is the lifeblood of a business—whether you need help with receivables, payables, liquidity, fraud protection or information reporting, we can customize your cash management solution to your growing business' needs.

You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.