Investor Relations

Mergers & Acquisitions

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Deal Overview

Buyer:
Center Bancorp, Inc.
Actual Acquirer:
Center Bancorp, Inc.
Target:
ConnectOne Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/20/2014
Announcement Date:
1/21/2014
Announced Deal Value ($ M):
239.70
Status:
Completed
Completion Date:
7/1/2014
Announced Deal Value Per Share ($ )
45.60

Consideration Breakout
Common Stock ($M) 251.8
Common Stock Issued 13,221,150

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 179.0 192.5
Price / Tangible Book (%) 179.3 192.9
Price / Earnings (x) 21.8 24.5
Price / Deposits (%) 24.82 25.60
Price / Assets (%) 19.28 19.53
Tangible Book Premium/ Deposits (%) 14.71 NA
Deal Terms
Description of Consideration

Center Bancorp Inc. exchanged 2.6 shares of its common stock for each outstanding share of ConnectOne Bancorp Inc. Center Bancorp Inc. will enter Hudson County, N.J., with one branch to be ranked No. 25 with a 0.10% share of approximately $28.97 billion in total market deposits, will enter Monmouth County, N.J., with one branch to be ranked No. 26 with a 0.13% share of approximately $19.93 billion in total market deposits and will expand in Bergen County, N.J., by six branches to be ranked No. 11 with a 2.16% share of approximately $ 41.55 billion in total market deposits.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 129,105
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 16,000
Maximum Termination Fee ($ 000) 10,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 2.600000
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) 5,308
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes FinPro Capital Advisors Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Lowenstein Sandler LLP
Seller Yes Windels Marx Lane & Mittendorf