Investor Relations

Mergers & Acquisitions

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Deal Overview

Buyer:
Center Bancorp, Inc.
Actual Acquirer:
Center Bancorp, Inc.
Target:
Lehigh Savings Bank, SLA
Deal Type:
Bank & Thrift Company
Agreement Date:
2/15/1996
Announcement Date:
2/15/1996
Announced Deal Value ($ M):
5.60
Status:
Completed
Completion Date:
6/28/1996
Announced Deal Value Per Share ($ )
14.14

Consideration Breakout
Cash ($M) 5.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 141.8 141.8
Price / Tangible Book (%) 141.8 141.8
Price / Earnings (x) 25.9 25.9
Price / Deposits (%) 8.29 8.29
Price / Assets (%) 7.59 7.59
Tangible Book Premium/ Deposits (%) 2.60 2.60
Deal Terms
Description of Consideration

Center Bancorp paid $5.6 million in cash for Lehigh Savings Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 3,325
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes McConnell Budd & Romano Inc.
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Lowenstein Sandler LLP
Seller Yes Pitney Hardin LLP