Triangle Capital Partners
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Investment Bankers
Presentation to
Darlington County Bancshares, Inc.
May 10, 2004
TABLE OF CONTENTS
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1. Going Private
2. Triangle Capital Partners
3. Publicly Traded Banks < $100MM in Assets
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
TRIANGLE CAPITAL PARTNERS
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Triangle Capital Partners, LLC
3600 Glenwood Avenue, Suite 104
Raleigh, NC 27612
Fax: (919) 719-4777
www.trianglecapitalpartners.com
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FINANCIAL INSTITUTIONS
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John Schramm Bill Wagner Mike Patterson
Managing Director Managing Director Managing Director
Phone: (919) 719 - 4783 Phone: (919) 719 - 4782 Phone: (919) 719 - 4786
jschramm@trianglecapitalpartners.com wwagner@trianglecapitalpartners.com mpatterson@trianglecapitalpartners.com
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PRIVATE EQUITY
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Garland Tucker Tarlton Long David Parker
Managing Director Managing Director Managing Director
Phone: (919) 719 - 4779 Phone: (919) 719 - 4780 Phone: (919) 719 - 4781
gtucker@trianglecapitalpartners.com tlong@trianglecapitalpartners.com dparker@trianglecapitalpartners.com
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
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1. GOING PRIVATE
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
GOING PRIVATE OVERVIEW
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- De Register with the SEC
- Must have fewer than 300 shareholders
- File form 15
- Eliminate SEC filings
- Forms 10-Q, 10-K, 8-K , Schedule 13D, 13G, and Form 4
- However, you will still need to distribute a proxy and
annual report
- Cease listing on NASDAQ National and Small Cap Markets
- Must be registered with the SEC to be listed
- Cannot be traded on OTC Bulletin Board
- Must be registered with the SEC to be listed
- Shares can be listed on the Pink Sheets
- No cost
- Must have sponsoring market maker
- File Form 211 with NASD OTC Compliance unit
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
1
REASONS FOR GOING PRIVATE
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- Saves money
- Professional fees
- NASD fees
- Printing, EDGAR and mailing costs
- Reduces administrative burden
- Reduces liability and burdens associated with Sarbanes-Oxley
- Audit committee and auditor independence requirements
- Personal certification of 10-Qs and 10-Ks
- Increased civil and criminal penalties
- However, for legal and regulatory reasons, it may be necessary to
follow portions of Sarbanes-Oxley
- Allows management to take longer term perspective
- Reduces pressure on quarterly earnings
- Considering S-Corp status
- Discourages stock ownership by professional investors
- Increases ability to stay independent
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
2
REASONS FOR NOT GOING PRIVATE
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- Reduces liquidity of stock
- Limits ability to raise additional capital
- Limits ability to make acquisitions
- May require valuation of company stock for employee benefit plans
- May require company to repurchase stock from a participant in an ESOP
- May invite a hostile or competing offer from another bank
- Does not necessarily mean bank must sell
- High level of inside ownership is big deterrent
- May increase certain shareholders ownership above 10%, which may
trigger change of control regulations and require regulatory approval
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
3
EVALUATE SHAREHOLDER BASE
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- Obtain shareholder lists
- Street name - look through one level
- Consolidate accounts held by the same shareholder (duplicate accounts,
misspellings)
- Determine final shareholder count
- Determine number of shareholders above 300
- Determine cost and feasibility to reduce shareholders below 300
- How will bank fund this?
- Excess capital?
- Trust preferred?
- Holding company loan?
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
4
OPTIONS
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- Odd-lot tender offer
- Share repurchase
- Tender offer
- Reverse stock split
- Cash-out merger
- Form 13E(3) must be filed with the SEC if any of the above options are
used to de-register.
- Sets forth the Board's reasons for going private and the impact
on the company and its shareholders.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
5
ODD-LOT TENDER OFFER
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- Board approves program to purchase shares from shareholders with fewer
than 100 shares
- Eliminates expense and burden of small shareholders
- Purchased directly by company
- Shareholders avoid brokerage commissions
- Company sets price
- Typically set at market price or at slight premium to market
- Voluntary sale by shareholders
- No guarantee shareholders will sell
- Difficult to get small shareholders' attention
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
6
SHARE REPURCHASE PROGRAM
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- Board authorizes repurchase plan
- Typically 5% or 10% of outstanding shares
- Company makes press release
- Company follows rules set forth by SEC Rule 10b-18
- No guarantee that enough shareholders will sell shares to go private
- Difficult to predict how long it will take
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
7
TENDER OFFER
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- Company offers to buy back a set number of shares at a fixed price at
a set time
- Basically, a tender offer is just a large share repurchase
- There are SEC rules that govern a tender offer
- A tender offer document must be mailed to shareholders setting
forth the offer and its financial impact on the company
- An alternative to a fixed price tender is the "Dutch Auction" tender
offer
- Company establishes a range of prices it is willing to pay
- Shareholders may elect to sell shares within the range
- The company selects the price at which it can purchase the most
shares at the lowest cost per share
- All shares are purchased at the same price
- No guarantee that shareholders will tender shares
- Many small shareholders may not make the effort to tender shares
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
8
REVERSE STOCK SPLIT
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- Method whereby outstanding shares are reduced, with fractional shares
cashed out
- Example 1 for 500 reverse stock split
- Shareholders receive 1 share for every 500 shares they own
- Shareholders with fewer than 500 shares receive cash
- Fractional shares receive cash
- Must be approved by shareholders
- Establish reverse stock split to guarantee reducing remaining
shareholders below 300
- Determine number of fractional shares and total cost
- Determine how the purchase of these shares will be financed
- SEC rules require a proxy offer or tender offer document be
distributed to shareholders
- Value of shares is determined by Board
- Typically, Board retains a financial advisor to aid in
establishing this value and evaluating the financial impact
- The financial advisor establishes a range of value that would be
fair to shareholders
- The financial advisor provides a fairness opinion
- Hiring a financial advisor helps the Board fulfill its fiduciary
obligations
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
9
CASH-OUT MERGER
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- Procedurally very similar to a reverse stock split, except that not
all fractional shares are cashed out
- Only those shareholders with less than one full share are cashed
out
- Not available in all states
- Similar to forming a holding company
- Bank merges into a dummy corporation
- The exchange ratio for the dummy corporation's shares and the
bank's shares is set to result in the elimination of the
necessary number of shareholders
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
10
SELECTED GOING PRIVATE TRANSACTIONS
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Announce Closing Transaction Transaction
Company Ticker City State Assets Date Date Type Value
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American Cash Out
Bancorp, Inc. ABNC Opelousas LA 100,781 4/16/04 Pending Merger $ 5,374,838
Reverse
Coddle Creek Stock
Financial Corp. CDLC Mooresville NC 137,652 3/30/04 Pending Split $ 500,000
Hemlock Federal Tender
Financial Corp. HMLK Oak Forest IL 312,468 3/16/04 Pending Offer $ 5,800,000
High Country
Bancorp, Inc. HCBC Salida CO 193,467 2/10/04 Pending Form 15 NA
Easton Bancorp Cash Out
Inc. EASB Easton MD 101,837 1/2/04 Pending Merger $ 3,013,650
Reverse
IBW Financial Stock
Corp. IBWF Washington DC 302,720 12/31/03 Pending Split $ 470,230
Sistersville
Bancorp, Inc. SVBC Sistersville WV 47,566 11/26/03 11/26/03 Form 15 NA
Umbrella
Bancorp,
Incorporated Summit IL 230,515 11/14/03 11/14/03 Form 15 NA
Reverse
Huron National Stock
Bancorp, Inc. Rogers City MI 44,503 11/7/03 3/24/03 Split $ 492,600
First National Cash Out
Bankshares Corp. Ronceverte WV 177,815 11/6/03 2/24/03 Merger $ 3,720,574
Crazy Woman
Creek Bancorp, Modified
Inc. CRZY Buffalo WY 77,669 10/3/03 11/17/03 Dutch TO $ 6,387,500
Odd Lot
Coddle Creek Tender
Financial Corp. CDLC Mooresville NC 137,652 10/1/03 11/21/03 Offer $ 250,800
First Cherokee Cash Out
Bancshares, Inc. FCKE Woodstock GA 190,938 9/19/03 3/29/04 Merger $ 6,081,814
Reverse
Stock
Valley Ridge Financial Corp. VYRG Kent City MI 193,008 9/19/03 11/26/03 Split $ 1,660,000
East Texas
Financial
Services, Inc. ETFS Tyler TX 222,783 9/8/03 9/15/03 Form 15 NA
Reverse
Stock
BankPlus, FSB BPLS Morton IL 313,234 7/15/03 9/23/03 Split $ 200,000
Captial Cash Out
Directions, Inc. CTDN Mason MI 129,839 6/25/03 2/12/03 Merger $ 551,450
InvestorsBancorp, Cash Out
Inc. Pewaukee WI 191,933 3/25/03 9/23/03 Merger $ 5,697,818
Henderson
Citizens Cash Out
Bancshares, Inc. Henderson TX 555,958 2/23/03 8/18/03 Merger $ 3,000,000
Zachary Cash Out
Bancshares, Inc. Zachary LA 109,751 12/2/02 3/13/03 Merger $ 1,332,730
Reverse
Greater Rome Stock
Bancshares, Inc. Rome GA 131,659 9/23/02 1/8/03 Split $ 4,140,000
Chesapeake Reverse
Financial Shares, Stock
Inc. CPKF Kilmarnock VA 332,424 9/3/02 2/28/03 Split $ 1,979,073
Odd Lot
First National of Tender
Nebraska, Inc. FINN Omaha NE 11,669,667 6/6/02 7/11/02 Offer $ 52,500,000
Cash Out
Hemet Bancorp Riverside CA 313,893 5/22/02 9/4/02 Merger $ 45,031,680
Cash Out
FVNB Corp. Victoria TX 813,270 4/27/01 8/13/01 Merger $ 16,875,000
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
11
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2. TRIANGLE CAPITAL PARTNERS
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
TRIANGLE CAPITAL PARTNERS
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A REGIONAL INVESTMENT BANK WITH A FOCUS ON FINANCIAL INSTITUTIONS
Investment Banking Mezzanine Investment Banking
General Fund Financial Institutions
Offers customized Manages an Provides
investment $ 80MM mezzanine specialized
banking services investment fund investment banking
to middle market and is a licensed services to
companies. SBIC. community financial
institutions.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
1
FINANCIAL INSTITUTIONS PROFESSIONALS
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JOHN F. SCHRAMM - MANAGING DIRECTOR - John Schramm is a founder and co-head of
the Financial Institutions Group. His focus is primarily bank mergers and
acquisitions and business valuations. During his career, John has represented
many community banks in merger negotiations as both buyers and sellers. He has
been involved in transactions with such highly-regarded financial institutions
as BB&T, Fifth Third, RBC Centura, First Union, Huntington, National Commerce,
Regions, SouthTrust, Synovus and Union Planters. In addition, he has extensive
experience with financial institution asset-backed financing, mutual-to-stock
conversion appraisals, branch bank acquisitions and divestitures, and business
plans. Prior to joining Triangle, John was a Managing Director for Trident
Securities in Raleigh, NC. Between 1987 and 2002, John was involved in over 40
bank mergers and acquisitions. He also appraised over 25 thrifts for
mutual-to-stock conversions transactions, and structured several asset-backed
financing transactions. John began his career as a Consultant for Arthur
Anderson & Co., in Charlotte, NC. While at Anderson, he worked in the
Information Consulting Division (later known as Anderson Consulting and
Accenture) where he worked with companies in the financial services, healthcare,
manufacturing, distribution and utilities industries. John received his B.A.
degree from Northwestern University in 1982. In 1984, he received an M.B.A.
degree from the Fuqua School of Business at Duke University. John is an
Accredited Senior Appraiser certified in business valuation by the American
Society of Appraisers.
WILLIAM J. WAGNER, CPA - MANAGING DIRECTOR - Bill Wagner is a founder and
co-head of the Financial Institutions Group. Bill's focus is on providing
financial advisory services to community financial institutions in the areas of
merger advisory services, strategic planning, branch purchases, share
repurchases and capital raising, including trust preferred securities.
Throughout his career, Bill has successfully completed numerous complex
transactions in the financial services industry. In addition, he has extensive
experience with accounting and tax issues unique to financial institutions.
Prior to joining Triangle, Bill served as a Senior Vice President in the Trident
Securities division of McDonald Investments, Inc. from 1992 to 2002. During his
tenure at Trident, Bill represented many community banks in merger negotiations
as both buyers and sellers. In total, Bill was involved in over 30 announced
bank mergers and acquisitions while at Trident. Prior to 1992, Bill was a Vice
President of First Citizens Bank, an $11 billion bank headquartered in Raleigh,
NC. While at First Citizens, he worked in the corporate finance department as
the corporate tax manager and was involved in several complex merger
transactions. Prior to joining First Citizens, Bill was a tax consultant with
Deloitte and Touche in Columbus, OH. Bill received his B.S. degree from Miami
University in 1984. In 1991, he received an M.B.A. degree from the Fuqua School
of Business at Duke University. Bill is a Certified Public Accountant licensed
in North Carolina and is an active member of the American Institute of Certified
Public Accountants and the North Carolina Association of Certified Public
Accountants.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
2
FINANCIAL INSTITUTIONS PROFESSIONALS
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MICHAEL S. PATTERSON - MANAGING DIRECTOR- Mike Patterson joined Triangle Capital
Partners as a Managing Director in December, 2002. Prior to joining TCP, Mike
was a commercial banker in North Carolina for thirty years. Most recently he was
Chairman of the Board for Centura Banks, Inc. and Centura Bank headquartered in
Rocky Mount, NC. He became Chairman in February 2000 when his prior company,
Triangle Bancorp, was acquired by Centura and retained that position until
Centura was acquired by the Royal Bank of Canada in June of 2001. He joined
Triangle Bancorp, headquartered in Raleigh, NC, in August of 1990 as President
and COO and became CEO in March of 1991. Under his leadership, Triangle grew
from $85 million in assets to $2.4 billion when it was sold to Centura. During
that time, Triangle acquired ten other financial institutions and completed four
branch acquisition transactions. Mike is a graduate of Campbell University and
the graduate program at The School of Banking of the South at Louisiana State
University and the Graduate Executive Program at the University of North
Carolina in Chapel Hill.
MATTHEW H. PARAMORE - ANALYST - Matt Paramore joined Triangle Capital Partners
in July 2003 after graduating cum laude from Davidson College. Matt majored in
both Economics and Classics in addition to studying in Cork, Ireland and Athens,
Greece. Prior to joining Triangle, Matt worked on a wide variety of legal issues
including admiralty claims, civil litigation, and corporate matters as law clerk
at McCotter, Ashton & Smith, P. A. in New Bern, North Carolina. Matt has passed
the Level I CFA examination and is actively pursuing the Chartered Financial
Analyst designation.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
3
OVERVIEW OF FINANCIAL INSTITUTIONS GROUP
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Triangle Capital Partners' ("TCP") Financial Institutions Group was formed to
meet the investment banking needs of community financial institutions. TCP's
banking team has over 25 years of combined experience serving as a trusted
financial advisor to numerous community financial institutions. In terms of
announced deals, the lead partners at TCP have been involved in over 70 mergers
and acquisitions with a total deal value in excess of $2 billion.
Merger Advisory Services Strategic Advisory
Services
Triangle Capital
Fairness Opinions Partners' Financial Valuations
Institutions Group
Equity Issuance Trust Preferred Securities
Branch Purchases/Sales
TCP's Financial Institutions Group is committed to providing the most thorough
and complete financial advice available to the financial services industry. The
Financial Institutions Group was founded on the principle of providing honest
and unbiased advice that is in the long-term best interests of our clients. Our
goal is to become one of our clients most trusted advisors.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
4
#1 ADVISOR FOR BRANCH TRANSACTIONS
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2004 Number Deposits
Rank Firm of Deals Sold ($000)
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1 TRIANGLE CAPITAL PARTNERS 3 62,212
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2 McConnell Budd & Romano Inc. 2 11,400
2 Ward & Smith PA 2 41,780
4 Austin Associates LLC 1 13,000
4 Bank Analysis Center 1 9,000
4 DD&F Consulting Group 1 6,000
4 Garland McPherson & Assoc. Inc 1 21,000
4 Hovde Financial LLC 1 65,300
4 Janney Montgomery Scott LLC 1 29,800
4 McQueen Financial Advisors 1 13,000
4 Sandler O'Neill & Partners LP 1 380,000
4 Scott & Stringfellow Inc. 1 20,432
Rankings exclude terminated deals.
Source: SNL Financial, LC as of 04/28/2004
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Capital Bank Capital Bank
Corporation Corporation
has announced the sale of its has announced the sale of its
Warrenton, North Carolina Seadboard and Woodland,
branch to North Carolina branches to
First Citizens Bank SouthernBank
----
Triangle Capital Partners acted as Triangle Capital Partners acted as
exclusive Financial Advisor to exclusive Financial Advisor to
Capital Bank Corporation. Capital Bank Corporation.
February 2004 February 2004
FNB First South Bank
Southeast ----
has announced the sale of its All the Bank You'll Ever Need
Richlands, Virginia has announced the acquisition
branch to of the New Bern and Greenville,
------------------- North Carolina branches of
National Bankshares CCB
Central Carolina Bank
Triangle Capital Partners acted as Triangle Capital Partners acted as
exclusive Financial Advisor to exclusive Financial Advisor to
FNB Financial Services Corporation. First South Bancorp.
January 2004 October 2003
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
5
TCP ANNOUNCED M&A TRANSACTIONS
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=========================================================
$10,100,000
TECHE
Holding Company
Has announced its intention to acquire
ST. LANDRY
FINANCIAL CORPORATION
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
Triangle Capital Partners acted as financial advisor to
Teche Holding Company
March 2004
=========================================================
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
6
TCP ANNOUNCED M&A TRANSACTIONS
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51,700,000 $ 21,100,000
LBA Bank of Granite
Acadiana BancShares, Inc. Corporation
Has been acquired by Has acquired
iBERIABANK First
An Independent Louisiana Bank(TM) Commerce
Bank
TRIANGLE CAPITAL PARTNERS TRIANGLE CAPITAL PARTNERS
------------------------- -------------------------
Investment Bankers Investment Bankers
Triangle Capital Partners acted as financial advisor to Triangle Capital Partners acted as financial advisor to
Acadiana Bancshares, Inc. Bank of Granite Corporation
February 2003 July 2003
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
7
TCP TRUST PREFERRED TRANSACTIONS
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CAPITAL BANK WACCAMAW
CORPORATION BANK
10,000,000 $ 8,000,000
-------------------------- --------------------------
Trust Preferred Securities Trust Preferred Securities
-------------------------- --------------------------
Private Placement Private Placement
Triangle Capital Partners acted as Triangle Capital Partners acted as
Placement Agent and Financial Placement Agent and Financial
Advisor. Advisor.
December 2003 December 2003
========================================================================
PREMIER BANK UNDISCLOSED NC BANK
------------
Expect the Best.
$2,500,000 $ 20,000,000
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Trust Preferred Securities Trust Preferred Securities
-------------------------- --------------------------
Private Placement Private Placement
Triangle Capital Partners acted as Triangle Capital Partners acted as
Placement Agent and Financial Placement Agent.
Advisor.
December 2003 December 2003
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FIRST SOUTH BANK UNDISCLOSED SC BANK
All The Bank You'll Ever Need
$10,000,000 $ 15,000,000
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Trust Preferred Securities Trust Preferred Securities
-------------------------- --------------------------
Private Placement Private Placement
Triangle Capital Partners acted as Triangle Capital Partners acted as
Placement Agent and Financial Placement Agent and Financial
Advisor. Advisor.
September 2003 July 2003
========================================================================
CAPITAL BANK UNDISCLOSED NC BANK
CORPORATION
$10,000,000 $ 20,000,000
-------------------------- --------------------------
Trust Preferred Securities Trust Preferred Securities
-------------------------- --------------------------
Private Placement Private Placement
Triangle Capital Partners acted as Triangle Capital Partners acted as
Placement Agent and Financial Placement Agent.
Advisor.
June 2003 December 2002
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TRIANGLE CAPITAL PARTNERS
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Investment Bankers
8
OTHER ENGAGEMENTS
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COMMUNITY
CAPITAL PREMIER BANK
Corporation ------------
Corporation Expect the Best.
-------------------
PURCHASE ACCOUNTING -----------------------
VALUATION PRIVATE STOCK VALUATION
------------------- -----------------------
Triangle Capital Partners provided
Community Capital Corporation with
a valuation of the financial assets
and liabilities, including core Triangle Capital Partners provided
deposits, acquired in the purchase a valuation of the common stock of
of Abbeville Capital Corporation. Premier Financial Corp.
March 2004 December 2003
===============================================================================
CODDLE CREEK BANK OF GRANITE
FINANCIAL CORP. CORPORATION
ODD LOT TENDER OFFER / PURCHASE ACCOUNTING
GOING PRIVATE TRANSACTION VALUATION
Triangle Capital Partners acted as Triangle Capital Partners provided
Financial Advisor and Information Bank of Granite Corporation with
Agent to Coddle Creek a valuation of the financial assets
Financial Corp. and liabilities, including core
deposits, acquired in the purchase
of First Commerce Corporation.
December 2003 September 2003
===============================================================================
Undisclosed $500MM
Financial Institution
------------------------
Hostile Takeover Defense
------------------------
Triangle Capital Partners acted as
financial advisor to an undisclosed
target in responding to an
unsolicited offer.
July 2003
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
9
WHOLE BANK M&A TRANSACTIONS
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Date Role Client Transaction Description Deal Value
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Teche Holding Company, Cash Purchase of St. Landry
Feb-04 Buy Side Franklin, LA Financial Corp. $ 10,100,000
Bank of Granite Corporation, Cash/Stock Purchase of First
Jul-03 Buy Side Granite Falls, NC Commerce Corp. $ 21,100,000
Acadiana Bancshares, Inc., Cash/Stock Sale to IBERIABANK
Feb-03 Sell Side Lafayette, LA Corp. $ 52,000,000
Capital Bank Corporation, Stock Purchase of High Street
Dec-02 Buy Side Raleigh, NC Corp. $ 20,800,000
Rowan Bancorp, Inc., China
Aug-02 Sell Side Grove, NC Stock Sale to FNB Corp. $ 21,800,000
First Community Financial Cash/Stock Sale to Capital Bank
Jan-02 Sell Side Corp., Burlington, NC Corp. $ 54,000,000
Innes Street Financial Corp., Cash Sale to Gaston Federal
Dec-01 Sell Side Salisbury, NC Bancorp, Inc. $ 38,000,000
CENIT Bancorp, Inc., Norfolk,
Aug-01 Sell Side VA Stock Sale to SouthTrust Corp. $ 121,600,000
VA Capital Bancshares, Inc.,
Jun-01 Sell Side Fredericksburg, VA Stock Sale to BB&T Corp. $ 175,500,000
Industrial Bancorp, Inc., Cash Sale to United Community
Jun-01 Sell Side Bellevue, OH Financial $ 91,800,000
Century Bancorp, Inc.,
May-01 Sell Side Thomasville, NC Cash/Stock Sale to First Bancorp $ 21,700,000
FirstSpartan Financial Corp,
Mar-01 Sell Side Spartanburg, SC Stock Sale to BB&T Corp. $ 102,100,000
Centura Banks, Inc., Rocky Stock Sale to Royal Bank of
Jan-01 Sell Side Mount, NC Canada $2,330,000,000
Twin City Bancorp, Inc., Cash Sale to Citco Community
Nov-00 Sell Side Bristol, TN Bancshares $ 20,200,000
Mid-Coast Bancorp, Inc., Cash Sale to Union Bankshares
Sep-00 Sell Side Waldoboro, ME Company $ 12,100,000
First Savings Bancorp, Inc.,
Sep-00 Sell Side Southern Pines, NC Stock Sale to First Bancorp $ 77,900,000
Heritage Bancorp, Inc., Cash/Stock Sale to SouthBanc
Jul-00 Sell Side Laurens, SC Shares, Inc. $ 77,000,000
Piedmont Bancorp, Inc., Stock Sale to National Commerce
Apr-00 Sell Side Hillsborough, NC Bancorp. $ 32,100,000
Carolina Fincorp, Inc.,
Apr-00 Sell Side Rockingham, NC Stock Sale to FNB Corp. $ 29,100,000
Anson Bancorp, Inc., Cash Sale to Uwharrie Capital
Jan-00 Sell Side Wadesboro, NC Corp. $ 10,100,000
Community Federal Bancorp, Cash/Stock Sale to First M&F
Nov-99 Sell Side Tupelo, MS Corp. $ 79,300,000
Eagle BancGroup, Inc.,
Oct-99 Sell Side Bloomington, IL Cash Sale to First Busey Corp. $ 27,100,000
Oak Hill Financial, Inc., Stock Purchase of Towne
Oct-99 Buy Side Jackson, OH Financial Corp. $ 20,300,000
Triangle Bancorp, Inc., Stock Sale to Centura Banks
Aug-99 Sell Side Raleigh, NC Inc. $ 607,700,000
FFBS BanCorp, Inc., Stock Sale to NBC Capital
Aug-99 Sell Side Columbus, MS Corp. $ 47,400,000
Delaware First Financial Cash Sale to Crown Group,
Aug-99 Sell Side Corp, Wilmington, DE Inc. $ 17,900,000
Heartland Bancshares,
Jun-99 Sell Side Inc., Herrin, IL Cash Sale to Banterra Corp. $ 13,200,000
Note: Certain transactions listed above were completed by individuals at
Triangle Capital Partners either prior to or subsequent to the formation of TCP.
TRIANGLE CAPITAL PARTNERS
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Investment Bankers
10
WHOLE BANK M&A TRANSACTIONS
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Date Role Client Transaction Description Deal Value
- ----------------------------------------------------------------------------------------------
First Coastal Bankshares, Stock Sale to Centura Banks
Mar-99 Sell Side Virginia Beach, VA Inc. $124,900,000
Stock Purchase of Columbia
Sep-98 Buy Side Cecil Bancorp, Elkton, MD Bank, A FSB $ 3,200,000
Shelby County Bancorp, Cash Sale to Blue River
Jun-98 Sell Side Shelbyville, IN Bancshares $ 10,800,000
ESB Bancorp, Inc., Enfield, Cash Sale to Southern
May-98 Sell Side NC Bancshares $ 6,400,000
Triangle Bancorp, Inc., Stock Purchase of United
Dec-97 Buy Side Raleigh, NC Federal Savings Bank $ 54,600,000
First Southeast Financial Stock Sale to Carolina First
Nov-97 Sell Side Corp, Anderson, SC Corp. $ 64,700,000
First Savings Financial Corp., Cash Sale to First Citizens
Oct-97 Sell Side Reidsville, NC BancShares, Inc. $ 10,600,000
Triangle Bancorp, Inc., Stock Purchase of Guaranty
Oct-97 Buy Side Raleigh, NC State Bancorp $ 35,500,000
SouthFirst Bancshares Inc., Cash/Stock Purchase of First
Oct-97 Buy Side Sylacauga, AL FS & LA, Clanton, AL $ 5,300,000
Oak Hill Financial, Inc., Cash Purchase of Unity
Oct-97 Buy Side Jackson, OH Savings Bank $ 10,600,000
Triangle Bancorp, Inc., Stock Purchase of Bank of
Mar-97 Buy Side Raleigh, NC Mecklenburg $ 42,000,000
Home Federal Savings Bank, Cash Sale to Charter
Jan-97 Sell Side Carbondale, IL Financial, Inc. $ 6,300,000
Preferred Bank, FSB, Cash Sale to SouthTrust
Nov-96 Sell Side Palmetto, FL Corp. $ 8,800,000
Sentinel Financial Corporation, Stock Sale to Roosevelt
Oct-96 Sell Side Kansas City, MO Financial Group $ 14,300,000
Workingmens Capital Stock Sale to Old National
Oct-96 Sell Side Holdings, Bloomington, IN Bancorp $ 39,200,000
Valley Federal Savings Bank, Stock Sale to Union Planters
Oct-96 Sell Side Sheffield, AL Corp. $ 12,600,000
Triangle Bancorp, Inc., Stock Purchase of Granville
Jun-96 Buy Side Raleigh, NC United Bank $ 11,100,000
Harbor Investment
May-96 Sell Side Corporation, Odenton, MD Cash Sale to FCNB Corp. $ 6,600,000
KY Enterprise Bancorp, Stock Sale to Fifth Third
Mar-96 Sell Side Newport, KY Bancorp $ 61,900,000
RS Financial Corporation, Stock Sale to First Union
Jan-96 Sell Side Raleigh, NC Corp. $117,800,000
Winton Financial Corporation, Stock Purchase of Blue Chip
Jan-96 Buy Side Cincinnati, OH Savings Bank $ 4,600,000
Heritage Federal Bancshares, Stock Sale to First American
Nov-95 Sell Side Kingsport, TN Corp. $ 97,400,000
Mutual Community Savings Cash Purchase of
Sep-95 Buy Side Bank, Durham, NC Greensboro National Bank $ 1,100,000
Triangle Bancorp, Inc., Stock Purchase of The
May-95 Buy Side Raleigh, NC Village Bank $ 9,800,000
Stock Sale to BancorpSouth,
Mar-95 Sell Side LF Bancorp, Inc., Laurel, MS Inc. $ 28,800,000
Gwinnett Bancshares, Inc., Stock Sale to Bank South
Feb-95 Sell Side Lawrenceville, GA Corp. $ 65,800,000
Note: Certain transactions listed above were completed by individuals at
Triangle Capital Partners either prior to or subsequent to the formation of TCP.
TRIANGLE CAPITAL PARTNERS
-------------------------
Investment Bankers
11
WHOLE BANK M&A TRANSACTIONS
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
Date Role Client Transaction Description Deal Value
- -------------------------------------------------------------------------------------------------
First Federal Savings Bank, Cash/Stock Sale to PAB
Jan-95 Sell Side Bainbridge, GA Bankshares Inc. $ 8,100,000
FirstFed Northern KY, Stock Sale to Huntington
Dec-94 Sell Side Covington, KY Bancshares Inc. $32,500,000
First Republic Savings Bank, Cash Sale to First Citizens
Dec-94 Sell Side Roanoke Rapids BancShares, Inc. $10,900,000
Triangle Bancorp, Inc., Stock Purchase of Columbus
Sep-94 Buy Side Raleigh, NC National Bank $13,500,000
Triangle Bancorp, Inc., Stock Purchase of Atlantic
Sep-94 Buy Side Raleigh, NC Community Bncp, Inc. $19,900,000
Triangle Bancorp, Inc., Stock Purchase of Standard Bank &
Sep-94 Buy Side Raleigh, NC Trust Company $15,300,000
Security Capital Bancorp, Cash Purchase of First FS & LA of
Sep-94 Buy Side Salisbury, NC Charlotte, NC $40,400,000
Liberty Bancshares, Paris,
Jun-94 Sell Side TN Stock Sale to Union Planters Corp. $35,500,000
Great Northern Financial
Apr-94 Sell Side Corp, Barberton, OH Stock Sale to FirstMerit Corp. $51,500,000
Citizens Savings Bank, Merger Conversion with BB&T
Dec-93 Sell Side Mooresville, NC Financial Corp. $ 5,800,000
Mutual SB of Rockingham Merger Conversion with BB&T
Nov-93 Sell Side Co., Reidsville, NC Financial Corp. $ 6,700,000
First Savings Bank, Forest Merger Conversion with Centura
Oct-93 Sell Side City, NC Banks, Inc. $ 8,900,000
Triangle Bancorp, Inc., Stock Purchase of New East
Mar-93 Buy Side Raleigh, NC Bancorp $18,300,000
First Federal Bank, FSB, Merger Conversion with Union
Feb-93 Sell Side Maryville, TN Planters Corp. $14,700,000
Security Financial Holding
Feb-93 Sell Side Co., Durham, NC Stock Sale to BB&T Financial Corp. $43,800,000
Cherokee Federal Savings Cash Sale to Community Bank
Jan-93 Sell Side Bank, Canton, GA Capital Corp $ 7,300,000
Santee Cooper State Bank,
Jan-93 Sell Side Elloree, SC Stock Sale to First National Corp. N.A.
First Trident S&L
Dec-92 Sell Side Corporation, Charleston, SC Stock Sale to NBSC Corp. $10,800,000
First Federal S&LA, Merger with First Liberty Financial
Dec-92 Sell Side Milledgeville, GA Corp. N.A.
Clinton Federal S&LA, Merger Conversion with Harvest
Dec-92 Sell Side Clinton, Iowa Financial Corp. $ 2,300,000
Security Federal S&LA, Merger Conversion with Regions
Dec-92 Sell Side Nashville, TN Financial Corp. $16,000,000
Gate City FS&LA, Merger Conversion with BB&T
Aug-91 Sell Side Greensboro, NC Financial Corp. $43,600,000
First Federal Savings Bank, Merger Conversion with First
Jul-91 Sell Side Henderson, NC Citizens BancShares, Inc. $ 4,200,000
Citizens Federal S&LA, Merger Conversion with Synovus
Apr-91 Sell Side Rome, GA Financial Corp. $ 2,200,000
Davidson Federal Savings Merger Conversion with Regency
Dec-90 Sell Side Bank, Lexington, NC Bancshares, Inc. $ 3,200,000
Triangle Bancorp, Inc., Stock Purchase of Enterprise
Sep-90 Buy Side Raleigh, NC Bancorp Inc. N.A.
Note: Certain transactions listed above were completed by individuals at
Triangle Capital Partners either prior to or subsequent to the formation of TCP.
TRIANGLE CAPITAL PARTNERS
-------------------------
Investment Bankers
11
- --------------------------------------------------------------------------------
3. PUBLICLY TRADED BANKS < $100MM IN ASSETS
TRIANGLE CAPITAL PARTNERS
-------------------------
Investment Bankers
TRADING COMPARABLE COMPANIES
TRADING PRICES FOR COMMERCIAL BANKS AS OF 05/07/04
TRIANGLE CAPITAL PARTNERS
-------------------------
Investment Bankers
Company Trading Market Pricing Multiples
- ----------------------------------- ----------------------------- -----------------------------------------------------------
T D E Average
y a Total Closing x Daily Market Price To Earnings Ratios
p t Assets Price c Volume Capital LTM MRQ
--- ---
Name St Symbol e e ($mil) $ h (000s) ($mil) Rep Core Rep Core 2004E
- ----------------------------------- -- ------ - -- ------ ------- - ------ ------ ---- ---- ---- ---- -----
BOL Bancshares Inc. LA BOLB B 12 99 17.25 P - 3 7.5 11.1 8.3 4.6 NA
Blue Ridge Bankshares Inc. VA BRBS B 12 84 49.50 P - 11 31.3 31.3 NA 18.7 NA
Chino Commercial Bank NA CA CKNA B 3 64 28.00 B 1 15 31.8 31.8 35.0 35.0 NA
Citizens NB of Meyersdale PA CZNS B 12 56 159.00 P - 8 20.2 20.4 NA 22.0 NA
Commerce First Bancorp Inc. MD CMFB B 3 56 9.00 B - 7 39.1 39.1 25.0 25.0 NA
Discovery Bank CA DVLB B 12 68 15.50 B - - 36.9 36.9 25.8 25.8 NA
F & M Bancorp OH FMOO B 12 78 109.50 P - 9 19.4 21.3 10.6 12.1 NA
First National Bank of Groton NY FIGR B 12 94 190.00 P - - 9.2 9.2 NA 8.7 NA
First National Bk of Wellston OH FIWO B 12 82 34.00 P - - 7.3 7.4 NA 8.5 NA
GNB Financial Services Inc PA GNBF B 12 86 43.01 B - 13 11.4 11.8 NA 18.2 NA
Inland Community Bank NA CA ICMM B 12 71 5.25 B 2 7 25.0 24.6 9.4 9.4 NA
Mission Oaks National Bank CA MKNB B 3 96 15.00 B 1 29 25.0 25.0 26.8 26.8 NA
Old Line Bancshares Inc MD OLBK B 3 98 10.90 O 2 19 36.3 36.3 27.3 27.3 NA
Pan American Bank CA PABK B 12 41 8.60 P 1 13 35.8 34.9 NM NM NA
People's Bank of Commerce OR PBCO B 12 54 18.00 B - 13 14.4 14.9 13.2 15.2 NA
Red Oak Bank NJ ROBK B 12 89 8.15 B 1 8 22.6 22.6 NA NA NA
Ridgestone Financial Services WI RFSV B 3 90 12.30 B 4 10 20.9 21.1 38.4 38.4 NA
Shore Community Bank NJ SHRC B 12 94 18.00 B 1 19 30.0 33.1 21.4 21.4 NA
Tri-State 1st Banc Inc. OH TSEO B 12 89 18.75 B - 17 24.0 25.7 27.6 27.6 NA
WebFinancial Corp. NY WEFN B 12 26 2.77 O 7 12 5.8 6.8 2.2 2.9 NA
Wilton Bank CT WIBW B 12 98 58.00 B - 23 13.7 13.7 13.8 13.8 NA
Guideline Company Average 21 77 39.55 1 13 22.3 22.8 20.3 19.0 NA
Guideline Company High 21 99 190.00 7 29 39.1 39.1 38.4 38.4 NA
Guideline Company Median 21 84 18.00 - 13 22.6 22.6 23.2 18.7 NA
Guideline Company Low 21 26 2.77 - 3 5.8 6.8 2.2 2.9 NA
Selected Median Ratios:
Banks - Market Cap $1mm - $10mm 23 82 11.50 - 7 20.2 20.4 17.3 10.7 NA
Banks - ROA 75bp - 100bp 200 358 23.82 1 63 18.1 18.3 18.2 18.4 15.6
Banks - ROE 6% - 9% 118 301 20.00 1 39 21.7 21.6 20.2 21.3 19.1
Banks - Tangible Capital 9% - 12% 231 303 25.00 1 61 16.5 16.6 17.1 17.1 14.6
Banks - South Carolina 22 256 19.75 1 39 20.9 20.7 18.8 18.9 14.5
Banks - Southeast 190 384 21.75 2 71 16.7 17.1 16.8 16.8 14.1
Banks - All Companies 886 422 24.45 2 82 16.8 17.2 16.9 17.1 14.7
Pricing Multiples
-----------------
Price/
Price/ Tang.
Divid.
Book Book Yield
Name % % %
- ----------------------------------- ---- ---- ----
BOL Bancshares Inc. 70 70 -
Blue Ridge Bankshares Inc. 103 103 2.2
Chino Commercial Bank NA 279 279 -
Citizens NB of Meyersdale 105 105 2.4
Commerce First Bancorp Inc. 127 127 -
Discovery Bank NA NA -
F & M Bancorp 91 91 3.1
First National Bank of Groton 104 104 3.5
First National Bk of Wellston 64 64 -
GNB Financial Services Inc 143 143 1.0
Inland Community Bank NA 151 151 -
Mission Oaks National Bank 286 286 -
Old Line Bancshares Inc 147 147 1.1
Pan American Bank 222 222 -
People's Bank of Commerce 155 155 -
Red Oak Bank 143 143 -
Ridgestone Financial Services 130 130 -
Shore Community Bank NA NA -
Tri-State 1st Banc Inc. 181 181 1.9
WebFinancial Corp. 88 98 -
Wilton Bank 174 174 2.6
Guideline Company Average 145 146 2.2
Guideline Company High 286 286 3.5
Guideline Company Median 143 143 2.3
Guideline Company Low 64 64 1.0
Selected Median Ratios:
Banks - Market Cap $1mm - $10mm 117 117 2.5
Banks - ROA 75bp - 100bp 176 185 2.1
Banks - ROE 6% - 9% 145 154 2.0
Banks - Tangible Capital 9% - 12% 172 176 2.5
Banks - South Carolina 195 200 2.2
Banks - Southeast 177 193 2.3
Banks - All Companies 182 196 2.4
TRADING COMPARABLE COMPANIES CONT.
TRADING PRICES FOR COMMERCIAL BANKS AS OF 05/07/04
Per
Share
Company Price Change Financial Ratios Data
- ----------------------------------- ---------------------------------------- ------------------------------------------ ------
Price Change 52 Week LTM LTM Effic. Tang. NPAs/ EPS
---------------------- ----------------
Qtr Year High Low ROAA ROAE Ratio Capital Assets LTM
Name % % $ $ % % % % % $
- ----------------------------------- ------------ -------- ------- ------- ------- ------ ------ -------- ------- ------
BOL Bancshares Inc. 32.7 146.4 17.25 7.00 0.41 9.9 90 6.7 1.90 2.30
Blue Ridge Bankshares Inc. 3.1 3.1 49.50 48.00 0.44 3.3 87 12.3 0.15 1.58
Chino Commercial Bank NA 21.7 79.5 30.00 16.00 0.93 9.5 79 8.6 - 0.88
Citizens NB of Meyersdale 6.0 6.0 159.00 152.00 0.75 5.2 73 14.1 0.86 7.88
Commerce First Bancorp Inc. (2.7) 2.9 9.25 8.25 0.39 3.4 81 10.5 0.49 0.23
Discovery Bank 8.8 6.9 16.05 13.60 0.81 5.9 80 14.2 - 0.42
F & M Bancorp - (7.2) 109.50 109.50 0.57 6.2 85 11.8 - 5.66
First National Bank of Groton - - NA NA 1.35 11.7 58 11.6 NA 20.66
First National Bk of Wellston - - NA NA 1.13 9.2 62 13.0 0.47 4.63
GNB Financial Services Inc (5.1) 42.4 45.83 43.01 1.57 12.3 45 12.6 - 3.77
Inland Community Bank NA (12.5) 53.1 6.00 3.05 0.44 6.6 88 6.5 - 0.21
Mission Oaks National Bank 20.0 66.7 16.00 9.00 1.31 12.6 66 10.5 - 0.60
Old Line Bancshares Inc (2.3) 30.8 12.00 8.32 0.60 4.4 73 13.5 - 0.30
Pan American Bank 115.0 237.3 8.60 2.70 0.89 6.3 73 14.3 - 0.24
People's Bank of Commerce 17.8 65.1 18.00 11.90 1.74 11.4 69 15.1 1.37 1.25
Red Oak Bank (15.7) 22.3 10.00 5.95 0.62 6.5 73 12.6 0.02 0.36
Ridgestone Financial Services (3.9) 29.5 13.00 8.50 0.61 7.0 72 9.0 NA 0.59
Shore Community Bank (1.9) 114.1 19.40 8.55 0.69 8.4 75 8.2 0.11 0.60
Tri-State 1st Banc Inc. (0.8) 3.0 20.25 18.00 0.80 8.1 78 10.4 0.46 0.78
WebFinancial Corp. 3.5 63.1 3.47 1.70 NM 16.9 70 49.1 NA 0.48
Wilton Bank 6.9 13.5 61.75 51.00 1.77 13.9 49 13.7 4.94 4.25
Guideline Company Average 9.1 46.6 0.89 8.5 73 13.2 0.60 2.75
Guideline Company High 115.0 237.3 1.77 16.9 90 49.1 4.94 20.66
Guideline Company Median - 29.5 0.78 8.1 73 12.3 0.07 0.78
Guideline Company Low (15.7) (7.2) 0.39 3.3 45 6.5 - 0.21
Selected Median Ratios:
Banks - Market Cap $1mm - $10mm (1.8) 25.2 0.52 4.3 79 8.5 0.45 0.21
Banks - ROA 75bp - 100bp 0.7 25.3 0.89 10.7 67 8.1 0.48 1.19
Banks - ROE 6% - 9% - 20.8 0.72 7.7 72 8.7 0.48 0.87
Banks - Tangible Capital 9% - 12% - 18.1 1.08 10.9 64 10.0 0.40 1.44
Banks - South Carolina (0.4) 29.3 0.92 9.9 64 8.8 0.35 0.92
Banks - Southeast (1.0) 18.1 1.02 11.3 63 8.2 0.49 1.20
Banks - All Companies (0.2) 22.0 1.03 11.8 64 8.4 0.43 1.40
Per Share Data
-------------------------------
Book Tang. Ann.
2004E Value Book Div.
Name $ $ $ $
- ----------------------------------- ------ ------- ------- -----
BOL Bancshares Inc. NA 24.62 24.62 -
Blue Ridge Bankshares Inc. NA 47.89 47.89 1.08
Chino Commercial Bank NA NA 10.04 10.04 -
Citizens NB of Meyersdale NA 151.06 151.06 3.80
Commerce First Bancorp Inc. NA 7.10 7.10 -
Discovery Bank NA NA NA -
F & M Bancorp NA 120.80 120.80 3.40
First National Bank of Groton NA 182.18 182.18 6.60
First National Bk of Wellston NA 53.25 53.25 -
GNB Financial Services Inc NA 29.98 29.98 0.44
Inland Community Bank NA NA 3.48 3.48 -
Mission Oaks National Bank NA 5.24 5.24 -
Old Line Bancshares Inc NA 7.43 7.43 0.12
Pan American Bank NA 3.87 3.87 -
People's Bank of Commerce NA 11.64 11.64 -
Red Oak Bank NA 5.68 5.68 -
Ridgestone Financial Services NA 9.47 9.47 -
Shore Community Bank NA NA NA -
Tri-State 1st Banc Inc. NA 10.36 10.34 0.36
WebFinancial Corp. NA 3.14 2.82 -
Wilton Bank NA 33.25 33.25 1.50
Guideline Company Average NA 37.92 37.90 2.16
Guideline Company High NA 182.18 182.18 6.60
Guideline Company Median NA 10.36 10.34 1.29
Guideline Company Low NA 3.14 2.82 0.12
Selected Median Ratios:
Banks - Market Cap $1mm - $10mm NA 6.39 6.39 3.40
Banks - ROA 75bp - 100bp 1.51 12.50 11.75 0.56
Banks - ROE 6% - 9% 1.15 13.32 11.65 0.56
Banks - Tangible Capital 9% - 12% 1.67 13.35 13.07 0.71
Banks - South Carolina 1.94 11.39 9.82 0.42
Banks - Southeast 1.88 11.48 10.41 0.52
Banks - All Companies 1.72 12.65 11.55 0.65