• NYSE: ASB
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  • 23.70
    Stock Quote ($)
  • Change ($) 0.25
  • Change (%) 1.07
  • Market Value ($M) 3,597.80
  • Volume 266,905
  • As of 03/23/2017 12:05 PM ET Minimum 20 minute delay.

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Associated Banc-Corp
Actual Acquirer:
Associated Bank Green Bay NA
Target:
Citizens Bankshares, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
2/17/1998
Announcement Date:
2/17/1998
Announced Deal Value ($ M):
25.00
Status:
Completed
Completion Date:
12/18/1998
Announced Deal Value Per Share ($ )
940.78

Consideration Breakout
Cash ($M) 16.2
Common Stock ($M) 15.0
Common Stock Issued 448,571

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 151.1 188.6
Price / Tangible Book (%) 158.8 198.2
Price / Earnings (x) 11.4 14.2
Price / Deposits (%) 21.94 27.38
Price / Assets (%) 15.63 19.51
Tangible Book Premium/ Deposits (%) 8.63 14.40
Deal Terms
Description of Consideration

Associated Banc-Corp paid $16.2 million in cash for 50% of Citizens Bankshares outstanding stock and issued 448,571 shares for the remaining 50%.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 7,500
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 100
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 33.7500
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 No NA
Seller Yes Howe Barnes Hoefer & Arnett
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Reinhart Boerner Van Deuren sc
Seller Yes Foley & Lardner LLP