Mergers & Acquisitions

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Deal Overview

Buyer:
Salisbury Bancorp, Inc.
Actual Acquirer:
Salisbury Bancorp, Inc.
Target:
Canaan National Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/17/2003
Announcement Date:
11/17/2003
Announced Deal Value ($ M):
15.01
Status:
Completed
Completion Date:
9/10/2004
Announced Deal Value Per Share ($ )
81.01

Consideration Breakout
Cash ($M) 5.8
Common Stock ($M) 10.1
Common Stock Issued 257,483

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 181.0 190.2
Price / Tangible Book (%) 181.0 190.2
Price / Earnings (x) 20.3 21.9
Price / Deposits (%) 19.55 21.52
Price / Assets (%) 14.00 14.60
Tangible Book Premium/ Deposits (%) 9.81 11.42
Deal Terms
Description of Consideration

Salisbury Bancorp paid $31.20 in cash and issued 1.3371 shares for each share of Canaan National Bancorp. Seller financials are for Canaan National Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 7,152
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 500
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.337100
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 55.0000
% of Shares Outstanding 19.90
Shares Under Option 48,000
Core Deposit Intangibles ($ 000) 1,191
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Northeast Cap & Advisory Inc.
Seller Yes HAS Associates Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Cranmore FitzGerald & Meaney
Seller Yes Day Berry & Howard LLP