Mergers & Acquisitions

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Deal Overview

Buyer:
Salisbury Bancorp, Inc.
Actual Acquirer:
Salisbury Bank and Trust Company
Target:
Riverside Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
3/18/2014
Announcement Date:
3/19/2014
Announced Deal Value ($ M):
27.44
Status:
Completed
Completion Date:
12/5/2014
Announced Deal Value Per Share ($ )
36.86

Consideration Breakout
Common Stock ($M) 27.3
Common Stock Issued 1,001,485

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 109.3 102.1
Price / Tangible Book (%) 109.3 102.1
Price / Earnings (x) 15.2 12.8
Price / Deposits (%) 14.05 13.46
Price / Assets (%) 12.40 11.83
Tangible Book Premium/ Deposits (%) 1.51 0.34
Deal Terms
Description of Consideration

Salisbury Bancorp Inc. exchanged 1.350 shares of its common stock for each outstanding share of Riverside Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 2,723
Estimated Cost Savings (%) 14.00
Estimated Cost Savings ($ 000) 797
Est. Restructuring Charges ($ 000) 4,462
Maximum Termination Fee ($ 000) 1,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.350000
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) 2,215
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sterne Agee & Leach Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Cranmore FitzGerald & Meaney
Seller Yes Windels Marx Lane & Mittendorf