Mergers & Acquisitions

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Deal Overview

Buyer:
Opus Bank
Actual Acquirer:
Opus Bank
Target:
Cascade Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
3/3/2011
Announcement Date:
3/4/2011
Announced Deal Value ($ M):
5.52
Status:
Completed
Completion Date:
6/30/2011
Announced Deal Value Per Share ($ )
0.45

Consideration Breakout
Cash ($M) 21.8

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 26.3 32.4
Price / Tangible Book (%) 26.6 32.8
Price / Earnings (x) NM NM
Price / Deposits (%) 0.50 0.52
Price / Assets (%) 0.37 0.38
Tangible Book Premium/ Deposits (%) (1.43) (1.09)
Deal Terms
Description of Consideration

Opus Bank paid $0.45 per share in cash to acquire each outstanding common share of Cascade Financial Corp. Opus Bank also paid approximately $16.25 million in cash for preferred stock and associated warrants issued to the U.S. Department of the Treasury under the Treasury's Capital Purchase Program.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 171,000
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 2,250
Minimum Termination Fee ($ 000) 0
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) 6,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Patton Boggs LLP
Seller Yes Keller Rohrback LLP