Mergers & Acquisitions

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Deal Overview

Buyer:
Coal City Corporation
Actual Acquirer:
MB Financial Inc.
Target:
Avondale Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/12/1998
Announcement Date:
10/12/1998
Announced Deal Value ($ M):
24.10
Status:
Completed
Completion Date:
2/26/1999
Announced Deal Value Per Share ($ )
9.13

Consideration Breakout
Common Stock ($M) 41.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) NM NM
Price / Tangible Book (%) NM NM
Price / Earnings (x) NM NM
Price / Deposits (%) NM NM
Price / Assets (%) NM NM
Tangible Book Premium/ Deposits (%) NM NM
Deal Terms
Description of Consideration

In this merger of equals, Coal City shares were converted into 83.5 MB Financial shares; each Avondale share was converted into one MB Financial share.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) (3,279)
Estimated Cost Savings (%) 11.00
Estimated Cost Savings ($ 000) 3,000
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.0000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 7.4000
% of Shares Outstanding 19.90
Shares Under Option 577,610
Core Deposit Intangibles ($ 000) 350
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Schwartz Cooper Chartered
Seller Yes Silver Freedman Taff & Tiernan
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