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Deal Overview

Buyer:
IBT Bancorp, Inc.
Actual Acquirer:
IBT Bancorp, Inc.
Target:
FSB Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/7/2000
Announcement Date:
4/7/2000
Announced Deal Value ($ M):
26.20
Status:
Completed
Completion Date:
8/10/2000
Announced Deal Value Per Share ($ )
64.09

Consideration Breakout
Common Stock ($M) 26.2
Common Stock Issued 872,076

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 250.9 250.9
Price / Tangible Book (%) 255.3 255.3
Price / Earnings (x) 21.9 21.9
Price / Deposits (%) 29.29 29.75
Price / Assets (%) 25.79 26.28
Tangible Book Premium/ Deposits (%) 18.38 19.76
Deal Terms
Description of Consideration

IBT Bancorp exchanged 2.1362 shares common stock for each outstanding share of FSB Bancorp. Seller's financials are for Farmers State Bank.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 5.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 2.1362
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) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Austin Associates LLC
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Foster Swift Collins & Smith
Seller Yes Bodman PLC
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