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Deal Overview

Buyer:
IBT Bancorp, Inc.
Actual Acquirer:
Isabella Bank and Trust
Target:
Greenville Community Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
8/21/2007
Announcement Date:
8/21/2007
Announced Deal Value ($ M):
33.66
Status:
Completed
Completion Date:
1/1/2008
Announced Deal Value Per Share ($ )
43.53

Consideration Breakout
Cash ($M) 11.4
Common Stock ($M) 19.7
Common Stock Issued 514,809

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 287.4 264.9
Price / Tangible Book (%) 287.4 264.9
Price / Earnings (x) 35.3 32.5
Price / Deposits (%) 37.68 32.56
Price / Assets (%) 31.41 27.51
Tangible Book Premium/ Deposits (%) 38.05 30.45
Deal Terms
Description of Consideration

IBT Bancorp Inc. paid $14.70 in cash and issued 0.6659 share of its common stock for each outstanding share of Greenville Community Financial Corporation. Target's financials are for Greenville Community Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 21,319
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 564
Maximum Termination Fee ($ 000) 850
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.6659
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) 1,480
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Austin Associates LLC
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Foster Swift Collins & Smith
Seller Yes Kreis Enderle Callander
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