Mergers & Acquisitions

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Deal Overview

Buyer:
First Internet Bancorp
Actual Acquirer:
First Internet Bancorp
Target:
Landmark Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
8/25/2006
Announcement Date:
8/25/2006
Announced Deal Value ($ M):
12.00
Status:
Completed
Completion Date:
1/1/2007
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 12.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 172.3 164.6
Price / Tangible Book (%) 172.3 164.6
Price / Earnings (x) 17.6 19.5
Price / Deposits (%) 20.87 19.79
Price / Assets (%) 18.51 17.55
Tangible Book Premium/ Deposits (%) 8.76 7.77
Deal Terms
Description of Consideration

First Internet Bancorp paid approximately $12 million in cash to acquire Landmark Financial Corporation. Target's financials are for Landmark Savings Bank FSB.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 4,687
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 400
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 Yes
Strike Price ($ ) NA
% of Shares Outstanding 49.00
Shares Under Option 1,469,343
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham Greenebaum Doll LLP
Seller Yes Faegre Baker Daniels LLP