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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Coastal Bank, Ocean City, NJ

 
Transaction Summary
Commerce Bancorp acquired all the common stock of Coastal Bank, Ocean City, New Jersey in a stock swap transaction valued at $6.9 million. Coastal Bank shareholders received $12 in Commerce Bancorp common shares for each of their shares held. At completion, Commerce issued 411,000 shares of its common stock to acquire 100% (580,000 share) of Coastal's outstanding shares.
 
Transaction Data
Announcement Date 04/05/93   Completion Date 10/01/93
Accounting Type Pooling   Transaction Status Completed
Consideration Type Common Stock   Transaction Revised? No
Reason for Transaction Unknown   Revision Date N/A
Percent of Target Common Shrs Acquired 100   Merger of Equals? No
Number of Target Common Shrs Acquired 580,000   Hostile/Unsolicited? No
Number of Buyer Common Shrs Issued 411,000   Transaction Started as Rumor? No
Number of Buyer Preferred Shrs Issued N/A   Termination Fee ($000) N/A
Buyer/Target Exchange Ratio(s)   Goodwill Created ($000) 1,713.00
Common Stock:Common Stock N/A   Core Deposit Intangibles Created ($000) N/A
Common Stock:Preferred Stock N/A   Target's Current Year EPS Estimate N/A
Preferred Stock:Common Stock N/A   Target's Next Year EPS Estimate N/A
Preferred Stock:Preferred Stock N/A   Target's Common Stock Options N/A
Payment In: (At Announcement Date)   Average Strike Price of Options ($) N/A
Cash ($000) 0   Target's Conv Pref Equity ($000) N/A
Common Stock ($000) 6,940   Pref Eqty Equiv Convert Cmn Shrs N/A
Debt ($000) 0   Target's Convertible Debt ($000) N/A
Convertible Debt ($000) 0   Conv Debt Equiv Convert Cmn Shrs N/A
Pref Stock ($000) 0   Lock-up Agreement? No
Convertible Preferred Stock ($000) 0   Number of Shares Under Option N/A
Other Consider ($000) 0   Percent of Outstanding Shares N/A
Earnout Consideration Value ($000) N/A   Exercise Price per Share ($) N/A
Collar/Cuff? No   Lock-Up Agreement Description: N/A
Collar Cuff Agreement Description: N/A      
 
Cost Savings
N/A
 
Transaction Pricing
At Announcement Date
At Completion Date
Total Purchase Price ($000) 6,940 6,940
Payment in Common Stock ($000) 6,940 6,940
Purchase Price Per Share ($) 12.00 12.00
Price to Equity (x) 1.33 1.33
Price to Tangible Equity(x) 1.36 1.36
Price to LTM Net Inc. (x) 13.94 13.94
Price/Current Yr Earn Est(x) N/A N/A
Price to Next Yr Earn Est(x) N/A N/A
Price to Assets (%) 13.96 13.96
Price to Deposits (%) 16.09 16.09
Premium to Core Deposits(%) 4.42 4.42
 
Transaction Advisers
Financial Advisers: N/A N/A
Legal Advisers: Blank Rome Comisky & McCauley yes
Financial Advisers: Capital Consultants of Princeton, Inc. yes
Legal Advisers: N/A N/A
 
Target Performance Data
Company: Coastal Bank
Institution Type Bank
Regulatory ID Number 27185
Ticker N/A
CUSIP N/A
Stock Exchange Unknown
Primary SIC Code N/A
Street Address 101 E 9th St
Phone Number (609) 398-5200
# of Employees 35
# of Branches 4
Nation Northeast
Region United States
Financial Data Source Regulatory Filings
 
Financial Data
 
Prior to Announcement
Prior to Completion
 
03/31/93
12/31/92
12/31/92
03/31/93
Total Assets ($000) 49,706 51,415 51,415 49,706
Total Deposits ($000) 43,137 45,476 45,476 43,137
Total Core Deposits ($000) 41,177 43,408 43,408 41,177
Total Equity ($000) 5,227 4,992 4,992 5,227
Intangible Assets ($000) 107.00 118.00 118.00 107.00
Tangible Equity Capital ($000) 5,120 4,874 4,874 5,120
LTM Net Income ($000) 498.00 256.00 256.00 498.00
Shares Outstanding N/A N/A N/A N/A
Total Equity/Assets (%) 10.52 9.71 9.71 10.52
Tangible Equity/Assets 10.30 9.48 9.48 10.30
Book Value Per Share ($) N/A N/A N/A N/A
LTM Earnings Per Share ($) N/A N/A N/A N/A
NPA/Total Assets (%) 3.01 3.00 3.00 3.01
LLR/NPL (%) 78.33 78.30 78.30 78.33
YTD Net Income ($000) 235.00 256.00 256.00 235.00
Annualized ROA 1.89 .53 .53 1.89
Annualized ROE 18.40 5.26 5.26 18.40
LTM Operating Expense/AA 4.39 4.51 4.51 4.39
LTM Noninterest Income/AA .77 .77 .77 .77
LTM Efficiency Ratio (%) 86.70 88.61 88.61 86.70
 
Data Provided by Highline Financial LLC.