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Deal Overview

Buyer:
Provident Bancorp, Inc. (MHC)
Actual Acquirer:
Provident Bancorp Inc. MHC
Target:
National Bank of Florida
Deal Type:
Bank & Thrift Company
Agreement Date:
11/2/2001
Announcement Date:
11/2/2001
Announced Deal Value ($ M):
28.10
Status:
Completed
Completion Date:
4/23/2002
Announced Deal Value Per Share ($ )
4,014.29

Consideration Breakout
Cash ($M) 28.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 176.7 168.1
Price / Tangible Book (%) 176.7 168.1
Price / Earnings (x) 24.2 30.0
Price / Deposits (%) 35.59 32.22
Price / Assets (%) 29.44 26.81
Tangible Book Premium/ Deposits (%) 16.57 14.07
Deal Terms
Description of Consideration

Provident Bancorp paid $4,014.29 per share in cash to acquire National Bank of Florida.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 13,335
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,500
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,787
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RP Financial LC
Seller Yes RBC Capital Markets LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Serchuk & Zelermyer LLP