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Deal Overview

Buyer:
Provident Bancorp, Inc. (MHC)
Actual Acquirer:
Provident Bancorp, Inc. (MHC)
Target:
E.N.B. Holding Company, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/2/2003
Announcement Date:
7/2/2003
Announced Deal Value ($ M):
73.55
Status:
Completed
Completion Date:
1/14/2004
Announced Deal Value Per Share ($ )
4,830.00

Consideration Breakout
Cash ($M) 36.8
Common Stock ($M) 39.7
Common Stock Issued 3,969,671

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 255.9 256.3
Price / Tangible Book (%) 255.9 256.3
Price / Earnings (x) 19.3 22.3
Price / Deposits (%) 26.47 24.85
Price / Assets (%) 23.71 22.38
Tangible Book Premium/ Deposits (%) 18.95 17.52
Deal Terms
Description of Consideration

PBCP paid $4,830 in cash or issued 521.3997 shares  for each share of E.N.B. If PBCP had issued 18,131,500 shares or less in its conversion, it would have paid $4,830 in cash and issued 483 shares for each E.N.B. share.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 52,102
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,700
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 521.399700
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) 6,624
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RP Financial LC
Seller Yes Endicott Financial Advisors
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Thacher Proffitt & Wood