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Deal Overview

Buyer:
Provident New York Bancorp
Actual Acquirer:
Provident Bank
Target:
Gotham Bank of New York
Deal Type:
Bank & Thrift Company
Agreement Date:
1/17/2012
Announcement Date:
1/18/2012
Announced Deal Value ($ M):
40.50
Status:
Completed
Completion Date:
8/10/2012
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 41.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 128.5 124.6
Price / Tangible Book (%) 128.5 124.6
Price / Earnings (x) 16.8 8.2
Price / Deposits (%) 12.09 11.25
Price / Assets (%) 9.65 9.57
Tangible Book Premium/ Deposits (%) 4.09 3.50
Deal Terms
Description of Consideration

Provident New York Bancorp paid $40.5 million in cash for all shares of Gotham Bank's common stock. Additionally, Provident Bank paid $578 thousand to settle outstanding stock options.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 5,535
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 2,916
Est. Restructuring Charges ($ 000) 5,925
Maximum Termination Fee ($ 000) 2,000
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) 4,818
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Endicott Financial Advisors
Seller Yes Lutz Advisors Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Arnold & Porter Kaye Scholer
Seller Yes Davis Polk & Wardwell LLP