DunC Corp.

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Deal Overview

Buyer:
Blackhawk Bancorp Inc.
Actual Acquirer:
Blackhawk State Bank
Target:
DunC Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/17/2003
Announcement Date:
3/17/2003
Announced Deal Value ($ M):
7.22
Status:
Completed
Completion Date:
9/30/2003
Announced Deal Value Per Share ($ )
1,523.18

Consideration Breakout
Cash ($M) 7.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 144.4 135.3
Price / Tangible Book (%) 144.4 135.3
Price / Earnings (x) 12.3 10.1
Price / Deposits (%) 11.47 10.59
Price / Assets (%) 9.75 9.12
Tangible Book Premium/ Deposits (%) 3.83 3.00
Deal Terms
Description of Consideration

Blackhawk paid $7,222,941 in cash to acquire DunC. Seller's financials are for First Bank BC.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 1,116
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 750
Minimum Termination Fee ($ 000) NA
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) 1,454
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Howe Barnes Hoefer & Arnett
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Quarles & Brady LLP
Seller Yes Hinshaw & Culbertson LLP