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Deal Overview

Buyer:
Colony Bankcorp, Incorporated
Actual Acquirer:
Colony Bankcorp, Incorporated
Target:
Worth Federal Savings & Loan Association
Deal Type:
Bank & Thrift Company
Agreement Date:
6/26/1990
Announcement Date:
6/26/1990
Announced Deal Value ($ M):
0.70
Status:
Completed
Completion Date:
7/31/1991
Announced Deal Value Per Share ($ )
7.50

Consideration Breakout
Cash ($M) 0.4
Common Stock ($M) 0.3
Common Stock Issued 7,661

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 136.7 205.3
Price / Tangible Book (%) 136.7 205.3
Price / Earnings (x) NM NM
Price / Deposits (%) 8.57 9.64
Price / Assets (%) 7.73 8.98
Tangible Book Premium/ Deposits (%) 2.98 6.44
Deal Terms
Description of Consideration

Worth's shareholders received $7.50 or 0.3 shares of Colony common, at their option, for each share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 421
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.300000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Watson Spence Lowe Chambless
Seller Yes Martin Snow LLP
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