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Deal Overview

Buyer:
Southside Bancshares, Inc.
Actual Acquirer:
Southside Bank
Target:
Fort Worth Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/17/2007
Announcement Date:
5/17/2007
Announced Deal Value ($ M):
35.71
Status:
Completed
Completion Date:
10/10/2007
Announced Deal Value Per Share ($ )
52.00

Consideration Breakout
Cash ($M) 35.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 333.1 300.7
Price / Tangible Book (%) 333.1 300.7
Price / Earnings (x) 16.8 17.2
Price / Deposits (%) 35.85 35.68
Price / Assets (%) 31.00 31.27
Tangible Book Premium/ Deposits (%) 43.90 41.16
Deal Terms
Description of Consideration

Southside Bancshares Inc. paid $52.00 per share in cash to acquire each outstanding share of Fort Worth Bancshares Inc. As part of the acquisition, Southside Bancshares Inc also assumed approximately $3.6 million of floating rate junior subordinated debentures. Buyer's financials are for Southside Bank. Target's financials are for Fort Worth National Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 21,995
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 300
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) 2,047
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stifel Nicolaus & Co.
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Bracewell LLP
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