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Deal Overview

Buyer:
Capital City Bank Group, Inc.
Actual Acquirer:
Capital City Bank
Target:
Farmers & Merchants Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/12/2004
Announcement Date:
5/12/2004
Announced Deal Value ($ M):
66.65
Status:
Completed
Completion Date:
10/15/2004
Announced Deal Value Per Share ($ )
1,333.00

Consideration Breakout
Cash ($M) 33.3
Common Stock ($M) 33.3
Common Stock Issued 1,067,500

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 222.2 222.2
Price / Tangible Book (%) 222.2 222.2
Price / Earnings (x) 9.0 9.0
Price / Deposits (%) 22.75 21.84
Price / Assets (%) 16.91 16.52
Tangible Book Premium/ Deposits (%) 15.25 14.95
Deal Terms
Description of Consideration

CCBG paid $666.50 in cash and an equal amount in stock for each Farmers & Merchants share. Ratios reflect special cash distributions that will reduce Farmers & Merchants equity to $30 million prior to the deal closing.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 34,700
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,200
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) 5,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes McConnell Budd & Romano Inc.
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Gunster Yoakley & Stewart PA
Seller Yes Powell Goldstein LLP
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