NEWS RELEASE
For Additional Information, contact:
Lincoln Bancorp
T. Tim Unger, President
(317) 839-6539
LINCOLN BANCORP ANNOUNCES
CLOSING OF MERGER WITH CITIZENS BANCORP
PLAINFIELD, INDIANA -- SEPTEMBER 27, 2000 -- Lincoln Bancorp
(NASDAQ-NM: LNCB), headquartered in Plainfield, Indiana, announced today that
its previously announced merger with Citizens Bancorp, headquartered in
Frankfort, Indiana, has closed. Shareholders of Citizens Bancorp will receive
.9375 shares of Lincoln Bancorp common stock and $9.375 in cash for each share
of Citizens Bancorp common stock held as of the close of business on September
26, 2000. Fractional shares of Lincoln common stock will not be issued in the
merger. Rather, shareholders of Citizens will receive cash in the amount of
$18.75 multiplied times the fractional share of Lincoln common stock to which
they would otherwise have been entitled.
Lincoln expects in the aggregate to issue approximately 884,900 shares
of common stock and pay approximately $8,854,000 in cash to the former
shareholders of Citizens Bancorp in the merger. In addition, non-vested options
to acquire shares of Citizens Bancorp common stock will be exchanged for options
to acquire 79,674 shares of Lincoln Bancorp common stock, at an option price of
$8.81 per share.
Lincoln Bancorp is the parent holding company for Lincoln Federal
Savings Bank, and has its principal offices in Plainfield, Indiana. Following
completion of the merger, Lincoln Bancorp had total assets of approximately $482
million and operated eight banking offices in Hendricks, Clinton, Montgomery,
Morgan and Johnson Counties in Indiana.
