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PRICING SUPPLEMENT NO. 108 Rule 424(b)(3)
DATED: November 26, 1996 File No. 333-03685
(To Prospectus dated May 23, 1996
and Prospectus Supplement dated May 23, 1996)
$4,954,795,162
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
WITH MINIMUM MATURITY OF NINE MONTHS FROM DATE OF ISSUE
Principal Amount: Floating Rate Notes Book Entry Notes
$5,000,000 [_] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
12/18/96 [x] [_]
Maturity Date: 12/18/2016
Option to Extend Maturity: No [x]
Yes [_] Final Maturity Date:
Optional Optional
Redemption Repayment Repayment
Redeemable On Price(s) Date(s) Price(s)
------------- -------- ------- --------
* 100% N/A N/A
Applicable Only to Fixed Rate Notes:
-----------------------------------
Interest Rate: 7.50%
Interest Payment Dates: **
Applicable Only to Floating Rate Notes:
--------------------------------------
Interest Rate Basis: Maximum Interest Rate:
[_] Commercial Paper Rate Minimum Interest Rate:
[_] Federal Funds Rate Interest Reset Date(s):
[_] Treasury Rate Interest Reset Period:
[_] LIBOR Reuters Interest Payment Date(s):
[_] LIBOR Telerate
[_] Prime Rate
[_] CMT Rate
Initial Interest Rate: Interest Payment Period:
Index Maturity:
Spread (plus or minus):
- -------------------------
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* Commencing December 18, 1997 and on the 18th of each month thereafter,
the Notes may be called at 100% of the principal amount, in whole but
not in part, at the option of the Company on eight days' notice.
** The 18th of each month, commencing 01/18/97.
The Agent has agreed to Purchase the Notes at 100% of their principal
amount. The purchase price includes an amount related to a swap entered
into by the Company and an affiliate of the Agent. The Agent will resell
the Notes at prevailing market rates, which may be greater or less than the
purchase price therefor paid by the Agent.
The distribution of Notes will conform to the requirements set forth in the
applicable sections of Schedule E to the By-laws of the National
Association of Securities Dealers, Inc.
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