e425 overview sovereign to acquire seacoast financial in a stock-for-stock exchange valued at $1.1...

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0000893220-04-000063.txt : 200401260000893220-04-000063.hdr.sgml : 2004012620040126171615ACCESSION NUMBER:0000893220-04-000063CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:24FILED AS OF DATE:20040126

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:SEACOAST FINANCIAL SERVICES CORPCENTRAL INDEX KEY:0001061692STANDARD INDUSTRIAL CLASSIFICATION:SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]IRS NUMBER:041659040STATE OF INCORPORATION:MAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:000-25077FILM NUMBER:04544016

BUSINESS ADDRESS:STREET 1:ONE COMPASS PLACECITY:NEW BEDFORDSTATE:MAZIP:02740BUSINESS PHONE:5089846000

MAIL ADDRESS:STREET 1:ONE COMPASS PLACECITY:NEW BEDFORDSTATE:MAZIP:02740

FORMER COMPANY:FORMER CONFORMED NAME:1855 BANCORPDATE OF NAME CHANGE:19980512

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:SOVEREIGN BANCORP INCCENTRAL INDEX KEY:0000811830STANDARD INDUSTRIAL CLASSIFICATION:SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]IRS NUMBER:232453088STATE OF INCORPORATION:PAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:2000 MARKET STCITY:PHILADELPHIASTATE:PAZIP:19103BUSINESS PHONE:2155574630

MAIL ADDRESS:STREET 1:PO BOX 12646CITY:READINGSTATE:PAZIP:19612

4251w93496ppe425.htmSOVEREIGN BANCORP, INC.

e425

Filed by Sovereign Bancorp, Inc.
(Commission File No.001-16581)
Pursuant to Rule425 under the Securities Act of 1933

Subject Company: Seacoast Financial Services Corporation
Commission File No.000-25077

Acquisition of

Seacoast Financial Services Corp.

January 26, 2004

Forward-Looking Statements

This presentation contains statements of Sovereign's strategies, plansand objectives, estimates of future operating results for SovereignBancorp, Inc. as well as estimates of financial condition, operatingefficiencies, revenue creation and shareholder value

These statements and estimates constitute forward-looking statements(within the meaning of the Private Securities Litigation Reform Act of1995) which involve significant risks and uncertainties. Actual resultsmay differ materially from the results discussed in these forward-looking statements

Factors that might cause such a difference include, but are not limitedto: general economic conditions, changes in interest rates, depositflows, loan demand, real estate values, and competition; changes inaccounting principles, policies, or guidelines; changes in legislation orregulation; and other economic, competitive, governmental, regulatory,and other technological factors affecting the Company's operations,pricing, products and services

3

Operating and Cash Earnings Per Share

This presentation contains financial information determined by methods other than inaccordance with U.S. Generally Accepted Accounting Principles ("GAAP")

Sovereign's management uses the non-GAAP measures of Operation Earnings andCash Earnings in their analysis of the company's performance. These measurestypically adjust net income determined in accordance with GAAP to exclude the effectsof special items, including significant gains or losses that are unusual in nature or areassociated with acquiring and integrating businesses, and certain non-cash charges.

Operating Earnings in 2004 represents net income adjusted for the after tax effects ofmerger-related charges of $0.05 to $0.06 for the First Essex Bancorp Inc. acquisition

Cash earnings are operating earnings adjusted to remove the after-tax effect ofamortization of intangible assets and stock-based compensation expense associatedwith stock options, restricted stock, bonus deferral plans and ESOP awards

Since certain of these items and their impact on Sovereign's performance are difficultto predict, management believes presentations of financial measures excluding theimpact of these items provide useful supplemental information in evaluating theoperating results of Sovereign's core businesses

These disclosures should not be viewed as a substitute for net income determined inaccordance with GAAP, nor are they necessarily comparable to non-GAAPperformance measures, which may be presented by othercompanies

5

Additional Information About the Merger

Sovereign and Seacoast will be filing documents concerning the merger with theSecurities and Exchange Commission, including a registration statement on Form S-4containing a prospectus/proxy statement which will be distributed to stockholders ofSeacoast. Investors are urged to read the registration statement and the proxystatement/prospectus regarding the proposed transaction when it becomes available andany other relevant documents filed with the SEC, as well as any amendments orsupplements to those documents, because they will contain important information.Investors will be able to obtain a free copy of the proxy statement/prospectus, as well asother filings containing information about Sovereign and Seacoast, free of charge on theSEC's Internet site (http://www.sec.gov). In addition, documents filed by Sovereign withthe SEC, including filings that will be incorporated by reference in the prospectus/proxystatement, can be obtained, without charge, by directing a request to SovereignBancorp, Inc., Investor Relations, 1130 Berkshire Boulevard, Wyomissing, Pennsylvania19610 (Tel: 610-988-0300). In addition, documents filed by Seacoast with the SEC,including filings that will be incorporated by reference in the prospectus/proxystatement, can be obtained, without charge, by directing a request to Seacoast FinancialServices Corporation, One Compass Place, New Bedford, Massachusetts 02740, Attn:James R. Rice, Senior Vice President, Marketing (Tel: 508-984-6000). Directors andexecutive officers of Seacoast may be deemed to be participants in the solicitation ofproxies from the stockholders of Seacoast in connection with the merger. Informationabout the directors and executive officers of Seacoast and their ownership of Seacoastcommon stock is set forth in Seacoast's proxy statement for its 2003 annual meeting ofstockholders, as filed with the SEC on April 15, 2003. Additional information regardingthe interests of those participants may be obtained by reading the prospectus/proxystatement regarding the proposed merger transaction when it becomes available.INVESTORS SHOULD READ THE PROSPECTUS/PROXY STATEMENT AND OTHERDOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISIONCONCERNING THE MERGER.

7

Transaction Overview

Sovereign to acquire Seacoast Financial in a stock-for-stockexchange valued at $1.1 billion

Transaction is strategically compelling

Introduction to new, contiguous markets

Very favorable demographics (population and HH income)

Strong pro forma market share

Unique, non-replicable opportunity

Acquisition is consistent with management's acquisitioncriteria - accretive to EPS, consistent with capital objectivesand enhances the core franchise

Important step in becoming the leading regional bankingfranchise in the Northeast

Transaction Summary

Transaction value: $1.1 billion

Form of consideration: 100% common stock

Price per share: Fixed exchange ratio of 1.461 shares of SOV foreach SCFS share; implied value of ~$35.00 for each outstandingshare of SCFS

Pre-tax cost synergies assumed: 35% of SCFS expense base, 80%realized in first year; 100% realized in second year

Merger-related charges: $35 million pre-tax; $.07 per share after-tax

Anticipated closing: July or August, 2004

Core Deposit Intangible: 2.00% of SCFS core deposits, amortizedover 7 years on a straight-line basis

Due diligence: Completed

Transaction Multiples at Announcement

Multiple to Book Value of 2.0x

Multiple to Tangible Book of 3.3x

Multiple to '04 Earnings of 20.6x

Multiple to '05 Earnings with synergies of 12.8x

Premium to Total Deposits of 23.2%

Premium to Core Deposits of 25.7%

Operating EPS Accretion of:

mildly accretive in 2004; less than $.01

~2.0% accretive in 2005; $0.02 to $0.03

Overview of Seacoast Financial

$5.3 billion asset institution headquartered in New Bedford,MA1 - largest remaining financial institution in MA

67 branch offices serving 7 counties in SoutheasternMassachusetts

$3.6 billion in deposits1

$3.9 billion in net loans1

Comprised of 3 distinct franchises: CompassBank,Nantucket Bank, and pending acquisition of AbingtonSavings

1 Pro forma for the acquisition of Abington Savings.

Pro Forma Branch Map

Quaker2\coral maps\sovereign & seacoast map for ppt.cdr

(Recolored in powerpoint for fill effect)

Pro Forma Market Share

Solidifies Sovereign's #3 market shareposition in Massachusetts

Barnstable

Berkshire

Bristol

Dukes

Essex

Franklin

Hampden

Hampshire

Middlesex

Nantucket

Norfolk

Plymouth

Suffolk1

Worcester

Note: Counties in green represent pro forma Sovereign with a top 3 market share position.

1 Excludes Investors Financial, Mellon Financial and State Street from ranking as they have no

retail presence.

Market Cap (1/22/03) $7,339 $963 $8,099 $211,248 $11,562 $7,374 $5,361 $5,420 $2,792

Total Assets (12/31/03) 45,245 5,208 50,453 936,680 49,826 20,962 26,454 22,935 14,609

Total Deposits (12/31/03) 28,619 3,573 32,192 551,877 33,115 15,116 17,901 12,546 8,134

1. Nantucket 13.3 % 1 1 2

2. Dukes (M. Vineyard) 8.2 2 2

3. Barnstable (Cape Cod) 7.0 4 4 5 2

4. Worcester 3.9 2 2 1 3

5. Plymouth 3.7 7 3 3 5 20 14

Suffolk $67,424 6 25 3(2) 1 35

Middlesex 34,255 4 4 1 6

Norfolk 15,427 3 7 3 1 13 42

Essex 13,524 1 1 5 2

Worcester 9,702 2 2 1 3

SOV Pro Bank of M&T North Bank- Green- Webster

$ millions Sovereign1 Seacoast1 Forma America1 Bank Fork north point Fin'l

1 Sovereign is pro forma for First Essex acquisition; Seacoast is pro forma for Abington acquisition; Bank of America is pro formafor Fleet Boston acquisition.

2 Excludes State Street, Mellon Financial and Investors Financial which do not have any retail presence.

Competitive Positioning

SOV vs. Comparables

Top 5 MA Counties 2003-2008 Est.

(ranked by growth) Pop. Growth

Top 5 MA Counties 6/30/2003

(ranked by size) Deposits

Unique Market Opportunity...

Previously stated goal by year end 2005 - $1.0 billion of loans and$1.0 billion of deposits from merger disruptions in New England

Bank of America/Fleet transaction:

Banknorth/CCBT transaction - Sovereign enters Barnstable Countywith virtually the same market share as Banknorth; 8 brancheswithin 1/2 mile of CCBT branches

Webster/FirstFed - Sovereign strengthens to #1 and #3 in Bristoland Plymouth counties; 4 branches within 1/2 mile of FirstFedbranches and 8 branches within 1 mile

.... in a region that is "Up for Grabs"

# of Seacoast branches 15 22 31

$ bn of Fleet deposits $1.2 $1.9 $3.8

Distance to Fleet Branches

27

Sovereign is a Proven Acquirer

New England Division Organic Growth Performance

Retail Core 6.9 74 Commercial Core 4 61

Consumer Loans * 7.1 74 Commerical Loans * 6.2 61

3-Year Growth Rates:

Consumer Loan Growth = 110 %

Commercial Loan Growth = 51%

3-Year Growth Rates:

Consumer Core Growth = 22%

Commercial Core Growth =34%

Total Deposit Fee Growth = 73%

* Includes prior lending activities in N.E. acquired in 1997

Loans

Core Deposits

($ Billion at Sept. 30)

($ Billion at Sept. 30)

Massachusetts Acquisitions Since 2000

29

Consistent With Our Stated Acquisition Criteria

Accretive to Operating EPS:

mildly accretive in 2004; less than $.01

~2.0% accretive in 2005; $0.02 to $0.03

Consistent with our Capital Objectives:

100% stock transaction is capital efficient

Including this transaction TCE/TA will be approximately5.00% at year-end 2004

We continue to be comfortable with our year-end 2005capital goals of approximately 5.50% TCE/TA and 6.50% -7.00% Tier 1 Leverage

Enhances the Sovereign Franchise

Consistent With Our Vision and Mission

Seacoast has a low-risk business model emphasizing retail andcommercial banking; no existing mortgage banking operation

Transaction opens up new markets to deliver Sovereign'sbroader array of products and services (e.g. cash management,capital markets, commercial lending and government banking)

Fill-in acquisition of a manageable size to integrate quickly andseamlessly

Creates leading market share positions in many of our micro-markets

Sovereign is a proven, skilled expert at integrating acquisitions:

Fleet Branch acquisition

Main Street Bancorp

First Essex Bancorp (to close February 6, 2004)

Consistent with Our Critical Success Factors

SCFS incl. ABBK1

Reserves/NPLs

172%

164%

250%

Reserves/Loans

1.24%

1.25%

1.21%

NCOs/Avg Loans

0.49%

0.55%

0.09%

NPLs/Loans

0.73%

0.76%

0.48%

NPAs/Assets

0.49%

0.51%

0.36%

Pro Forma

SOV2

Superior Asset Quality - low risk business model has producedexceptional credit quality by all measures:

Superior Risk Management - low risk business model providesbalance and diversity to Sovereign's model. Acquiring $2.6 billionof core deposits.

Superior Productivity - greater efficiencies through economies ofscale

Sales and Service - strong workforce inherited; market sharepotential is increased through broader product offerings

1 As of 9/30/2003

2 As of 12/31/2003

Summary

This acquisition is very strategically compelling, andcreates exciting opportunities within Sovereign'sfranchise

This acquisition continues to differentiate Sovereignas a leading financial institution in the Northeast

We remain comfortable with the mean streetestimate of $1.63 in Operating Earnings for 2004

We remain committed to striving for operatingearnings of $1.65 to $1.70 per share in 2004, andcash earnings per share of $1.80 to $1.85

We remain committed to our 2004 and 2005 capitalgoals

Appendix

Pro Forma Loans and Deposits at 12/31/03

41

(Dollars in millions)

1

1 Pro Forma for Abington Bancorp

Additional Transaction Details

Implied exchange ratio: 1.4610x (based on SOV 15-day average prior toannouncement of $23.96)

Price protection: 10% downside collar, similar to First Essex acquisition

Should average SOV price for 15-day period prior to closing be between$23.96 and $21.56, the exchange ratio would float to produce $35.00 of SOVstock exchanged for each share of SCFS

No upside collar

Walk-away provision: Double-trigger, SOV declines 15% relative to an index and15% absolute

Deal lock-up termination fee 4%

Necessary Approvals: SCFS - FDIC, MA, and shareholders; SOV - OTS

Due Diligence: Completed

Transaction Timeline: Closing anticipated to be July or August 2004; transactionmay be terminated if not completed by October 31, 2004

Advisors:

SCFS: Ryan Beck & Co., Goodwin Procter LLP

SOV: Goldman Sachs, Citigroup, Stevens & Lee

Achievable Cost Savings/Restructuring Costs

Cost Saves

Personnel $20

Facilities / Branches 2

Systems / Other 21

Total (Pre-Tax) $43

Sovereign anticipates a merger related charge of ~$35 million pre-tax, or $.07 per share after tax, recorded in the third quarter of 2004

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e425 overview sovereign to acquire seacoast financial in a stock-for-stock exchange valued at $1.1...

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