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Document Preview Agreement and Plan of Reorganization |
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Title: |
Agreement and Plan of Reorganization |
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Entities: |
Downey Financial Corp.; First Federal Capital Corp.; First Indiana Corp.; FirstFed Financial Corp.; MAF Bancorp, Inc.; St Francis Capital Corp; United Community Financial Corp.; Waypoint Financial Corp.; U.S. Bancorp; Michael Best & Friedrich; Vedder, Price, Kaufman & Kammholz P.C. |
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Date: |
2003 |
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Size: |
Preview shows 19KB of 246KB total |
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Price: |
$88 |
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ID: |
#1440308 |
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AGREEMENT AND PLAN OF REORGANIZATION
by and among
MAF BANCORP, INC.,
a Delaware corporation
and
ST. FRANCIS CAPITAL CORPORATION,
a Wisconsin corporation
May 20, 2003
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
I. THE MERGER ........................................................................................... 1
1.1 Effects of the Merger ....................................................................... 1
1.2 Conversion of Securities .................................................................... 2
1.3 Stock Options ............................................................................... 3
1.4 Consummation of the Merger; Effective Time .................................................. 4
1.5 Exchange of Certificates .................................................................... 4
II. REPRESENTATIONS AND WARRANTIES OF PURCHASER .......................................................... 7
2.1 Organization ................................................................................ 7
2.2 Authorization ............................................................................... 8
2.3 No Conflicts; Required Filings and Consents ................................................. 8
2.4 Capitalization .............................................................................. 9
2.5 Purchaser Financial Statements; Material Changes ............................................ 9
2.6 Purchaser SEC Filings ....................................................................... 10
2.7 Purchaser Reports ........................................................................... 10
2.8 Compliance With Laws ........................................................................ 11
2.9 Litigation .................................................................................. 11
2.10 Defaults .................................................................................... 11
2.11 Absence of Certain Changes or Events ........................................................ 12
2.12 Undisclosed Liabilities ..................................................................... 12
2.13 Licenses .................................................................................... 12
2.14 Government Approvals ........................................................................ 12
2.15 Fairness Opinion ............................................................................ 13
2.16 Fees ........................................................................................ 13
2.17 Tax Matters ................................................................................. 13
2.18 Registration Statement; Proxy Statement/Prospectus .......................................... 13
2.19 Disclosure Schedules; Materiality ........................................................... 13
2.20 Purchaser Benefit Plans ..................................................................... 13
2.21 Environmental Matters ....................................................................... 14
2.22 Advice of Changes ........................................................................... 15
III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY ........................................................ 15
3.1 Organization ................................................................................ 15
3.2 Authorization ............................................................................... 16
3.3 No Conflicts; Required Filings and Consents ................................................. 16
3.4 Capitalization and Shareholders ............................................................. 17
3.5 Company Financial Statements; Material Changes .............................................. 18
3.6 Company SEC Filings ......................................................................... 18
3.7 Company Reports ............................................................................. 18
3.8 Compliance With Laws ........................................................................ 19
3.9 Litigation .................................................................................. 20
3.10 Defaults .................................................................................... 20
3.11 Absence of Certain Changes or Events ........................................................ 20
3.12 Undisclosed Liabilities ..................................................................... 21
</TABLE>
i
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
Page
<S> <C>
3.13 Licenses .................................................................................... 21
3.14 Governmental and Shareholder Approvals ...................................................... 21
3.15 Antitakeover Provisions Inapplicable ........................................................ 21
3.16 Proxy Statement/Registration Statement Disclosure ........................................... 21
3.17 Taxes ....................................................................................... 22
3.18 Insurance ................................................................................... 23
3.19 Loans; Investments .......................................................................... 23
3.20 Interest Rate Risk Management Arrangements .................................................. 24
3.21 Allowance for Loan Losses ................................................................... 24
3.22 Company Benefit Plans ....................................................................... 24
3.23 Environmental Matters ....................................................................... 28
3.24 Material Contracts .......................................................................... 28
3.25 Real Property ............................................................................... 29
3.26 Indemnification ............................................................................. 30
3.27 Insider Interests ........................................................................... 30
3.28 Rights Agreement ............................................................................ 30
3.29 Advice of Changes ........................................................................... 30
3.30 Fairness Opinion ............................................................................ 30
3.31 Fees ........................................................................................ 30
3.32 Disclosure Schedules; Materiality ........................................................... 31
IV. COVENANTS ............................................................................................ 31
4.1 Conduct of Business by the Company Until the Effective Time ................................. 31
4.2 Conduct of Business by Purchaser Until the Effective Time ................................... 37
4.3 Certain Actions ............................................................................. 38
V. ADDITIONAL AGREEMENTS ................................................................................ 39
5.1 Inspection of Records; Confidentiality ...................................................... 39
5.2 Meetings of the Company ..................................................................... 39
5.3 Bank Merger ................................................................................. 40
5.4 D&O Indemnification ......................................................................... 40
5.5 Affiliate Letters ........................................................................... 41
5.6 Regulatory Applications ..................................................................... 42
5.7 Financial Statements and Reports ............................................................ 42
5.8 Registration Statement; Shareholder Approval ................................................ 42
5.9 Notice ...................................................................................... 43
5.10 Press Releases .............................................................................. 43
5.11 Delivery of Supplements to Disclosure Schedules ............................................. 43
5.12 Tax Opinion ................................................................................. 44
5.13 Tax Treatment ............................................................................... 44
5.14 Resolution of Company Benefit Plans ......................................................... 45
5.15 Appointment to Purchaser Board of Directors ................................................. 46
5.16 Advisory Board .............................................................................. 47
5.17 Rights Agreement ............................................................................ 47
</TABLE>
ii
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
Page
<S> <C>
5.18 Environmental Investigation ................................................................. 47
5.19 Title to Real Estate ........................................................................ 48
5.20 Conforming Entries .......................................................................... 48
VI. CONDITIONS ........................................................................................... 48
6.1 Conditions to the Obligations of the Parties ................................................ 48
6.2 Conditions to the Obligations of Purchaser .................................................. 49
6.3 Conditions to the Obligations of the Company ................................................ 51
VII. TERMINATION; AMENDMENT; WAIVER ....................................................................... 52
7.1 Termination ................................................................................. 52
7.2 Effect of Termination ....................................................................... 54
7.3 Expenses .................................................................................... 56
7.4 Survival of Agreements ...................................................................... 56
7.5 Amendment ................................................................................... 56
7.6 Waiver ...................................................................................... 56
VIII. GENERAL PROVISIONS ................................................................................... 57
8.1 Survival .................................................................................... 57
8.2 Notice ...................................................................................... 57
8.3 Applicable Law .............................................................................. 58
8.4 Material Adverse Effect ..................................................................... 58
8.5 Headings, Etc ............................................................................... 58
8.6 Severability ................................................................................ 58
8.7 Entire Agreement; Binding Effect; Nonassignment; Counterparts ............................... 58
</TABLE>
EXHIBITS
Exhibit A-1 Form of Conversion Agreement*
Exhibit A-2 Form of Cancellation Agreement*
Exhibit B Form of Certificate of Merger*
Exhibit C Form of Bank Merger Agreement*
Exhibit D Form of Affiliate Letter
Exhibit E Forms of Letter of Understanding*
Exhibit F Form of Legal Opinion (Company)*
Exhibit G Form of Legal Opinion (Purchaser)*
Exhibit H Index
*Intentionally omitted.
iii
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
This Agreement and Plan of Reorganization ("Agreement") is made and entered
into as of the 20/th/ day of May, 2003, by and among MAF Bancorp, Inc., a
Delaware corporation ("Purchaser"), and St. Francis Capital Corporation, a
Wisconsin corporation (the "Company").
W I T N E S S E T H:
WHEREAS, the Boards of Directors of Purchaser and the Company deem it
advisable and in the best interests of their respective shareholders that the
Company be merged with and into Purchaser (the "Merger") in accordance with the
Delaware General Corporation Law ("DGCL"), the Wisconsin Business Corporation
Law ("WBCL") and this Agreement;
WHEREAS, the respective Boards of Directors of Purchaser and the Company
have each approved the Merger upon the terms and conditions set forth herein;
WHEREAS, immediately following the Merger, Purchaser and the Company intend
that St. Francis Bank, F.S.B., a wholly-owned subsidiary of the Company (the
"Bank"), shall merge (the "Bank Merger") with and into Mid America Bank, fsb, a
wholly-owned subsidiary of Purchaser ("Mid America"); and
WHEREAS, Purchaser and the Company intend the Merger to qualify as a
tax-free reorganization under Section 368(a) of the Internal Revenue Code of
1986, as amended ("Code").
NOW, THEREFORE, in consideration of the representations, warranties,
covenants and agreements herein contained, the parties hereto agree as follows:
I.
THE MERGER
1.1 Effects of the Merger.
(a) Surviving Corporation. Subject to the terms and conditions of this
Agreement, the Company shall be merged with and into Purchaser at the Effective
Time (as defined in Section 1.4 below) in accordance with the DGCL and the WBCL.
As a result of the Merger, the separate corporate existence of the Company shall
cease and the Purchaser shall continue as the surviving corporation (the
"Surviving Corporation").
At the Effective Time, the effects of the Merger shall be as provided
in this Agreement and the applicable provisions of the DGCL and WBCL. Without
limiting the generality of the foregoing, and subject thereto, at the Effective
Time, except as otherwise provided herein, all the property, rights, privileges,
powers and franchises of Purchaser and the Company shall vest in the Surviving
Corporation, and all debts, liabilities and duties of Purchaser and the Company
shall become the debts, liabilities and duties of the Surviving Corporation.
<PAGE>
(b) Certificate of Incorporation. The Certificate of Incorporation of
Purchaser in effect immediately prior to the Effective Time shall be the
Certificate of Incorporation of the Surviving Corporation until amended in
accordance with the provisions thereof and the DGCL.
(c) By-laws. The By-laws of Purchaser in effect immediately prior to
the Effective Time shall be the By-laws of the Surviving Corporation until
altered, amended or repealed as provided therein, or in accordance with the
Certificate of Incorporation of the Surviving Corporation and the DGCL.
(d) Directors and Officers. The directors of the Surviving Corporation
shall be the persons who were directors of Purchaser immediately prior to the
Effective Time; provided, however, that certain members of the Company's Board
of Directors shall be appointed to the Board of Directors of each of the
Surviving Corporation and Mid America pursuant to Section 5.15. The officers of
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