|
ARTICLE I DEFINITIONS 1
Section 1.1Definitions 1
ARTICLE II THE MERGER 11
Section 2.1 The Company Merger 11
Section 2.2 The Bank Merger 11
Section 2.3Closing 11
Section 2.4 Company Merger Effective Time 11
Section 2.5 Bank Merger Effective Time 11
Section 2.6 Effect of the Company Merger 12
Section 2.7 Effect of the Bank Merger 12
Section 2.8 Articles of Incorporation of the Surviving Corporation After Company Merger 12
Section 2.9 Articles of Incorporation of the Surviving Corporation After Bank Merger 12
Section 2.10 Bylaws of the Surviving Corporation After Company Merger 12
Section 2.11 Bylaws of the Surviving Corporation After Bank Merger 12
Section 2.12 Directors and Officers of the Surviving Corporation 12
Section 2.13 Alternative Structure 13
ARTICLE III CONSIDERATION; CONVERSION OF SECURITIES; EXCHANGE OF CERTIFICATES 13
Section 3.1 Conversion of Securities 13
Section 3.2 Fractional Shares 14
Section 3.3 Shares of Dissenting Holders 14
Section 3.4 Surrender and Exchange of Certificates 15
Section 3.5 Stock Options 17
Section 3.6 Adjustment Resulting from BWC Real Estate Sale. 18
Section 3.7 Cancellation of Bank Capital Stock 18
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND BANK TOC26 18
Section 4.1 Organization and Qualification of Company and Subsidiaries 18
Section 4.2 Certificate of Incorporation and Bylaws; Corporate Books and Records 19
Section 4.3Capitalization 19
Section 4.4Subsidiaries 20
Section 4.5Authority. 20
Section 4.6 No Conflict; Required Filings and Consents 22
Section 4.7 Permits; Compliance with Law. 22
Section 4.8 SEC Filings; Financial Statements 23
Section 4.9 Regulatory Matters 25
Section 4.10 Absence of Certain Changes or Events 26
Section 4.11 Employee Benefit Plans 26
Section 4.12 Labor and Other Employment Matters 29
Section 4.13 Transactions with Interested Persons 30
Section 4.14 Material Contracts 30
Section 4.15Litigation 30
Section 4.16 Environmental Matters 31
Section 4.17 Intellectual Property 31
Section 4.18Taxes 32
Section 4.19Insurance 35
Section 4.20Properties 35
Section 4.21 Derivative Transactions 36
Section 4.22 FDIC Offering Circular and Proxy Statement 36
Section 4.23 Opinion of Financial Advisor 37
Section 4.24 Brokers 37
Section 4.25 No Other Merger or Business Combination Agreements 37
Section 4.26 Allowance For Loan Losses 37
Section 4.27 Voting Agreements 37
Section 4.28 No Brokered Deposits 37
Section 4.29 Member in Good Standing.. 37
Section 4.30 Loan Portfolio 37
Section 4.31 Dissenting Shareholders 38
Section 4.32 BWC Real Estate. 38
Section 4.33 Cumulative Breach 38
ARTICLE V REPRESENTATIONS AND WARRANTIES OF ACQUIROR 38
Section 5.1 Organization and Qualification; Articles of Incorporation and Bylaws. 39
Section 5.2Capitalization 39
Section 5.3Subsidiaries 39
Section 5.4Authority 40
Section 5.5 No Conflict; Required Filings and Consents 40
Section 5.6Litigation 41
Section 5.7 Compliance With Law. 41
Section 5.8 FDIC Filings; Financial Statements; Regulatory Reports 41
Section 5.9 Regulatory Matters 43
Section 5.10 Absence of Certain Changes or Events 43
Section 5.11Taxes 43
Section 5.12 Derivative Transactions 44
Section 5.13 FDIC Offering Circular and Proxy Statement 44
Section 5.14 No Brokers 45
ARTICLE VI MUTUAL COVENANTS OF THE PARTIES 45
Section 6.1 Reasonable Best Efforts 45
Section 6.2 Preparation of FDIC Offering Circular and Proxy Statement 45
Section 6.3 Appropriate Actions; Consents; Filings 46
Section 6.4 Public Announcements 47
Section 6.5 Tax Treatment of the Company Merger and the Bank Merger 47
Section 6.6 Notification of Certain Matters 47
Section 6.7 Antitrust Laws 48
Section 6.8 Control of the Companys Business 48
Section 6.9 Takeover Statutes 49
ARTICLE VII COVENANTS OF THE COMPANY AND THE BANK 49
Section 7.1 Access to Information Concerning Properties and Records 49
Section 7.2 Conduct of the Business of the Company and the Bank Pending the Closing Date 49
Section 7.3 No Solicitation of Other Offers 54
Section 7.4 Company Shareholder Meeting and Approval 56
Section 7.5 Pre-Closing Adjustments 56
Section 7.6 Human Resources Issues 57
Section 7.7 BWC Real Estate Sale 57
Section 7.8ESOP. 57
Section 7.9 Fee Schedule and Estimate 58
Section 7.10 Closing Financial Statements 59
Section 7.11Filings 59
Section 7.12 Non-USRPHC Certificate 59
Section 7.13 Stockholder Litigation 59
ARTICLE VIII COVENANTS OF ACQUIROR 60
Section 8.1 Reservation and Issuance of Acquiror Shares 60
Section 8.2NYSE 60
Section 8.3 Directors and Officers Insurance 60
Section 8.4 Advisory Board 61
ARTICLE IX CONDITIONS PRECEDENT 61
Section 9.1 Conditions Precedent to Each Partys Obligation to Effect the Company Merger and Bank Merger 61
Section 9.2 Conditions Precedent to Companys Obligation to Effect the Company Merger and the Bank Merger 62
Section 9.3 Conditions Precedent to Acquirors Obligation to Effect the Company Merger and the Bank Merger 63
ARTICLE X TERMINATION AND ABANDONMENT 65
Section 10.1Termination 65
Section 10.2 Effect of Termination 67
ARTICLE XI MISCELLANEOUS 69
Section 11.1 Fees and Expenses 69
Section 11.2 Representations and Warranties 69
Section 11.3 Extension; Waiver 69
Section 11.4Notices 70
Section 11.5 Entire Agreement 71
Section 11.6 Binding Effect; Benefit; Assignment 71
Section 11.7 Amendment and Modification 71
Section 11.8 Further Actions 71
Section 11.9 Table of Contents; Headings & |