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Title: |
Fairness Opinion |
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Entities: |
American Community Bancshares Inc.; Annapolis Bancorp, Inc.; Carrollton Bancorp; Cathay General Bancorp; East West Bancorp, Inc.; First Bancshares, Inc.; First National Bancshares Inc.; First South Bancorp, Inc.; Glen Burnie Bancorp; Greenville First Bancshares Inc.; Jacksonville Bancorp Inc.; Jacksonville Bancorp, Inc.; MetroCorp Bancshares, Inc.; Van Kampen Unit Trusts, Municipal Series 562 |
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Date: |
2006 |
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Preview shows 5KB of 73KB total |
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$48 |
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ID: |
#2520430 |
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APPENDIX B FAIRNESS OPINION HARBOR BANKSHARES CORPORATION BALTIMORE, MARYLAND FAIRNESS OPINION AS OF AUGUST 29, 2006 Set forth herein is Danielson Associates Inc.'s ("Danielson Associates") updated independent appraisal of the "fair" market value of the common stock of Harbor Bankshares Corporation ("Harbor" or "the Bank") of Baltimore, Maryland as of August 29, 2006. The original opinion was dated December 8, 2005. Market value is defined as the price at which the common stock would change hands between a willing seller and a willing buyer, each having reasonable knowledge of relevant facts and assuming a significant amount of stock changing hands daily to assure a true reflection of market forces. This fairness opinion is based on data supplied by Harbor to Danielson Associates and its regulators, but it also relies on some public information. All information received is believed to be reliable, but the accuracy or completeness of such information cannot be guaranteed. In particular, this fairness opinion assumes that there are no significant loan quality problems beyond what has been stated in Harbor's quarterly reports to the Federal Deposit Insurance Corporation ("FDIC"). In determining the fair value of the common stock of Harbor, primary emphasis has been given to the stock prices of banks that have comparable financial, market and structural characteristics, and the relationship of these prices to earnings. Based on these updated comparisons, an analysis of Harbor's past performance and future potential and by applying discounts for market, stock liquidity and its minority ownership, it has been established that the fair value of its common stock as of August 29, 2006 is between $30.53 and $32.17 per share with the midpoint being $31.35 per share. Any price in this range would be fair to current shareholders. Respectfully submitted, /s/ David G. Danielson David G. Danielson, President Danielson Associates Inc.
[DANIELSON ASSOCIATES LOGO] HARBOR BANKSHARES CORPORATION BALTIMORE, MARYLAND UPDATED FAIRNESS OPINION AS OF AUGUST 29, 2006 8300 Boone Blvd, Suite 200, Vienna, VA 22182 - (703) 564-9120 www.danielsonassociates.com HARBOR BANKSHARES CORPORATION BALTIMORE, MARYLAND UPDATED FAIRNESS OPINION AS OF AUGUST 29, 2006 TABLE OF CONTENTS Page Opinion Letter.............................................................1 Financial Summary..........................................................2 Market Value Adjustments...................................................3 Valuation..................................................................6 TABLES 1 Financial Summary......................................................10 2 Urban Exchange Group...................................................11 3 Urban Over-the-Counter Group...........................................15 4 Urban Most Applicable Group............................................19 5 Publicly-Traded Minority-Owned Banks and Thrifts.......................23 6 Minority-Owned Group...................................................24 7 Stock Trades in 2005...................................................28 8 Discounted Dividends Applied to Harbor.................................29 9 Summary of Valuation Multiples.........................................30 10 Pricing Applied to Harbor..............................................31 HARBOR BANKSHARES CORPORATION BALTIMORE, MARYLAND FAIRNESS OPINION AS OF AUGUST 29, 2006 Set forth herein is Danielson Associates Inc.'s ("Danielson Associates") updated independent appraisal of the "fair" market value of the common stock of Harbor Bankshares Corporation ("Harbor" or "the Bank") of Baltimore, Maryland as of August 29, 2006. The original opinion was dated December 8, 2005. Market value is defined as the price at which the common stock would change hands between a willing seller and a willing buyer, each having reasonable knowledge of relevant facts and assuming a significant amount of stock changing hands daily to assure a true reflection of market forces.
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