Slide 1: Fulton Financial Corporation and First Washington FinancialCorp
Fulton Financial Corporation Lancaster, PA (NASDAQ: FULT) and First Washington FinancialCorp Windsor, NJ (NASDAQ: FWFC) June 14, 2004
Slide 2: Forward-Looking Information
Forward-Looking Information This information may contain forward-looking statements about Fulton Financial Corporation’s growth and acquisition strategies and future financial performance. Forward-looking statements are encouraged by the Private Securities Litigation Reform Act of 1995. Such forward
Slide 3: Fulton Financial Corporation
Fulton Financial Corporation $10.5 billion financial holding company 207 branch locations in PA, NJ, MD, DE,VA 12 bank subsidiaries; 3 financial services subsidiaries For 3 months ended 3/31/04 Return on Assets 1.49% Return on Equity 15.18% Efficiency Ratio 55.00% Net Charge-offs (annualized) 0.08%
Slide 4: First Washington FinancialCorp (FWF)
First Washington FinancialCorp (FWF) First Washington FinancialCorp is headquartered in Windsor, New Jersey, and is the parent company of First Washington State Bank, a $483 million commercial bank serving Mercer, Monmouth and Ocean Counties through a network of 16 community banking offices. For 3mo
Slide 5: Terms of the Transaction
Terms of the Transaction . First Washington State Bank retained as independent community bank . Purchase price: $124.4 million . Consideration: 1.35 shares of FFC stock will be issued for each outstanding share of First Washington FinancialCorp stock. . Structure: Stock-for-stock exchange . Lock-up
Slide 6: Pricing
Pricing Purchase Price $124.4 million Price/common equity 342% (3/31/04) Price/LTM EPS 24.99x FFC shares issued 5,723,000
Slide 7: Capital Strength
Capital Strength FFC FWF (3/31/04) (3/31/04) Equity/assets 10.07% 7.54% Leverage capital ratio 8.66% 7.57% Total risk-based capital 13.01% 13.68%
Slide 8: FWF and FFC Strategy
First Washington FinancialCorp and FFC Strategy Continuation of strategy to acquire well-managed, profitable community banks in dynamic growth markets Enhances Fulton’s geographic franchise, expanding the company’s presence into central New Jersey Very strong asset quality Strong CAGR in EPS, deposi
Slide 9: Strategic Implications
Strategic Implications Significant opportunity to increase market share within primary FWF markets Provides First Washington with increased lending capacity and capital Provides platform for increased non-interest income through expansion of Fulton Financial Advisors and Fulton Mortgage Company into
Slide 10: Branch Locations
Branch Locations Fulton Financial branches First Washington branches
Slide 11: These materials may be deemed to be offering materials
These materials may be deemed to be offering materials of Fulton Financial Corporation in connection with Fulton Financial’s proposed acquisition of First Washington FinancialCorp on the terms and subject to the conditions in the Agreement and Plan of Merger, dated June 14, 2004, between Fulton Fina