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known for its valuation and mergers and acquisitions expertise in
the financial services industry and has been recognized as an
expert by Federal banking regulators, including FDIC, Federal
Reserve Bank (FRB), Office of the Comptroller of the Currency
(O.C.), and OTS. ASC has completed over 300 merger and
acquisition transactions and over 3,500 stock valuations
involving regional and community banks and thrifts.
Mr. Magee has over 30 years of experience in the banking
industry. In the first half of his career, Mr. Magee worked in
management positions at two New York banks, including one money
center bank where he was a vice president, and as a regulator
employed by the board of Governors of the Federal Reserve System,
Division of Supervision and Regulation. The latter half of Mr.
Magee's career has been spent as an appraiser and consultant
serving the banking industry exclusively. Mr. Magee holds an
M.B.A. in finance from Adelphi University in New York.
Using the guideline method, Mr. Magee valued the estate
shares at $4,497,000 ($3,000 per share). While employing the
same general approach as Mr. Fuller, there are a number of
differences in Mr. Magee's report that account for their
substantial differences of opinion regarding the fair market
value of the estate shares.
Mr. Magee's methodology for selecting guideline companies
was significantly more exacting than Mr. Fuller's. As discussed
supra, Mr. Fuller's guideline companies included five banks and
two thrifts, most of which were significantly larger than
Peoples. In contrast, Mr. Magee's selection criteria were
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