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arrived at nearly identical values: Mr. Schroeder determined a
value of $23,370,000, and Mr. Herber determined a value of
$23,300,000. Respondent’s brief states: “The experts offered by
the parties are in agreement as to the value of the Royal
Bancshares derived from the discounted net income method.”
Considering this concession and out of fairness to the estate, we
accept Mr. Herber’s $23,300,000 estimate of the value of RBI
stock under the income approach.
2. Market Approaches
a. Guideline Analysis
Using a market approach, both experts used a guideline
analysis of publicly held banks and a transaction analysis of
acquisitions of privately held banks. Using the guideline
analysis, the experts arrived at similar values for RBI stock:
Mr. Schroeder determined a value of $28,330,000, and Mr. Herber
determined a value of $28 million. Respondent’s brief states:
“The experts offered by the parties are in agreement on the value
of Royal Bancshares suggested by publicly-traded guideline
banks.” Considering this concession and out of fairness to the
estate, we accept Mr. Herber’s $28 million estimate of the value
of RBI stock using the guideline analysis.
b. Transaction Analysis
Under the transaction analysis, both experts identified a
number of transactions involving the acquisition of privately
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