Charlottesville, VA

PERMIT NO. 000

U.S. POSTAGE
About the Who should attend

PRSRT STD

PAID
Instructors • Buy- and sell-side sector analysts
• Private equity analysts

“ A welcome opportunity to round out my

Primary Instructor:
Jon Walls
Mr. Walls developed his expertise in the field of
bank valuation during his eight-year tenure in
the Investment Banking division of Lehman
Brothers where he served as a Senior Vice
President of tbe Financial Institutions Group,
• Industry regulators and staff
• Investment banking analysts and
associates
• Corporate development and
corporate finance professionals
• Investor relations professionals

sector-specific knowledge.”
with extensive experience in M&A, as well as
debt and equity financing. Most recently, Jon
served as Chief Investment Officer and acting • Advisors to financial institutions

Bank Valuation
CFO for a mid-sized California-based mortgage
lender. What you’ll take away
Guest Instructors: • A n understanding of valuation
techniques, including trading-
Timothy N. Coffey
comparables, comparable The essential course on how to successfully
Based in San Francisco, Tim is responsible for
transactions and discounted cash
coverage of western region banks and thrifts for
flow approaches
navigate valuation in the heavily regulated
FIG Partners. Previously, he was a research
analyst for Green Street Capital Management, • Hands-on experience using an bank sector.
an asset manager focused exclusively on
Excel-based discounted cash flow
micro- and small-cap community bank stocks.
model September 23-24, 2010
ut
Prior to Green Street, he covered the banking
o
industry for several business publications in San
Diego, CA and won 1st place in Investigative
• A n improved grasp of the key old
SNew York City
Reporting from the Associated Press in 2004. ratios used to assess a bank’s
value Limited seating available:
Adam J. Keefer
• T he ability to assess a bank’s Bank Valuation November 8-9, 2010
Adam has been at Sandler O’Neill + Partners worth from both a stand-alone
since 2004 and currently serves as an Associate
Director in the Investment Banking Group with and an M&A perspective San Francisco

SNL Center for Financial Education

a focus on West Coast financial institutions.
November 8-9, 2010

Adam has extensive experience serving as an

San Francisco

Charlottesville, VA 22902
advisor in public and private capital raising
transactions, recapitalizations, restructurings,
and mergers and acquisitions for Sandler

PO Box 2016
O’Neill’s clients. Prior to joining Sandler
O’Neill, Adam worked in the investment
banking group at D.A. Davidson & Co.
Attendance limited to a maximum of 30 for
Register at www.snlcenter.com/bankval a personalized learning experience.
or call (434) 951-7786
While valuing banks Day One (cont.) Day Two Prerequisites :
has always been a Program begins at 8:00 a.m. When and Where
Bank
This program presumes familiarity with
Limited seating available:
unique challenge, it basic bank & finance concepts and
Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010

Valuation
valuation theories, as well as a working
calls for even more Transaction Analysis Modeling knowledge of financial institutions’
The Bently Reserve
San Francisco
Choosing appropriate peer groups income statements and balance sheets.
skill and insight today. A case study featuring hands-on application.
Because the program features hands-on www.bentlyreserve.com
Develop expertise in Evaluating market conditions Please have your laptop with you.
Excel modeling, participants will need to
How to Register
Calculating trading multiples
Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft
Excel. Laptops will be available for an
Online: www.snlcenter.com/bankval

Comparable Peers Analysis and Forecasting: The additional fee should a participant be
By phone: (434) 951-7786
days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee
addresses both the art to 30 attendees to ensure the advance if you will need one.
Perspective $2,195

and science of opportunity for personalized Comparable Transaction Guest Instructor:

Professional Development Discounts are available for groups of three
Credits or more. Call (434) 951-7786.
instruction. Don’t delay in registering. Analysis Timothy N. Coffey,
valuation in this A case study Payment Options
CFA Institute
Vice President, Research
complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard

provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make
opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016,
Guest Instructor:
perspective and 8:30 a.m. Techniques for normalizing earnings among
Institute as an Approved Provider Charlottesville VA, 22902
Adam J. Keefer, Associate Director of professional development programs. This
methodologies you companies Accommodations
All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as
otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of
need to determine a earnings events and non-recurring gains
granted by CFA Institute. If you are a CFA
this program, a list of hotels convenient to
bank’s value as a Discounted Cash Flow and losses
Institute member, CE credit for your attendance
Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website.
Analysis Aggressive vs. conservative accruals upon request.
transaction target or Purpose and objectives of valuation
Estimating cost of capital and terminal values Adjusting for normalized capital structures
Cancellation Policy
Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full
an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee
Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit,
Determining the key drivers of value
Participants who complete Bank less a $150 administrative fee,
estimates Conducting a sensitivity analysis towards attending another SNL CFE
The program consists Valuing fee-based earnings streams
M&A Valuation Valuation qualify for 18 hours of
program within 13 months
CPE credit (Specialized Knowledge
of lectures, problem Valuing Banks Incorporating discounted cash flow
and Applications). Program Level: Intermediate.
• After Tuesday, November 2: not

Understanding how the bank business

Day One concludes at approximately 5:30. modeling eligible for refund or credit
Delivery Method: Group-Live. SNL Center for
sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same
triangulating valuation results
that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time.
line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund,
participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy,
the opportunity to Evaluating the quality of the balance M&A transaction considerations
National Registry of CPE Sponsors. State
boards of accountancy have final authority on
please call us at (434) 951-7786.
sheet and earnings
learn and practice Identifying the key ratios
the acceptance of individual courses for CPE
Bank M&A Transaction credit. Complaints regarding registered
under the tutelage Understanding asset/liability structures
and assessing interest rate risk
Valuation sponsors may be addressed to the National

of highly regarded A case study

Registry of CPE Sponsors, 150 Fourth Ave North,
Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website:
sector experts. capital requirements
www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org.

or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786

 Charlottesville, VA
PERMIT NO. 000
U.S. POSTAGE
About the Who should attend

PRSRT STD

PAID
Instructors • Buy- and sell-side sector analysts
• Private equity analysts

“ A welcome opportunity to round out my

Primary Instructor:
Jon Walls
Mr. Walls developed his expertise in the field of
bank valuation during his eight-year tenure in
the Investment Banking division of Lehman
Brothers where he served as a Senior Vice
President of tbe Financial Institutions Group,
• Industry regulators and staff
• Investment banking analysts and
associates
• Corporate development and
corporate finance professionals
• Investor relations professionals

sector-specific knowledge.”
with extensive experience in M&A, as well as
debt and equity financing. Most recently, Jon
served as Chief Investment Officer and acting • Advisors to financial institutions

Bank Valuation
CFO for a mid-sized California-based mortgage
lender. What you’ll take away
Guest Instructors: • A n understanding of valuation
techniques, including trading-
Timothy N. Coffey
comparables, comparable The essential course on how to successfully
Based in San Francisco, Tim is responsible for
transactions and discounted cash
coverage of western region banks and thrifts for
flow approaches
navigate valuation in the heavily regulated
FIG Partners. Previously, he was a research
analyst for Green Street Capital Management, • Hands-on experience using an bank sector.
an asset manager focused exclusively on
Excel-based discounted cash flow
micro- and small-cap community bank stocks.
model September 23-24, 2010
ut
Prior to Green Street, he covered the banking
o
industry for several business publications in San
Diego, CA and won 1st place in Investigative
• A n improved grasp of the key old
SNew York City
Reporting from the Associated Press in 2004. ratios used to assess a bank’s
value Limited seating available:
Adam J. Keefer
• T he ability to assess a bank’s Bank Valuation November 8-9, 2010
Adam has been at Sandler O’Neill + Partners worth from both a stand-alone
since 2004 and currently serves as an Associate
Director in the Investment Banking Group with and an M&A perspective San Francisco

SNL Center for Financial Education

a focus on West Coast financial institutions.
November 8-9, 2010

Adam has extensive experience serving as an

San Francisco

Charlottesville, VA 22902
advisor in public and private capital raising
transactions, recapitalizations, restructurings,
and mergers and acquisitions for Sandler

PO Box 2016
O’Neill’s clients. Prior to joining Sandler
O’Neill, Adam worked in the investment
banking group at D.A. Davidson & Co.
Attendance limited to a maximum of 30 for
Register at www.snlcenter.com/bankval a personalized learning experience.
or call (434) 951-7786
While valuing banks Day One (cont.) Day Two Prerequisites :
has always been a Program begins at 8:00 a.m. When and Where
Bank
This program presumes familiarity with
Limited seating available:
unique challenge, it basic bank & finance concepts and
Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010

Valuation
valuation theories, as well as a working
calls for even more Transaction Analysis Modeling knowledge of financial institutions’
The Bently Reserve
San Francisco
Choosing appropriate peer groups income statements and balance sheets.
skill and insight today. A case study featuring hands-on application.
Because the program features hands-on www.bentlyreserve.com
Develop expertise in Evaluating market conditions Please have your laptop with you.
Excel modeling, participants will need to
How to Register
Calculating trading multiples
Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft
Excel. Laptops will be available for an
Online: www.snlcenter.com/bankval

Comparable Peers Analysis and Forecasting: The additional fee should a participant be
By phone: (434) 951-7786
days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee
addresses both the art to 30 attendees to ensure the advance if you will need one.
Perspective $2,195

and science of opportunity for personalized Comparable Transaction Guest Instructor:

Professional Development Discounts are available for groups of three
Credits or more. Call (434) 951-7786.
instruction. Don’t delay in registering. Analysis Timothy N. Coffey,
valuation in this A case study Payment Options
CFA Institute
Vice President, Research
complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard

provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make
opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016,
Guest Instructor:
perspective and 8:30 a.m. Techniques for normalizing earnings among
Institute as an Approved Provider Charlottesville VA, 22902
Adam J. Keefer, Associate Director of professional development programs. This
methodologies you companies Accommodations
All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as
otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of
need to determine a earnings events and non-recurring gains
granted by CFA Institute. If you are a CFA
this program, a list of hotels convenient to
bank’s value as a Discounted Cash Flow and losses
Institute member, CE credit for your attendance
Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website.
Analysis Aggressive vs. conservative accruals upon request.
transaction target or Purpose and objectives of valuation
Estimating cost of capital and terminal values Adjusting for normalized capital structures
Cancellation Policy
Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full
an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee
Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit,
Determining the key drivers of value
Participants who complete Bank less a $150 administrative fee,
estimates Conducting a sensitivity analysis towards attending another SNL CFE
The program consists Valuing fee-based earnings streams
M&A Valuation Valuation qualify for 18 hours of
program within 13 months
CPE credit (Specialized Knowledge
of lectures, problem Valuing Banks Incorporating discounted cash flow
and Applications). Program Level: Intermediate.
• After Tuesday, November 2: not

Understanding how the bank business

Day One concludes at approximately 5:30. modeling eligible for refund or credit
Delivery Method: Group-Live. SNL Center for
sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same
triangulating valuation results
that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time.
line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund,
participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy,
the opportunity to Evaluating the quality of the balance M&A transaction considerations
National Registry of CPE Sponsors. State
boards of accountancy have final authority on
please call us at (434) 951-7786.
sheet and earnings
learn and practice Identifying the key ratios
the acceptance of individual courses for CPE
Bank M&A Transaction credit. Complaints regarding registered
under the tutelage Understanding asset/liability structures
and assessing interest rate risk
Valuation sponsors may be addressed to the National

of highly regarded A case study

Registry of CPE Sponsors, 150 Fourth Ave North,
Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website:
sector experts. capital requirements
www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org.

or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786

While valuing banks Day One (cont.) Day Two Prerequisites :
has always been a Program begins at 8:00 a.m. When and Where
Bank
This program presumes familiarity with
Limited seating available:
unique challenge, it basic bank & finance concepts and
Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010

Valuation
valuation theories, as well as a working
calls for even more Transaction Analysis Modeling knowledge of financial institutions’
The Bently Reserve
San Francisco
Choosing appropriate peer groups income statements and balance sheets.
skill and insight today. A case study featuring hands-on application.
Because the program features hands-on www.bentlyreserve.com
Develop expertise in Evaluating market conditions Please have your laptop with you.
Excel modeling, participants will need to
How to Register
Calculating trading multiples
Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft
Excel. Laptops will be available for an
Online: www.snlcenter.com/bankval

Comparable Peers Analysis and Forecasting: The additional fee should a participant be
By phone: (434) 951-7786
days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee
addresses both the art to 30 attendees to ensure the advance if you will need one.
Perspective $2,195

and science of opportunity for personalized Comparable Transaction Guest Instructor:

Professional Development Discounts are available for groups of three
Credits or more. Call (434) 951-7786.
instruction. Don’t delay in registering. Analysis Timothy N. Coffey,
valuation in this A case study Payment Options
CFA Institute
Vice President, Research
complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard

provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make
opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016,
Guest Instructor:
perspective and 8:30 a.m. Techniques for normalizing earnings among
Institute as an Approved Provider Charlottesville VA, 22902
Adam J. Keefer, Associate Director of professional development programs. This
methodologies you companies Accommodations
All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as
otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of
need to determine a earnings events and non-recurring gains
granted by CFA Institute. If you are a CFA
this program, a list of hotels convenient to
bank’s value as a Discounted Cash Flow and losses
Institute member, CE credit for your attendance
Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website.
Analysis Aggressive vs. conservative accruals upon request.
transaction target or Purpose and objectives of valuation
Estimating cost of capital and terminal values Adjusting for normalized capital structures
Cancellation Policy
Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full
an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee
Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit,
Determining the key drivers of value
Participants who complete Bank less a $150 administrative fee,
estimates Conducting a sensitivity analysis towards attending another SNL CFE
The program consists Valuing fee-based earnings streams
M&A Valuation Valuation qualify for 18 hours of
program within 13 months
CPE credit (Specialized Knowledge
of lectures, problem Valuing Banks Incorporating discounted cash flow
and Applications). Program Level: Intermediate.
• After Tuesday, November 2: not

Understanding how the bank business

Day One concludes at approximately 5:30. modeling eligible for refund or credit
Delivery Method: Group-Live. SNL Center for
sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same
triangulating valuation results
that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time.
line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund,
participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy,
the opportunity to Evaluating the quality of the balance M&A transaction considerations
National Registry of CPE Sponsors. State
boards of accountancy have final authority on
please call us at (434) 951-7786.
sheet and earnings
learn and practice Identifying the key ratios
the acceptance of individual courses for CPE
Bank M&A Transaction credit. Complaints regarding registered
under the tutelage Understanding asset/liability structures
and assessing interest rate risk
Valuation sponsors may be addressed to the National

of highly regarded A case study

Registry of CPE Sponsors, 150 Fourth Ave North,
Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website:
sector experts. capital requirements
www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org.

or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786