Exhibit c(ii)
▇▇▇▇▇▇ & COMPANY, INC.
___________________________________________________________________________
Memo
To:/Company: Community Investors Bancorp/First Federal Community Bank
From: ▇▇▇▇ ▇▇▇▇▇▇
Date: May 10, 2005
Subject: Reverse Stock Split
Terms
-----
3/31/05
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1. Assets $ 122,762,000
2. Shares outstanding 1,055,642
3. Equity $ 13,007,000
4. Equity or book value per share $ 12.32
5. Market price @ May 4, 2005 $ 12.87
6. Average market price (15-day) $ 13.06
7. Current price to book ratio 106.01%
8. Current dividend yield 2.72%
9. After reverse stock split - 1 for 225 4,513 shares including
purchase of 40,152 shares
New stock split - 225 for 1 - 1,015,425 - $12.10 BV/share
(net cost of $725,000)
10. Earnings - 12 months ended 3/31/05
Year Ended 6/30/04 = $ 862,000
9 months - March 31, 2005 660,000
9 months - March 31, 2004 (609,000)
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12 months earnings - 3/31/05 $ 913,000
___________________________________________________________________________
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇., ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ (614) 766-1426,
Fax (▇▇▇) ▇▇▇-▇▇▇▇
Community Investors Bancorp/First Federal Community Bank
May 10, 2005
Page 2
11. EPS = $0.86 and assets per share = $116.29
12. Current P/E - $13.06 = 15.19x based on current price
------
$0.86
13. Prem = $2.00 = 15.31% based on average market price of $13.06 and
$2.13 or 16.55% based on recent price
New Price = $15.00
14. New P/E = $15.00 = 17.44x based on buyout price
$0.86
15. BV/Share = Equity = $13,007,000
Old BV/Share = $12.32
New Equity = $12,282,000 (Based on cost of $725,000)
New BV/Share = $12.10
16. Old P/B = 106.01% - $13.06
------
$12.32
New P/B = 121.75% - $15.00
------
$12.32
17. Pricing Comparisons
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Equity/ Dividend
Group P/B P/E P/A ROAE ROAA Assets Yield
----- --- --- --- ---- ---- ------- --------
Community 106.01% 15.19x 11.23% 6.60% 0.71% 10.60% 2.72%
New 121.75% 17.44x 12.90% - - - -
Peer Group 111.58% 18.73x 14.06% 5.88% 0.73% 12.43% 2.94%
Ohio Thrifts 122.43% 20.90x 14.11% 10.16% 0.94% 9.03% 3.18%
Midwest
Thrifts 121.22% 20.15x 12.51% 8.92% 0.80% 8.71% 2.63%
All Thrifts 137.54% 18.93x 13.38% 12.00% 0.99% 8.13% 2.13%
Community Investors Bancorp/First Federal Community Bank
May 10, 2005
Page 3
Equity/ Dividend
Peer Group Assets P/B P/E P/A ROAE ROAA Assets Yield
---------- ------ --- --- --- ---- ---- ------- --------
(000)
FFD Financial Corp. $139,705 104.77% 22.39x 12.78% 4.65% 0.57% 12.20% 2.87%
Ohio
FFW 258,343 102.47% 14.23x 9.19% 7.22% 0.68% 9.01% 3.62%
Indiana
First Independence Corp. 164,843 116.52% 15.17x 10.87% 7.86% 0.74% 9.32% 2.95%
Kansas
First Niles Financial Corp. 98,241 138.89% 21.00x 22.50% 5.28% 0.86% 16.20% 3.88%
Ohio
Logansport Financial Corp. 161,933 96.27% 15.46x 9.95% 6.67% 0.70% 10.34% 3.04%
Indiana
PFS Bancorp, Inc. 129,754 114.93% 25.02x 18.18% 3.60% 0.72% 15.80% 1.94%
Indiana
Peoples Ohio Financial 189,946 119.82% 18.64x 15.69% 6.67% 0.85% 13.09% 1.71%
Ohio
Community Investors Bancorp/First Federal Community Bank
May 10, 2005
Page 4
Equity/ Dividend
Peer Group Assets P/B P/E P/A ROAE ROAA Assets Yield
---------- ------ --- --- --- ---- ---- ------- --------
(000)
Peoples-▇▇▇▇▇▇
Financial Corp., Ohio 136,000 113.32% 19.18x 14.75% 5.71% 0.74% 12.98% 4.71%
RSV Bancorp, Inc. 76,703 97.20% 17.53x 12.59% 5.24% 0.69% 12.95% 1.76%
Pennsylvania
AVERAGE $150,608 111.58% 18.73x 14.06% 5.88% 0.73% 12.43% 2.94%
First Federal
Community Bank $122,762 106.01% 15.19x 11.23% 6.60% 0.71% 10.60% 2.72%
