Loan growthj, i,(t,t-2) = f(Merger Activityj,i,(t,t-2), Bank Characteristics and Conditionsi,t-2,

Market Characteristics and Conditions j,t-2) + error.

Loan growth, sub j, sub i, (sub t, sub t minus 2) equals a function of Merger Activity, sub j, sub i, (sub t, sub t minus 2), Bank Characteristics and Conditions, sub j, sub i, (sub t, sub t minus 2) plus an error term.

Where sub j indicates the particular market; sub i indicates a particular bank; sub t indicates year t; and sub t minus 2 indicates the year two years prior to year t.