StockData.org - Arbitrage Opportunities

FRME announced that it completed the LNCB merger successfully on Dec. 31, 2008.
Here’s how I made out on the deal:
I get to choose either:

0.7004 shares of FRME for each of my LNCB. $22.21 * 0.7004 = $15.56. IOW, $15.56 for each share of LNCB if I sell my FRME stock soon after the deal [...]

Target: LNCB - Lincoln Bancorp ($12.50)
Acquirer: FRME - Commerce National Bank ($21)
THE DEAL: Merger letter to shareholders on this one says:
In exchange for your Lincoln common shares, you will have the opportunity to choose either 0.7004 shares of First Merchants common stock or $15.76 in cash for each Lincoln common share you own. However, no [...]