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The complexion of bank M&A has changed, say investment bankers at St. Charles Capital in Denver: buyers and sellers are healthier, both sides are closer together on valuations and more buyers are approaching targets directly in lieu of bidding wars.
August 27 -
Pinnacle, the flagship bank unit of the $6.7 billion-asset Pinnacle Bancorp, agreed last Thursday to buy the $183 million-asset First State Bank of Joplin in Missouri. A day later, the bank announced plans to buy the $139 million-asset Hastings State Bank in Nebraska.
October 18 -
Performance among banks and thrifts with $2 billion to $10 billion of assets has not changed much over the past year, judging from our annual ranking.
July 28
Pinnacle Bancorp in Central City, Neb., has agreed to buy Home State Bank in Louisville, Neb.
The financial terms of the deal were not announced. The transaction is expected to close in January.
The acquisition would expand the $7.7 billion-asset Pinnacle's presence in the outskirts of Omaha, Neb., where the $82 million-asset Home State has a branch.
Home State provides a "nice addition on the southern side" of Omaha, Marc Hock, Pinnacle Bank's president, said in an interview Friday, describing the city's southern suburbs as the bank's "next phase of development."
Pinnacle has 13 branches around Omaha. In total, it has more than 130 branches in the Southwest and Great Plains states.
Home State Bank, which was established in 1915, has been owned by the same family for about 100 years, said David Pankonin, the bank's president, noting that his grandfather and great-grandfather were among the founders.
Pankonin said that Home State's aging leadership, along with a growing regulatory burden, played into the bank's decision to sell.
"We didn't have any successors in the next generation," Pankonin said in an interview. "We just tried to be proactive. You're going to see that more and more."