Bank consolidation in 2016 continues to lag behind last year's pace, although the average deal value is considerably larger.
The banking industry announced 117 whole-bank transactions through June 30, according to data from Keefe, Bruyette & Woods and S&P Global Market Intelligence. Banks had announced 136 mergers through mid-2015.
The average deal through the first half of this year was valued at $184 million, representing a 47% increase from mid-2015. The biggest ones announced this year include Canadian Imperial Bank of Commerce's
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North Carolina has lost more than 40% of its banks in the past decade, creating a new tier of larger institutions. More deals are expected to occur, raising questions about the pace of M&A and the fate of those bigger banks.
July 5 -
Canadian Imperial Bank of Commerce in Toronto has agreed to buy PrivateBancorp in Chicago for $3.8 billion, finally giving the Canadian bank a meaningful retail presence in the United States.
June 29 -
Huntington Bancshares made five pitches to buy FirstMerit. It took a fixed cash component, several board seats and hefty commitments to FirstMerit's employees and major markets in Ohio and Michigan to seal the deal.
March 7 -
Banks announced 41 mergers through May 31, representing a 16% decline from the same period in 2015, according to data from Keefe, Bruyette & Woods and S&P Global Market Intelligence.
June 1 -
Chemical Financial in Midland, Mich., has agreed to buy Talmer Bancorp in Troy, Mich.
January 26
Only two deals announced in the first half of 2015 topped $800 million: Royal Bank of Canada's $5.3 billion acquisition of City National and PacWest Bancorp's $847 million purchase of Square 1 Financial.
Premiums are down slightly this year, with sellers getting an average price to tangible equity of 127.8%. That ratio was 137.4% by mid-2015.
