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Bank and Thrift Deals Completed in the First Quarter of 2003

April 17, 2003, 10:08 a.m. EDT 1 Min Read
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Bank and Thrift Deals Completed in the First Quarter of 2003

Whole Bank and Thrift Deals Completed in the First Quarter of 2003
Ranked by price at completion. Dollars in thousands
Published April 17, 2003
Date Price Price* to target's Target's
Buyer Target Announced Completed Announced Completed Book 12-mo. net Branches Assets
1 M&T Bank Corp. Buffalo Allfirst Financial Inc. Baltimore, Md. Sept. 26, 2002 Mar. 31, 2003 $2,880,063 $2,984,193 1.67 NA 262 $17,310,919
2 Banknorth Group Inc. Portland, Maine American Financial Holdings Inc. New Britain, Conn. Aug. 22, 2002 Feb. 14, 2003 735,387 676,080 1.52 20.41 34 2,894,753
3 Citizens Financial Group Inc. Providence, R.I. Commonwealth Bancorp Inc. Norristown, Pa. Sept. 30, 2002 Jan. 17, 2003 497,787 498,173 3.01 23.48 63 1,763,820
4 Chittenden Corp. Burlington, Vt. Granite State Bankshares Keene, N.H. Nov. 7, 2002 Feb. 28, 2003 249,330 245,009 2.61 17.00 19 1,107,364
5 F.N.B. Corp. Naples, Fla. Charter Banking Corp. Tampa Feb. 3, 2003 Mar. 31, 2003 150,250 150,250 3.28 23.83 18 645,578
6 Royal Bank of Canada Toronto Admiralty Bancorp Inc. Palm Beach Gardens, Fla. Aug. 29, 2002 Jan. 29, 2003 149,826 149,826 2.86 27.55 10 577,778
7 Synovus Financial Corp Columbus, Ga. FNB Newton Bankshares Inc. Covington, Ga. Sept. 26, 2002 Feb. 27, 2003 98,241 93,541 2.52 18.24 10 338,245
8 MB Financial Inc. Chicago South Holland Bancorp Inc. Ill. Nov. 4, 2002 Feb. 7, 2003 93,100 93,100 1.23 11.75 5 534,682
9 National Penn Bancshares Inc. Boyertown, Pa. FirstService Bank Doylestown, Pa. Sept. 24, 2002 Feb. 25, 2003 94,459 91,900 2.66 25.21 8 399,605
10 Synovus Financial Corp Columbus, Ga. United Financial Holdings St. Petersburg, Fla. Sept. 25, 2002 Feb. 28, 2003 83,829 81,252 2.78 19.71 8 408,062
11 First Niagara Financial Group Inc. Lockport, N.Y. Finger Lakes Bancorp Inc. Geneva, N.Y. Jul. 22, 2002 Jan. 17, 2003 67,166 70,666 1.73 24.46 7 387,818
12 First Merchants Corp. Muncie, Ind. CNBC Bancorp Worthington, Ohio Aug. 28, 2002 Feb. 28, 2003 58,161 55,140 2.14 16.03 1 317,329
13 First Southern Bancorp Inc. Stanford, Ky. South Central Bancshares Russellville, Ky. Dec. 18, 2002 Feb. 20, 2003 55,000 55,000 1.34 17.26 9 322,004
14 IberiaBank Corp. New Iberia, La. Acadiana Bancshares Inc. Lafayette, La. Sept. 23, 2002 Feb. 28, 2003 51,170 50,028 1.58 20.92 7 312,915
15 BB&T Corp. Winston-Salem, N.C. Equitable Bank Wheaton, Md. Sept. 27, 2002 Mar. 14, 2003 52,845 46,487 1.52 13.14 5 476,808
16 Northwest Bancorp Inc. Warren, Pa. Leeds Federal Bankshares Baltimore Aug. 16, 2001 Jan. 24, 2003 42,968 43,365 2.73 16.03 2 378,500
17 First Indiana Corp. Indianapolis MetroBanCorp Indianapolis Sept. 4, 2002 Jan. 13, 2003 40,703 40,703 2.38 34.07 7 173,753
18 Midwest Banc Holdings Inc. Melrose Park, Ill. Big Foot Financial Corp. Long Grove, Ill. Jul. 22, 2002 Jan. 3, 2003 33,584 33,057 1.07 29.04 4 227,382
19 Sterling Financial Corp. Spokane Empire Federal Bancorp Inc. Livingston, Mont. Sept. 19, 2002 Feb. 28, 2003 29,776 30,354 1.03 47.46 4 213,303
20 Nodaway Valley Bancshares Maryville, Mo. Buchanan County Bancshares St. Joseph, Mo. Sept. 24, 2002 Jan. 21, 2003 30,267 30,267 3.03 NA 3 156,550
21 United Community Banks Inc. Blairsville Ga. First Central Bancshares Inc. Lenoir City, Tenn. Jan. 8, 2003 Mar. 31, 2003 29,396 27,917 2.19 25.66 8 149,926
22 East West Bancorp Inc. San Marino, Calif. Pacific Business Bank Sante Fe Springs, Calif. Jan. 6, 2003 Mar. 14, 2003 25,000 25,000 1.39 NA 4 167,319
23 First Bancorp Troy, N.C. Carolina Community Bancshares Inc. Latta, S.C. Jul. 16, 2002 Jan. 15, 2003 17,700 17,024 1.84 12.30 3 67,239
24 First Banks Inc. St. Louis, Mo. Bank of Ste. Genevieve Mo. Sept. 17, 2002 Mar. 31, 2003 17,900 16,463 0.91 13.74 2 111,572
25 Boston Bank of Commerce Family Savings Bank FSB Los Angeles Jul. 31, 2002 Jan. 20, 2003 16,227 16,227 1.78 9.30 4 200,828
26 Bradford Bank Baltimore Wyman Park Bancorp. Inc. Lutherville, Md. Jul. 09, 2002 Feb. 25, 2003 13,429 13,429 1.24 23.95 2 70,979
27 Legacy Bank Harrisburg, Pa. Northern State Bank Towanda, Pa. Jul. 10, 2002 Jan. 2, 2003 12,864 12,684 1.41 NA 3 79,370
28 Plains Capital Corp. Lubbock, Tex. Independent Financial Inc. Lubbock, Tex. Oct. 22, 2002 Jan. 2, 2003 12,500 12,500 1.62 17.97 3 78,560
29 First Community Bancorp Rancho Santa Fe, Calif. Bank of Coronado Calif. Sept. 20, 2002 Jan. 9, 2003 11,697 11,697 1.86 44.93 3 77,251
30 First Security Group Inc. Chattanooga, Tenn. Premier National Bank Dalton, Ga. Oct. 18, 2002 Mar. 31, 2003 11,487 11,487 1.65 42.54 2 84,939
31 First Capital Inc. Corydon, Ind. Hometown Bancshares Inc. New Albany, Ind. Sept. 26, 2002 Mar. 20, 2003 11,301 11,466 1.56 24.93 3 82,323
32 State Bankshares Inc. Fargo, N.D. State Bank of Moorhead Moorhead, Minn. Sept. 30, 2002 Jan. 2, 2003 10,045 10,045 1.00 7.25 1 118,486
33 Laurel Capital Group Inc. Allison Park, Pa. SFSB Holding Co. Pittsburgh Sept. 12, 2002 Mar. 28, 2003 9,947 9,947 1.34 NA 2 53,457
34 Citizens Bancshares Corp. Atlanta CFS Bancshares Inc. Birmingham, Ala. May. 30, 2002 Feb. 28, 2003 9,500 9,500 0.97 12.46 3 108,177
35 Herky Hawk Financial Corp. Monticello, Iowa Munter Agency Inc. Strawberry Point, Iowa Jul. 25, 2002 Jan. 6, 2003 8,642 8,642 2.52 18.91 1 42,387
36 Charter Financial Corp. West Point, Ga. EBA Bancshares Inc. Opelika, Ala. Sept. 10, 2002 Feb. 21, 2003 8,446 8,446 1.66 36.88 3 78,206
37 First Interstate BancSystem Inc. Billings, Mont. Silver Run Bancorp. Red Lodge, Mont. Aug. 27, 2002 Jan. 1, 2003 8,000 8,000 1.76 10.51 1 45,911
38 Mahaska Investment Co. Oskaloosa, Iowa Belle Plaine Service Corp. Iowa Oct. 4, 2002 Feb. 13, 2003 6,921 6,921 1.70 13.84 4 75,026
39 Ambanc Financial Services Inc. Beaver Dam, Wis. Central Lakes Bancorp. Inc. Necedah, Wis. Oct. 26, 2002 Jan. 3, 2003 6,627 6,627 1.74 20.19 1 30,290
40 FEB Bancshares Inc. Neshkoro, Wis. Golden Sands Bankshares Inc. Neshkoro, Wis. Dec. 1, 2002 Feb. 3, 2003 5,683 5,683 1.74 7.12 2 37,296
41 Olmsted National Corp. Byron, Minn. Olmsted National Bank Rochester, Minn. Oct. 28, 2002 Jan. 31, 2003 5,412 5,412 2.06 16.76 1 27,092
42 Shay Investment Services Inc. Coral Gables, Fla. IBL Bancorp Inc. Plaquemine, La. Jun. 19, 2002 Mar. 03, 2003 5,303 5,303 1.21 22.80 1 30,537
43 Pinnacle Bancorp Inc. Central City, Neb. First National Bank of Elwood Neb. Jan. 2, 2003 Mar. 06, 2003 4,400 4,400 1.18 24.31 1 21,091
44 Ohnward Bancshares Inc. Maquoketa, Iowa Eastern Iowa Bancshares Inc. Onslow Oct. 3, 2002 Jan. 22, 2003 3,205 3,205 2.00 NA 2 21,802
45 Synergy Financial Group Inc. Cranford, N.J. First Bank of Central Jersey North Brunswick, N.J. Oct. 11, 2002 Jan. 10, 2003 2,098 2,098 0.81 NA 2 57,504
46 Texas Regional Bancshares McAllen Corpus Christi Bancshares Oct. 10, 2002 Feb. 14, 2003 1,704 1,889 0.73 NA 2 36,094
47 River Valley Bancorp Inc. Eldridge, Iowa State Bank of Seaton Ill. Nov. 16, 2001 Jan. 13, 2003 1,600 1,600 0.70 14.16 1 10,670
48 Beacon Federal East Syracuse, N.Y. Salt City Hospitals Federal Credit Union Syracuse, N.Y. Apr. 16, 2002 Feb. 15, 2003 NA NA NA NA NA NA
49 First Liberty Bancorp Inc. Washington Enterprise Bancorp Largo, Md. Jun. 28, 2002 Feb. 28, 2003 NA NA NA NA 6 44,886
50 Senator Savings Bank Towson, Md. Ashburton Federal Savings and Loan Assoc. Inc. Westminster, Md. Aug. 16, 2002 Jan. 31, 2003 NA NA NA NA 1 9,495
51 United Heritage Bank ** Orlando Community National Bank of Mid-Florida ** Lake Mary Apr. 15, 2002 Jan. 17, 2003 NA NA NA NA 4 91,528


Notes:

* At completion

** Merger of equals transaction

Source: Sheshunoff Information Services, a division of Thomson Corp.

© 2003 American Banker

 

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