Bank and Thrift Merger Deals Announced in the First Half of 2010
August 10, 2010, 3:12 p.m. EDT 1 Min Read
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Bank and Thrift Merger Deals Announced in the First Half of 2010
Bank and Thrift Merger Deals Announced in the First Half of 2010Ranked by deal value at announcement | ||||||||
|---|---|---|---|---|---|---|---|---|
| Rank | Buyer | Target | Announced | Deal value (millions) | Price to: | Franchise premium/ Core deposits | ||
| Book | Tangible book | LTM earnings (x) | ||||||
| 1 | Toronto-Dominion Bank | South Financial Group Inc. S.C. | May 16 | $191.7 | 10.37% | 17.07% | NM | NM |
| 2 | Eastern Bank Corp. Mass. | Wainwright Bank and Trust Co. Mass. | June 29 | 158.3 | 198.33 | 200.21 | 26.03 | 13.39% |
| 3 | Chemical Financial Corp. Mich. | O.A.K. Financial Corp. Mich. | Jan. 7 | 77.5 | 108.62 | 108.7 | NM | 1.32 |
| 4 | Kearny Financial Corp. MHC N.J. | Central Jersey Bancorp N.J. | May 25 | 72.3 | 150 | 153.06 | NM | 4.51 |
| 5 | National Australia Bank Ltd. | F&M Bank-Iowa Central | Jan. 29 | 50.0 | 110.35 | 110.35 | NM | 1.44 |
| 6 | WSFS Financial Corp. Del. | Christiana Bank and Trust Co. Del. | June 24 | 34.5 | 79.49 | 189.71 | NM | 13.61 |
| 7 | Donegal Group Inc. Pa. | Union National Financial Corp. Pa. | April 19 | 25.2 | 80.26 | 80.26 | NM | NM |
| 8 | Rabobank Nederland | Napa Community Bank Calif. | Feb. 16 | 25.0 | 158.33 | 158.33 | 40.52 | 8.99 |
| 9 | Steele Financial Corp. | East Texas Financial Services Inc. | Jan. 28 | 23.5 | 109.82 | 122.2 | 34.62 | 4.67 |
| 10 | Veritex Holdings Inc. | Professional Bank Texas | March 9 | 22.0 | 205.8 | 205.8 | 19.23 | 12.96 |
| 11 | Northwest Bancshares Inc. Pa. | NexTier Inc. Pa. | May 5 | 20.3 | 83.13 | 105.04 | NM | 0.2 |
| 12 | Naugatuck Valley Financial Corp. MHC Conn. | Southern Connecticut Bancorp Inc. | Feb. 22 | 19.5 | 121.85 | 123.72 | NM | 3.86 |
| 13 | Community Trust Bancorp Inc. Ky. | Lafollette First National Corp. Tenn. | June 8 | 16.1 | 105.45 | 105.45 | NM | 0.69 |
| 14 | Green Dot Corp. Calif. | Bonneville Bancorp Utah | Feb. 4 | 15.7 | 243.05 | 243.05 | NM | 48.12 |
| 15 | Roma Financial Corp. MHC N.J. | Sterling Banks Inc. N.J. | March 17 | 14.7 | 87.5 | 99.6 | NM | -0.01 |
| 16 | Investor group in Michigan | West Michigan Community Bank | April 27 | 11.4 | 108.36 | 110 | NM | 0.9 |
| 17 | Dentel Bancorp. Iowa | Panora State Bank Iowa | April 13 | 8.3 | 161.07 | 161.07 | 12.32 | 7.84 |
| 18 | Continental Bank Holdings Inc. Pa. | First Resource Bank Pa. | May 13 | 8.0 | 85.54 | 85.54 | NM | NM |
| 19 | Bank Management Inc. Neb. | First National Bank and Trust of Syracuse Neb. | April 27 | 7.0 | 123.39 | 123.39 | NM | 2.97 |
| 20 | Bank of Princeton N.J. | MoreBank Pa. | May 5 | 5.5 | 118.67 | 118.67 | NM | 1.76 |
| 21 | Premier Commerce Bancorp Ill. | G.R. Bancorp Ltd. Ill. | Jan. 22 | 4.8 | 140.27 | 140.27 | 27.27 | 6.55 |
| 22 | Texas State Bankshares Inc. | Falfurrias State Bank Texas | Jan. 19 | 4.6 | 217.39 | 297.73 | 39.98 | 30.43 |
| 23 | Management group | Bank of Las Colinas Texas | Jan. 15 | 4.0 | 141.11 | 141.65 | NM | 7.31 |
| 24 | Jacksonville Bancorp Inc. Fla. | Atlantic BancGroup Inc. Fla. | May 10 | 3.2 | 32.82 | 32.82 | NM | NM |
| 25 | 215 Holding Co. Minn. | White Rock Bank Minn. | May 1 | 1.3 | 17.31 | 17.31 | NM | NM |
| 26 | ABHI Holdings LLC N.Y. | Atlantic Banc Holdings Inc. S.C. | May 27 | NA | 114.38 | 114.38 | NM | 3.96 |
| 27 | Aris Financial Corp. Calif. | PNB Bancshares Inc. Ill. | Feb. 1 | NA | NA | NA | NA | NA |
| 28 | Aslin Capital I LLC Fla. | 1st Financial Bank Kan. | Feb. 12 | NA | 61.36 | 62.79 | NM | -12.93 |
| 29 | Bank of New York Mellon Corp. | Arcus Bank Utah | April 3 | NA | NA | NA | NA | NA |
| 30 | BCOM Financial Holdings LLC Fla. | Cortez Community Bank Fla. | Feb. 23 | NA | 60.56 | 60.56 | NM | -23.96 |
| 31 | Briscoe Ranch Inc. Texas | Medina Valley State Bank Texas | March 26 | NA | NA | NA | NA | NA |
| 32 | Charles Investment Group LLC Ala. | Americus Financial Services Inc. Ala. | June 18 | NA | NA | NA | NA | NA |
| 33 | Community Bancshares Inc. Ore. | BEO Bancorp Ore. | June 9 | NA | NA | NA | NA | NA |
| 34 | Connemara Bancorp Inc. Texas | First Amherst Bancshares Inc. Texas | May 13 | NA | NA | NA | NA | NA |
| 35 | Cordia Bancorp D.C. | Bank of Virginia | April 26 | NA | 89 | 89 | NM | NM |
| 36 | FHB Formation LLC Mass. | Northeast Bancorp Maine | March 30 | NA | NA | NA | NA | NA |
| 37 | First Kansas Bancshares Inc. | BankHaven Kan. | Jan. 22 | NA | NA | NA | NA | NA |
| 38 | Ford Financial Fund LP | Pacific Capital Bancorp Calif. | April 29 | NA | 63.55 | 63.9 | NM | NM |
| 39 | FRB Investments Inc. Colo. | Omega Capital Corp. Colo. | June 25 | NA | NA | NA | NA | NA |
| 40 | HCBF Holding Co. Inc. Fla. | First Bank and Trust Co. of Indiantown Fla. | June 4 | NA | NA | NA | NA | NA |
| 41 | Hometown Community Bancorp Inc. Ill. | TSB Financial Inc. Ill. | April 8 | NA | NA | NA | NA | NA |
| 42 | Independent Bank Group Inc. Texas | Town Center Bank Texas | April 22 | NA | NA | NA | NA | NA |
| 43 | Independent Bank Group Inc. Texas | Farmersville Bancshares Inc. Texas | May 7 | NA | NA | NA | NA | NA |
| 44 | Industry Bancshares Inc. Texas | First National Bank of Shiner Texas | June 17 | NA | NA | NA | NA | NA |
| 45 | Investor group | Palmetto Bancshares Inc. S.C. | May 25 | NA | 68.37 | 69.87 | NM | NM |
| 46 | Investor group | Bank of Fort Bend Texas | June 18 | NA | NA | NA | NA | NA |
| 47 | Investor group | First Southern Bancorp Inc. Fla. | Feb. 2 | NA | NA | NA | NA | NA |
| 48 | Investor group | Adams Dairy Bank Mo. | Jan. 11 | NA | NA | NA | NA | NA |
| 49 | Investor group in California | First Chicago Bancorp | May 29 | NA | NA | NA | NA | NA |
| 50 | Investor group in Utah | Community Bancorp. Utah | March 12 | NA | NA | NA | NA | NA |
| 51 | Management group | Fort Collins Commerce Bank Colo. | April 16 | NA | NA | NA | NA | NA |
| 52 | Management group | Larimer Bank of Commerce Colo. | April 16 | NA | NA | NA | NA | NA |
| 53 | Management group | Loveland Bank of Commerce Colo. | April 16 | NA | NA | NA | NA | NA |
| 54 | Management group | Bank of San Francisco | June 3 | NA | NA | NA | NA | NA |
| 55 | Management group | USNY Bank N.Y. | March 15 | NA | NA | NA | NA | NA |
| 56 | Manhattan Banking Corp. Kan. | Sonoran Bank NA Ariz. | May 14 | NA | 90.23 | 90.23 | NM | NM |
| 57 | Max Holding Corp. | Home Bancgroup Inc. Fla. | May 28 | NA | NA | NA | NA | NA |
| 58 | Millbrook Bank System Inc. N.Y. | SNB Bancorp Inc. N.Y. | April 20 | NA | NA | NA | NA | NA |
| 59 | NHI Financial Services LLC Neb. | Community Bank of Lincoln Neb. | Jan. 27 | NA | NA | NA | NA | NA |
| 60 | North American Financial Holdings Fla. | TIB Financial Corp. Fla. | June 29 | NA | 79.15 | 81.65 | NM | NM |
| 61 | One Main Street LLC | Liberty Bank Utah | March 2 | NA | NA | NA | NA | NA |
| 62 | Ovation Holdings Inc. | National Bank of Southwest Florida | March 15 | NA | NA | NA | NA | NA |
| 63 | SBM Financial Inc. Maine | Savings Bank of Maine MHC | March 10 | NA | NA | 48.06 | NM | NA |
| 64 | Steele Holdings Inc. Texas | American State Bank Texas | Feb. 9 | NA | NA | NA | NA | NA |
| 65 | Texas Banc Financial Corp. | The Bank Texas | May 5 | NA | NA | NA | NA | NA |
| 66 | Urban National Holding Corp. N.Y. | Metropolitan Bank Holding Corp. N.Y. | May 12 | NA | NA | NA | NA | NA |
| 67 | USAmeriBancorp Inc. Fla. | Aliant Financial Corp. Ala. | June 15 | NA | NA | NA | NA | NA |
| 68 | Westchester Working Group LLC N.Y. | USA Bank N.Y. | April 22 | NA | 75.93 | 75.93 | NM | NM |
| 69 | Wilber Co. Neb. | Farmers Bank and DeWitt State Bank Neb. | April 23 | NA | NA | NA | NA | NA |
| 70 | Woori Finance Holdings Co. Ltd. | Hanmi Financial Corp. Calif. | May 25 | NA | 88.39 | 89.19 | NM | NM |
Source: First and second-quarter data from SNL Financial, Charlottesville, Va., aggregated by American Banker
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