Bank and Thrift Merger Deals Completed in the First Half of 2010
August 10, 2010, 3:53 p.m. EDT 1 Min Read
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Bank and Thrift Merger Deals Completed in the First Half of 2010
Bank and Thrift Merger Deals Completed in the First Half of 2010Ranked by deal value at completion | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rank | Buyer | Target | Date | Deal value (millions) | Price to book | Price to LTM earnings (x) | ||||
| Completed | Announced | At announcement | At completion | At announcement | At completion | At announcement | At completion | |||
| 1 | First Niagara Financial Group Inc. N.Y. | Harleysville National Corp. Pa. | April 9 | July 26 '09 | $239.8 | $299.2 | 50.59% | 114.59% | 8.43 | NM |
| 2 | Banco Sabadell SA | Mellon United National Bank Fla. | Jan. 15 | July 20 '09 | 157.7 | 160.7 | 52.85 | 87.44 | NM | NM |
| 3 | Union Bankshares Corp. Va. | First Market Bank FSB Va. | Feb. 1 | March 30 '09 | 105.4 | 96.1 | 117.88 | 75.14 | NM | 27.03 |
| 4 | Chemical Financial Corp. Mich. | O.A.K. Financial Corp. Mich. | April 30 | Jan. 7 | 77.5 | 86.2 | 108.62 | 123.71 | NM | NM |
| 5 | National Australia Bank Ltd. | F&M Bank-Iowa Central | April 23 | Jan. 29 | 50.0 | 50.0 | 110.35 | 111.02 | NM | NM |
| 6 | Union Savings Bank Conn. | First Litchfield Financial Corp. Conn. | April 7 | Oct. 25 '09 | 36.9 | 36.9 | 155.76 | 167.04 | NM | NM |
| 7 | United Community Bancorp Inc. Ill. | Brown County State Bank and Marine Bank and Trust Ill. | Feb. 26 | Nov. 22 '09 | 27.9 | 28.1 | 133.69 | 128.04 | 9.01 | 8.06 |
| 8 | Rabobank Nederland | Napa Community Bank Calif. | April 30 | Feb. 16 | 25.0 | 21.6 | 158.33 | 139.91 | 40.52 | NM |
| 9 | Horizon Bancorp Ind. | Am Tru Inc. Ind. | May 28 | Dec. 29 '09 | 9.6 | 9.6 | 136.91 | 153.66 | NM | NM |
| 10 | Dentel Bancorp. Iowa | Panora State Bank Iowa | June 3 | April 13 | 8.3 | 8.3 | 161.07 | 153.77 | 12.32 | 11.96 |
| 11 | Grandpoint Capital Inc. Calif. | Santa Ana Business Bank Calif. | June 18 | Dec. 18 '09 | 7.4 | 7.4 | 100.76 | 102.23 | NM | NM |
| 12 | CIC Bancshares Inc. Colo. | TBHC Inc. Colo. | May 13 | Dec. 31 '09 | 7.2 | 7.2 | 101.32 | 105.88 | NM | NM |
| 13 | Management group | Ohio Commerce Bank | June 30 | Dec. 11 '09 | 6.5 | 6.5 | 147.94 | 134.18 | NM | 31.55 |
| 14 | Stockmens LP S.D. | Valentine Bancorp. Neb. | Feb. 1 | Oct. 6 '09 | 6.1 | 6.1 | 129.40 | 129.40 | NM | NM |
| 15 | Sandhills Financial Services LLC Neb. | Bassett Investment Co. Neb. | April 20 | Dec. 2 '09 | 5.8 | 5.8 | 143.01 | 132.43 | NM | NM |
| 16 | Management group | Bank of Belleville Ill. | April 27 | July 8 '09 | 5.1 | 5.2 | 142.01 | 141.99 | NM | NM |
| 17 | Hantz Holdings Inc. Mich. | Davison State Bank Mich. | April 30 | March 17 '09 | 3.0 | 3.0 | 86.31 | 110.99 | NM | NM |
| 18 | EB Financial Group Inc. Ill. | Baytree National Bank and Trust Co. Ill. | Jan. 28 | Oct. 27 '09 | 1.5 | 1.5 | 97.25 | 91.90 | NM | NM |
| 19 | Mount Sterling Bancorp Inc. Ill. | Timewell State Bank Ill. | April 2 | Nov. 4 '09 | 0.8 | 0.8 | 120.00 | 121.28 | NM | NM |
| 20 | Alcar LLC N.Y. | Darien Rowayton Bank Conn. | Jan. 12 | June 29 '09 | NA | NA | 88.98 | 89.32 | NM | NM |
| 21 | American Bancor Ltd. N.D. | Towner County Financial Corp. N.D. | Jan. 8 | Nov. 6 '09 | NA | NA | NA | NA | NA | NA |
| 22 | Aslin Capital I LLC Fla. | 1st Financial Bank Kan. | May 3 | Feb. 12 | NA | NA | 61.36 | 61.76 | NM | NM |
| 23 | Bridgewater Financial MHC Mass. | East Bridgewater Savings Bank Mass. | Jan. 1 | Oct. 9 '09 | NA | NA | NA | NA | NA | NA |
| 24 | Briscoe Ranch Inc. Texas | Medina Valley State Bank Texas | June 5 | March 26 | NA | NA | NA | NA | NA | NA |
| 25 | Community Trust Financial Corp. La. | Madison Financial Corp. Miss. | March 5 | Sep. 11 '09 | NA | NA | NA | NA | NA | NA |
| 26 | Connecticut Mutual Holding Co. | Collinsville Savings Mutual Holding Co. Conn. | Jan. 1 | March 27 '09 | NA | NA | NA | NA | NA | NA |
| 27 | Excel Bancorp LLC Ohio | Ohio Legacy Corp. | Feb. 19 | Nov. 15 '09 | NA | NA | 73.38 | 82.42 | NM | NM |
| 28 | Federal One Holdings LLC Mass. | Sargent Investors Inc. R.I. | May 4 | Nov. 30 '09 | NA | NA | NA | NA | NA | NA |
| 29 | First Kansas Bancshares Inc. Kan. | BankHaven Kan. | May 10 | Jan. 22 | NA | NA | NA | NA | NA | NA |
| 30 | First York Ban Corp. Neb. | Harvard State Bank Neb. | April 1 | Dec. 1 '09 | NA | NA | NA | NA | NA | NA |
| 31 | HomeTrust Bank N.C. | Industrial Federal Savings Bank N.C. | Feb. 1 | Oct. 13 '09 | NA | NA | NA | NA | NA | NA |
| 32 | Investor group | First Southern Bancorp Inc. Fla. | Feb. 2 | Feb. 2 | NA | NA | NA | NA | NA | NA |
| 33 | Investor group | Riverside Central Florida Banking Co. | Jan. 30 | Oct. 5 '09 | NA | NA | 68.79 | 85.94 | NM | NM |
| 34 | Investor group | Texas Enterprise Bank | Jan. 5 | Sep. 18 '09 | NA | NA | 114.30 | 113.95 | NM | NM |
| 35 | Investor group in California | Gold Country Financial Services Inc. Calif. | April 30 | Aug. 6 '09 | NA | NA | NA | NA | NA | NA |
| 36 | Meridian Interstate Bancorp Inc. MHC Mass. | Mt. Washington Co-operative Bank Mass. | Jan. 4 | July 20 '09 | NA | NA | NA | NA | NA | NA |
| 37 | Piedmont Community Bank Holdings Inc. N.C. | VantageSouth Bank N.C. | Feb. 22 | June 10 '09 | NA | NA | 84.58 | 84.58 | NM | NM |
| 38 | Rbancshares Inc. Ohio | Ohio State Bancshares Inc. | March 31 | Oct. 20 '09 | NA | NA | 73.91 | 83.19 | NM | NM |
| 39 | S.B.C.P. Bancorp Inc. Wis. | Black Earth State Bank Wis. | May 8 | Dec. 10 '09 | NA | NA | NA | NA | NA | NA |
| 40 | SBM Financial Inc. Maine | Savings Bank of Maine MHC | May 27 | March 10 | NA | NA | 48.06 | 47.81 | NM | NM |
| 41 | Two Roa LLC Ala. | RB Bancorp. Ala. | March 26 | Oct. 7 '09 | NA | NA | 99.88 | 100.16 | NM | NM |
| 42 | Wilber Co. Neb. | Farmers Bank and DeWitt State Bank Neb. | May 1 | April 23 | NA | NA | NA | NA | NA | NA |
Source: First and second-quarter data from SNL Financial, Charlottesville, Va., aggregated by American Banker
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