Bank and Thrift Merger Deals Completed in the First Quarter of 2008
April 23, 2008, 10:08 a.m. EDT 1 Min Read
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Bank and Thrift Merger Deals Completed in the First Quarter of 2008
Bank and Thrift Merger Deals Completed in the First Quarter of 2008Ranked by price at completion Published April 23, 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rank | Buyer | Seller | Date | Price (millions) | | Seller's | ||||
| Announced | Completed | Announced | Completed | Equity | | Branches | | |||
| 1 | Peoples United Financial Inc. Bridgeport, Conn. | Chittenden Corp. Burlington, Vt. | June 26 | Jan. 1 | $1,753.2 | $1,713.0 | 2.29 | 22.65 | 143 | $6,610,171 |
| 2 | Royal Bank of Canada Toronto | Alabama National BanCorp. Birmingham | Sept. 5 | Feb. 22 | 1,670.3 | 1,670.3 | 1.89 | 23.30 | 102 | 7,902,537 |
| 3 | Marshall & Ilsley Corp. Milwaukee | First Indiana Corp. Indianapolis | July 8 | Jan. 2 | 540.1 | 540.1 | 2.99 | 26.31 | 31 | 2,124,363 |
| 4 | National Penn Bancshares Inc. Boyertown, Pa. | KNBT Bancorp Inc. Bethlehem, Pa. | Sept. 6 | Feb. 1 | 460.1 | 480.5 | 1.37 | 26.83 | 56 | 2,888,789 |
| 5 | KeyCorp Cleveland | U.S.B. Holding Co. Inc. Orangeburg, N.Y. | July 26 | Jan. 1 | 586.3 | 438.4 | 1.85 | 16.16 | 31 | 3,029,756 |
| 6 | First Interstate BancSystem Inc. Billings, Mont. | First Western Bancorp Inc. Huron, S.D. | Sept. 18 | Jan. 10 | 251.4 | 248.1 | 3.07 | 17.88 | 18 | 889,661 |
| 7 | Virginia Financial Group Inc. Culpeper | FNB Corp. Christiansburg, Va. | July 26 | Feb. 28 | 240.2 | 201.7 | NM | NM | 28 | 1,529,670 |
| 8 | Washington Federal Inc. Seattle | First Mutual Bancshares Inc. Bellevue, Wash. | July 2 | Feb. 1 | 189.8 | 188.2 | 2.50 | 20.99 | 12 | 1,056,847 |
| 9 | BMO Financial Group Toronto | Ozaukee Bank Cedarburg, Wis. | July 9 | Feb. 29 | 191.1 | 174.3 | 3.38 | 21.52 | 7 | 694,426 |
| 10 | First Niagara Financial Group Inc. Lockport, N.Y. | Great Lakes Bancorp Inc. Buffalo | Sept. 9 | Feb. 15 | 151.5 | 141.6 | 1.08 | NM | 16 | 891,973 |
| 11 | BMO Financial Group Toronto | Merchants and Manufacturers Bancorp. Inc. New Berlin, Wis. | July 9 | Feb. 29 | 136.9 | 136.9 | 1.49 | NM | 48 | 1,501,627 |
| 12 | Anchor BanCorp Wisconsin Inc. Madison | S&C Banco Inc. New Richmond, Wis. | July 11 | Jan. 2 | 106.0 | 106.0 | 2.04 | 25.49 | 17 | 407,380 |
| 13 | Cape Bancorp Inc. Cape May Court House, N.J. | Boardwalk Bancorp Inc. Linwood, N.J. | July 26 | Jan. 31 | 100.9 | 100.9 | 2.02 | NM | 7 | 454,045 |
| 14 | Independent Bank Corp. Rockland, Mass. | Slades Ferry Bancorp. Somerset, Mass. | Oct. 11 | Feb. 29 | 105.2 | 95.7 | 1.84 | 33.83 | 9 | 628,320 |
| 15 | Old Second Bancorp Inc. Aurora, Ill. | HeritageBanc Inc. Frankfort, Ill. | Nov. 5 | Feb. 8 | 86.0 | 86.0 | 3.03 | 24.55 | 6 | 341,946 |
| 16 | PremierWest Bancorp Medford, Ore. | Stockmans Financial Group Elk Grove, Calif. | Oct. 19 | Jan. 26 | 88.5 | 79.9 | 2.22 | 13.84 | 5 | 377,909 |
| 17 | Camden National Corp. Maine | Union Bankshares Co. Ellsworth, Maine | Aug. 13 | Jan. 3 | 73.3 | 63.2 | 1.46 | 16.09 | 13 | 565,087 |
| 18 | National Penn Bancshares Inc. Boyertown, Pa. | Christiana Bank and Trust Co. Greenville, Del. | June 25 | Jan. 4 | 64.6 | 57.9 | 2.78 | 29.90 | 2 | 166,061 |
| 19 | 1st United Bancorp Inc. Boca Raton, Fla. | Equitable Financial Group Inc. Fort Lauderdale, Fla. | Oct. 1 | Feb. 29 | 55.6 | 55.6 | 2.24 | 23.59 | 5 | 194,318 |
| 20 | First National Bancshares Inc. Spartanburg, S.C. | Carolina National Corp. Columbia, S.C. | Aug. 26 | Jan. 31 | 59.3 | 50.2 | 1.57 | 30.35 | 5 | 225,666 |
| 21 | Belvedere SoCal San Francisco | Spectrum Bank Irvine, Calif. | July 13 | Jan. 31 | 37.0 | 37.0 | 2.91 | 38.30 | 3 | 158,620 |
| 22 | IBT Bancorp Inc. Mount Pleasant, Mich. | Greenville Community Financial Corp. Mich. | Aug. 21 | Jan. 1 | 33.7 | 31.0 | 2.65 | 32.52 | 2 | 107,154 |
| 23 | Home Bancshares Inc. Conway, Ark. | Centennial Bancshares Inc. Kingsland, Ark. | Aug. 24 | Jan. 1 | 29.6 | 27.8 | 1.82 | 24.14 | 6 | 198,889 |
| 24 | Farmers and Merchants Bankshares Inc. Stuttgart, Ark. | Perry County Bancshares Inc. Perryville, Ark. | Sept. 21 | Feb. 11 | 22.8 | 22.8 | 2.06 | 33.52 | 3 | 120,894 |
| 25 | Waupaca Bancorp. Inc. Wis. | Clintonville Bancshares Inc. Wis. | Oct. 17 | Jan. 12 | 15.5 | 15.5 | 1.44 | 24.14 | 4 | 106,626 |
| 26 | A.N.B. Holding Co. Ltd. Terrell, Tex. | DNB Bancshares Inc. Dallas | Sept. 19 | Jan. 11 | 14.2 | 14.2 | 2.21 | 11.29 | 1 | 77,201 |
| 27 | Ambage Inc. Las Vegas | First Financial Services Inc. Falls City, Neb. | Oct. 17 | Feb. 29 | 12.0 | 12.0 | 1.00 | 18.54 | 2 | 82,641 |
| 28 | Metropolitan BancGroup Inc. Ridgeland, Miss. | Bancsouth Financial Corp. Crystal Springs, Miss. | June 19 | Feb. 28 | 12.0 | 12.0 | 1.79 | 23.43 | 3 | 62,985 |
| 29 | Longview Capital Corp. Newman, Ill. | BGC Bancorp Inc. Gibson City, Ill. | Oct. 8 | Jan. 9 | 10.5 | 10.5 | 1.42 | 25.12 | 1 | 59,543 |
| 30 | Caldwell Holding Co. Columbia, La. | Citizens Progressive Bank Columbia, La. | Oct. 10 | Jan. 1 | 8.7 | 8.7 | 1.83 | 16.47 | 3 | 41,141 |
| 31 | Peoples Bancorp Rock Valley, Iowa | Hawarden Banshares Inc. Iowa | Oct. 19 | Jan. 11 | 8.5 | 8.5 | 1.89 | 22.74 | 1 | 45,703 |
| 32 | Carroll Financial Services Inc. Huntingdon, Tenn. | Bradford Bancshares Inc. Tenn. | Nov. 5 | Feb. 15 | 8.4 | 8.4 | 1.26 | 24.35 | 1 | 36,866 |
| 33 | FBC Bancorp Inc. Orlando | Prime Bank Melbourne, Fla. | June 20 | Jan. 2 | 6.4 | 6.4 | 1.01 | NM | 2 | 43,222 |
| 34 | First National of Nebraska Inc. Omaha | Mills County Bancorp Glenwood, Iowa | June 27 | Feb. 8 | 5.5 | 5.5 | 1.16 | 17.34 | 2 | 34,171 |
| 35 | Illinois National Bancorp Inc. Springfield | First National Financial Corp. Mount Pulaski, Ill. | Sept. 19 | Jan. 9 | 5.1 | 5.1 | 1.37 | NM | 2 | 43,206 |
| 36 | Porter Bancorp Inc. Louisville | Blue River Bancshares Inc. Shelbyville, Ind. | Oct. 23 | Feb. 1 | 5.0 | 5.0 | NA | NA | 1 | 88,770 |
| 37 | First Central Nebraska Co. Broken Bow, Neb. | WoodRiver Banco Inc. Oconto, Neb. | Oct. 31 | Jan. 31 | 4.4 | 4.4 | 1.49 | 17.2 | 2 | 24,166 |
| 38 | First BanCorp. San Juan, Puerto Rico | Virgin Islands Community Bank Christiansted | Jan. 2 08 | Jan. 28 | 3.0 | 2.5 | 3.88 | NM | 3 | 65,098 |
| 39 | First Security Inc. Owensboro, Ky. | Warrick Loan and Savings Association Boonville, Ind. | Aug. 16 | Jan. 26 | 1.0 | 1.0 | 1.06 | NM | 1 | 943 |
| 40 | Cedar Valley Bankshares, Ltd. Charles City, Iowa | Thornton Bancshares Inc. Iowa | Nov. 18 | March 1 | NA | NA | NA | NA | 3 | 20,999 |
| 41 | City Savings Bancshares Inc. De Ridder, La. | Louisiana Community Bancshares Inc. Kaplan | Aug. 31 | Jan. 1 | NA | NA | NA | NA | 6 | 151,168 |
| 42 | Dakota Financial Inc. Alexandria, Minn. | Marietta Bancshares Inc. Minn. | May 31 | Jan. 1 | NA | NA | NA | NA | 1 | 7,398 |
| 43 | First Priority Financial Corp. Malvern, Pa. | Prestige Community Bank Newtown, Pa. | Oct. 19 | March 1 | NA | NA | NA | NA | 1 | NA |
| 44 | First State Bancshares Inc. Ida Grove, Iowa | Odebolt State Bank Iowa | Nov. 30 | Feb. 8 | NA | NA | NA | NA | 1 | 5,977 |
| 45 | First York Ban Corp. York, Neb. | St. Edward Management Co. Neb. | July 24 | Jan. 10 | NA | NA | NA | NA | 1 | 40,196 |
| 46 | JSA Family Limited Partnership Jacksonville, Tex. | Morrill Bancshares Inc. Merriam, Kan. | Nov. 14 | Feb. 15 | NA | NA | NA | NA | 4 | 172,891 |
| 47 | Lakeside Bank Holding Co. New Town, N.D. | Peoples Bankshares Inc. Parshall, N.D. | Dec. 7 | March 1 | NA | NA | NA | NA | 3 | 46,541 |
| 48 | Valley View Bancshares Inc. Overland Park, Kan. | Valley Bancshares Inc. Roeland, Kan. | Nov. 14 | Feb. 1 | NA | NA | NA | | 1 | 42,236 |
Note: Data as of April 3, 2008. *All dates are 2007 except where noted.
Source:SNL Financial
, Charlottesville, Va.© 2008 American Banker