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Largest Bank and Thrift Deals Completed in 2004

February 15, 2005, 10:08 a.m. EST 1 Min Read
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Largest Bank and Thrift Deals Completed in 2004

Largest Bank and Thrift Deals Completed in 2004
Ranked by price at closing. Dollars in thousands
Published February 15, 2005
  Buyer Target Date Announced deal price Price at closing: Price at closing to: Buyer's assets Seller's
Announced Completed Total Per share Equity 12-mo. net Assets Branches Employees
1 J.P. Morgan Chase & Co. New York Bank One Corp. Chicago Jan. 14, '04 June 30 $59,239,713 $58,725,789 51.18 2.33 14.54 $770,912,000 $326,563,000 1,781 71,039
2 Bank of America Corp. Charlotte FleetBoston Financial Corp. Boston Oct. 27, '03 April 01 49,604,484 49,241,382 44.97 2.63 18.52 737,088,000 196,398,000 1,570 47,441
3 Wachovia Corp. Charlotte SouthTrust Corp. Birmingham, Ala. June 21, '04 Nov. 1 14,266,628 14,983,643 43.80 3.27 19.79 410,991,000 52,672,941 708 12,407
4 Citizens Financial Group Inc. Providence, R.I. Charter One Financial Inc. Cleveland May 4, '04 Aug. 31 10,529,597 10,649,870 44.50 3.04 18.82 80,238,536 41,278,929 556 7,483
5 SunTrust Banks Inc. Atlanta National Commerce Financial Corp. Memphis May 9, '04 Oct. 1 7,025,030 7,308,784 34.76 2.57 20.31 125,244,501 23,038,522 483 5,450
6 North Fork Bancorp. Melville, N.Y. GreenPoint Financial Corp. New York Feb. 16, '04 Oct. 1 6,272,304 6,334,424 46.73 3.15 13.73 20,961,641 22,985,000 86 4,683
7 Regions Financial Corp. *Birmingham, Ala. Union Planters Corp. *Memphis Jan. 23, '04 June 30 6,008,634 5,687,573 29.61 1.81 12.86 48,597,996 31,910,729 717 10,335
8 National City Corp. Cleveland Provident Financial Group Inc. Cincinnati Feb. 17, '04 July 01 2,094,179 2,055,252 39.74 2.11 20.10 113,933,460 17,017,505 65 3,237
9 Independence Community Bank Corp. Brooklyn, N.Y. Staten Island Bancorp Inc. New York Nov. 25, '03 April 12 1,498,248 1,536,388 24.38 2.45 NA 8,935,090 7,554,089 31 2,286
10 BancWest Corp. Honolulu Community First Bankshares Fargo, N.D. March 16, '04 Nov. 1 1,216,815 1,218,464 32.25 3.44 16.79 38,352,215 5,465,107 156 2,125
11 Sovereign Bancorp Inc. Philadelphia Seacoast Financial Services Corp. New Bedford, Mass. Jan. 26, '04 July 23 1,099,213 1,091,602 35.09 2.39 26.77 43,505,329 4,385,136 67 851
12 Associated Banc-Corp. Green Bay, Wis. First Federal Capital Corp. La Crosse, Wis. April 28, '04 Oct. 29 613,689 761,639 33.04 NA NA 15,510,868 3,743,097 61 1,400
13 North Fork Bancorp. Melville, N.Y. Trust Co. of New Jersey Jersey City Dec. 16, '03 May 14 725,619 711,993 36.86 2.46 37.67 20,468,598 4,291,333 93 1,218
14 PNC Financial Services Group Pittsburgh United National Bancorp Bridgewater, N.J. Aug. 21, '03 Jan. 1 649,121 692,733 36.03 2.59 26.16 67,262,000 3,031,851 52 745
15 NewAlliance Bancshares Inc. New Haven Connecticut Bancshares Inc. Manchester July 16, '03 April 01 616,884 610,858 52.00 2.20 21.12 2,452,904 2,618,772 28 496
16 Provident Financial Services Inc. Jersey City First Sentinel Bancorp Inc. Woodbridge, N.J. Dec. 22, '03 July 14 643,818 590,920 20.02 2.41 32.35 4,171,198 2,250,729 22 292
18 Webster Financial Corp. Waterbury, Conn. FirstFed America Bancorp Inc. Swansea, Mass. Oct. 7, '03 May 14 464,527 497,817 25.70 2.13 21.49 14,608,783 2,512,296 27 680
20 Commercial Capital Bancorp Inc. Irvine, Calif. Hawthorne Financial Corp. El Segundo, Calif. Jan. 27, '04 June 04 492,841 456,203 34.99 2.16 15.57 1,723,139 2,674,003 12 386
22 BB&T Corp. Winston-Salem, N.C. Republic Bancshares Inc. St. Petersburg, Fla. Dec. 2, '03 April 14 437,059 395,133 29.15 1.83 38.11 90,355,131 2,776,226 74 857
24 Popular Inc. Hato Rey, Puerto Rico Quaker City Bancorp Inc. Whittier, Calif. March 19, '04 Aug. 31 369,612 369,612 55.00 2.31 15.45 36,434,715 1,755,062 18 248
26 Umpqua Holdings Corp. Portland, Ore. Humboldt Bancorp Roseville, Calif. March 15, '04 July 09 338,242 363,115 22.15 2.18 33.70 2,963,815 1,044,561 22 377
28 Partners Trust Financial Group Inc. Utica, N.Y. BSB Bancorp Inc. Binghamton, N.Y. Dec. 24, '03 July 14 344,689 350,386 36.00 2.20 19.56 1,285,114 2,173,104 20 551
30 Provident Bankshares Corp. Baltimore Southern Financial Bancorp Inc. Warrenton, Va. Nov. 3, '03 April 30 332,848 312,758 41.92 2.65 22.88 4,985,445 1,106,906 29 240
32 UnionBanCal Corp. San Francisco Jackson Federal Bank Brea, Calif. July 2, '04 Oct. 28 305,000 306,400 NA 1.35 11.28 46,295,831 1,907,521 16 214
33 First National Bankshares of Florida Inc. Naples Southern Community Bancorp Orlando March 22, '04 Sept. 3 226,000 303,158 37.24 3.79 35.91 3,751,164 899,249 16 194
34 Sky Financial Group Inc. Bowling Green, Ohio Second Bancorp Inc. Warren, Ohio Jan. 8, '04 July 01 320,108 302,443 31.25 2.07 17.17 12,896,494 2,116,761 33 607
35 Banknorth Group Inc. Portland, Maine CCBT Financial Cos. Inc. South Yarmouth, Mass. Dec. 9, '03 April 30 304,112 283,593 33.20 2.44 43.87 25,740,937 1,352,913 37 403
36 BancWest Corp. Honolulu USDB Bancorp Stockton, Calif. April 27, '04 Nov. 1 244,985 244,985 430.50 2.50 20.10 38,914,093 1,127,421 21 391
37 FleetBoston Financial Corp. Boston Progress Financial Corp. Blue Bell, Pa. Aug. 28, '03 Jan. 30 205,607 235,755 31.67 3.52 31.27 197,128,000 1,109,882 21 258
38 Texas Regional Bancshares McAllen Southeast Texas Bancshares Inc. Beaumont, Tex. Sept. 15, '03 March 12 226,469 234,732 103.65 2.26 17.79 4,074,954 1,058,591 28 379
39 Hibernia Corp. New Orleans Coastal Bancorp Inc. Houston Dec. 2, '03 May 12 232,893 232,508 41.50 1.57 15.84 17,565,429 2,641,056 47 681
40 Bank of Montreal Toronto New Lenox Holding Co. New Lenox, Ill. Feb. 4, '04 June 01 228,500 228,500 509.70 2.86 14.63 31,129,301 997,659 7 233
41 Fulton Financial Corp. Lancaster, Pa. Resource Bankshares Corp. Virginia Beach, Va. Aug. 25, '03 April 01 196,673 214,784 32.66 3.34 17.00 8,619,287 824,665 7 357
42 Susquehanna Bancshares Inc. Lititz, Pa. Patriot Bank Corp. Pottstown, Pa. Dec. 11, '03 June 10 205,391 198,054 28.49 2.73 23.65 5,853,412 1,011,121 20 270
43 KeyCorp Cleveland EverTrust Financial Group Inc. Everett, Wash. June 25, '04 Oct. 15 194,480 195,521 25.60 1.95 24.93 84,448,000 770,072 14 153
44 First Commonwealth Financial Corp. Indiana, Pa. GA Financial Inc. Pittsburgh Dec. 12, '03 May 24 186,046 189,318 35.30 1.85 28.76 4,820,190 882,962 12 197
45 Sterling Financial Corp. Spokane Klamath First Bancorp Inc. Ore. July 15, '03 Jan. 2 147,293 186,117 26.35 1.48 74.16 4,094,587 1,449,887 51 429
46 Seacoast Financial Services Corp. New Bedford, Mass. Abington Bancorp Inc. Mass. Oct. 21, '03 April 29 141,313 182,817 43.93 3.02 57.51 4,476,594 822,801 19 304
47 National City Corp.Cleveland Wayne Bancorp Inc. Wooster, Ohio June 4, '04 Oct. 5 181,883 181,435 28.50 1.84 19.47 111,355,060 813,670 26 312
48 Omega Financial Corp. State College, Pa. Sun Bancorp Inc. Lewisburg, Pa. April 20, '04 Oct. 1 181,989 177,511 23.03 2.07 32.05 1,131,870 1,037,218 25 297
49 FBOP Corp. Oak Park, Ill. California Savings Bank San Francisco March 8, '04 July 01 170,000 170,000 198.34 1.72 87.31 11,491,675 784,095 19 196
50 Southwest Bancorp. of Texas Houston Klein Bancshares Inc. Spring, Tex. May 20, '04 Oct. 1 165,000 165,000 299.86 3.23 15.02 6,114,218 581,392 27 263
  Totals and averages for top 50 $171,958,208 $172,337,034   2.49 25.54   $794,904,899 7,313 184,370
  Totals and averages for all 258 deals completed $178,617,436 $179,029,540   2.21 26.97   $836,628,999 8,182 198,544



* Merger of equals
Source: Highline Banking Data Services (877-305-6657)
© 2005 American Banker

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