Top 100 Bank and Thrift Merger Announcements in First Half

August 07, 2001, 10:08 a.m. EDT 1 Min Read

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Top 100 Bank and Thrift Merger Announcements in First Half
Ranked by price; includes hostile and unsolicited bids Published August 7, 2001

Rank	Buyer	Target	Announced	Completed (or status)	Price ($000)	Price to equity	Price to 12-month net	Target's employees	Target's branches	Buyer's assets ($000)	Target's assets ($000)
1	SunTrust Banks Inc.* Atlanta	Wachovia Corp.* Winston-Salem, N.C.	14-May	Pending	$14,866,866	2.14	17.74	21,069	739	$103,726,385	$75,606,028
2	First Union Corp.** Charlotte, N.C.	Wachovia Corp.** Winston-Salem, N.C.	16-Apr	Pending	13,506,462	1.95	16.17	21,069	739	252,949,000	75,606,028
3	Washington Mutual Inc. Seattle	Dime Bancorp New York	25-Jun	Pending	5,148,125	2.92	29.34	6,476	123	219,925,000	27,050,041
4	BNP Paribas Paris	BancWest Corp. Honolulu	6-May	Pending	2,443,867	2.13	19.07	5,009	229	652,410,000	19,419,452
5	Royal Bank of Canada Toronto	Centura Banks Inc. Rocky Mount, N.C.	Jan. 26	5-Jun	2,314,467	2.4	23.25	3,423	245	318,943,000	11,482,009
6	Citigroup Inc. New York	European American Bank Uniondale, N.Y.	Feb. 12	Pending	1,950,000	2.72	11.18	2,210	99	902,210,000	15,426,819
7	BB&T Corp. Winston-Salem, N.C.	F & M National Corp. Winchester, Va.	Jan. 24	Pending	1,157,308	3.06	21.72	1,623	138	59,340,228	3,568,780
8	New York Community Bancorp** Flushing, N.Y.	Richmond County Financial Corp.** New York	27-Mar	Pending	782,044	2.35	19.97	549	33	4,710,785	3,213,063
9	F.N.B. Corp. Naples, Fla.	Promistar Financial Corp. Johnstown, Pa.	14-Jun	Pending	426,816	2.52	22.78	849	72	4,005,876	2,056,106
10	Banknorth Group Inc. Portland, Maine	Andover Bancorp Andover, Mass.	11-Jun	Pending	339,388	2.01	15.53	307	15	18,252,131	1,799,001
11	Marshall & Ilsley Corp. Milwaukee	National City Bancorp Minneapolis	30-Apr	Pending	249,980	1.48	13.97	271	5	26,154,545	1,203,772
12	Charter One Financial Inc. Cleveland	Alliance Bancorp Hinsdale, Ill.	Jan. 23	2-Jul	241,301	1.39	11.6	552	19	32,971,427	2,022,670
13	Bank of Montreal Toronto	First National Bancorp Joliet, Ill.	2-Mar	Pending	219,840	2.29	19.11	366	20	29,309,122	1,067,781
14	Fifth Third Bancorp Cincinnati	USB Inc. Milwaukee	Feb. 21	Pending	217,491	NA	NA	400	2	45,857,000	148,567
15	BB&T Corp. Winston-Salem, N.C.	Virginia Capital Bancshares Fredericksburg, Va.	Jan. 24	27-Jun	175,581	1.11	21.54	63	4	59,340,228	532,675
16	North Fork Bancorp. Melville, N.Y.	Commercial Bank of New York New York	Feb. 13	Pending	175,191	1.68	17.22	282	15	14,840,962	1,526,079
17	MB Financial Inc.** Chicago	MidCity Financial Corp.** Chicago	20-Apr	Pending	174,820	0.94	11.38	451	34	1,497,990	1,829,103
18	Greater Bay Bancorp Palo Alto, Calif.	SJNB Financial Corp. San Jose, Calif.	26-Jun	Pending	174,460	2.37	14.27	116	7	5,406,246	648,149
19	Banknorth Group Inc. Portland, Maine	MetroWest Bank Framingham, Mass.	11-Jun	Pending	166,274	2.63	15.29	213	17	18,252,131	914,420
20	FBOP Corporation Oak Park, Ill.	Bank Plus Corp. Los Angeles	4-Jun	Pending	146,366	2.02	NM	593	30	5,515,312	2,192,604
21	NBT Bancorp Norwich, N.Y.	CNB Financial Corp. Canajoharie, N.Y.	19-Jun	Pending	137,911	2.1	20.13	337	29	2,580,657	964,364
22	Allegiant Bancorp St. Louis	Southside Bancshares Corp. St Louis	1-May	Pending	123,874	1.66	18.85	279	23	1,143,152	772,658
23	SouthTrust Corp. Birmingham, Ala.	CENIT Bancorp Norfolk, Va.	4-May	Pending	121,576	2.22	19.81	274	20	45,957,237	664,815
24	SouthTrust Corp. Birmingham, Ala.	Community Bankshares Inc. Richmond, Va.	29-Jun	Pending	119,365	2.8	19.73	148	13	45,957,237	406,639
25	Boston Private Financial Holdings Boston	Borel Bank & Trust Co. San Mateo, Calif.	27-Jun	Pending	113,976	3.69	17.14	72	2	1,009,553	358,758
26	Connecticut Bancshares Manchester, Conn.	First Federal S&L Association of East Hartford E. Hartford, Conn.	Feb. 8	Pending	109,816	1.21	14.25	204	12	1,403,311	1,121,550
27	First Virginia Banks Inc. Falls Church, Va.	James River Bankshares Suffolk, Va.	5-Mar	2-Jul	109,762	1.96	18.79	280	27	9,516,469	516,125
28	Hanmi Financial Corp. Los Angeles	California Center Bank Los Angeles	9-May	Terminated	105,793	2.3	11.74	188	6	1,069,684	450,034
29	Synovus Financial Corp. Columbus, Ga.	FABP Bancshares Pensacola, Fla.	29-Jun	Pending	100,000	3.91	21.98	70	6	15,181,807	294,496
30	Virginia Financial Corp.** Staunton, Va.	Virginia Commonwealth Financial Corp.** Culpeper, Va.	13-Jun	Pending	89,325	1.71	17.94	189	14	495,855	465,833
31	United Parcel Service Inc. Atlanta	First International Bancorp Hartford, Conn.	Jan. 16	Pending	78,514	1.31	13.54	222	3	NA	362,228
32	WesBanco Inc. Wheeling. W.Va.	American Bancorp. Wheeling, W.Va.	Feb. 22	Pending	74,017	1.82	15.73	196	22	2,310,137	705,216
33	United Bankshares Charleston, W.Va.	Century Bancshares Washington	14-Jun	Pending	66,620	2.52	NM	68	11	4,984,804	415,483
34	BankFinancial Corp. Olympia Fields, Ill.	Success Bancshares Lincolnshire, Ill.	21-May	Pending	65,613	1.53	31.59	163	7	1,202,960	592,123
35	Mid-State Bancshares Arroyo Grande, Calif.	Americorp Ventura, Calif.	9-Apr	Pending	64,137	2.29	16.2	116	8	1,444,927	281,168
36	Colonial BancGroup Inc. Montgomery, Ala.	Manufacturers Bancshares Tampa	18-Jun	Pending	55,700	3.08	22.23	84	4	12,149,037	271,814
37	Umpqua Holdings Corp. Portland, Ore.	Independent Financial Network Inc. Coos Bay, Ore.	22-Jun	Pending	55,069	1.6	22.64	228	16	797,238	389,566
38	Security National Servicing Corp.* Eureka, Calif.	Wilshire Financial Services Group* Portland, Ore.	4-Apr	Pending	54,366	0.57	NA	332	6	NA	712,774
39	Chittenden Corp. Burlington, Vt.	Maine Bank Corp. Portland, Maine	Jan. 26	30-Apr	49,250	1.78	14.16	177	15	3,769,861	236,239
40	Regions Financial Corp. Birmingham, Ala.	Park Meridian Financial Corp. Charlotte, N.C.	27-Jun	Pending	49,030	2.01	17.84	46	3	46,143,235	283,833
41	First Banks America Inc. Clayton, Mo.	BYL Bancorp Orange, Calif.	22-Jun	Pending	48,962	1.59	32.11	220	7	2,666,405	278,731
42	Hancock Holding Co. Gulfport, Miss.	Lamar Capital Corp. Purvis, Miss.	Jan. 31	30-Jun	47,379	1.29	16.65	155	9	3,013,430	415,495
43	Texas Financial Bancorp. Minneapolis	First National Bank of Texas Decatur, Tex.	Jan. 26	31-May	43,493	1.61	10.22	111	7	2,503,360	335,011
44	Anchor BanCorp Wisconsin Inc. Madison, Wis.	Ledger Capital Corp. Glendale, Wis.	15-Jun	Pending	42,679	1.11	15.3	87	6	3,137,669	507,113
45	MB Financial Inc. Chicago	FSL Holdings Inc. S Holland, Ill.	Feb. 9	15-May	41,305	1.27	20.18	44	1	1,458,248	218,938
46	Hasten Bancshares Indianapolis	Harrington Financial Group Richmond, Ind.	30-May	Pending	40,000	2.21	19.29	89	7	1,219,385	438,461
47	Promistar Financial Corp. Johnstown, Pa.	FNH Corp. Irwin, Pa.	Feb. 25	Pending	39,868	1.27	18.87	111	11	2,070,338	303,798
48	Royal Bancshares of Pennsylvania Narberth, Pa.	Crusader Holding Co. Philadelphia	13-Mar	22-Jun	37,300	0.97	4.24	58	2	630,081	406,349
49	GB&T Bancshares Gainesville, Ga.	Community Trust Finanical Services Hiram, Ga.	Feb. 2	30-Jun	37,049	2.16	32.1	71	6	355,856	150,383
50	Pulaski Financial Corp.* St Louis	First Bancorp of Indiana Inc.* Evansville, Ind.	Jan. 30	Terminated	35,924	0.98	27.84	49	4	279,034	173,580
Rank	Buyer	Target	Announced	Completed (or status)	Price ($000)	Price to equity	Price to 12-month net	Target's employees	Target's branches	Buyer's assets ($000)	Target's assets ($000)
51	First Financial Corp. Terre Haute, Ind.	Community Financial Corp. Olney, Ill.	30-Mar	Pending	33,562	1.05	NM	120	17	2,043,267	277,697
52	Sterling Bancshares Houston	Lone Star Bancorporation, Houston	1-Mar	Pending	31,570	3.56	24.95	67	4	1,925,131	152,282
53	Camco Financial Corp. Cambridge, Ohio	Columbia Financial of Kentucky Inc. Fort Mitchell, Ky.	5-Jun	Pending	30,171	1.03	53.76	36	7	1,032,595	108,354
54	Chemical Financial Corp. Midland, Mich.	Bank West Financial Corp. Grand Rapids, Mich.	1-May	Pending	30,046	1.21	19.38	75	5	3,071,303	278,936
55	Community First Banking Co. Carrollton, Ga.	First Deposit Bancshares Douglasville, Ga.	Jan. 18	23-May	29,670	1.18	19.8	49	2	394,506	141,422
56	First Merchants Corp. Muncie, Ind.	Francor Financial Inc. Wabash, Ind.	Feb. 9	1-Jul	$29,179	1.59	13.03	65	7	$1,621,063	$164,961
57	Bank of East Asia, Limited New York	Grand National Bank Alhambra, Calif.	25-Apr	Pending	28,000	1.65	12.15	38	2	NA	151,402
58	Pocahontas Bancorp Pocahontas, Ark.	Walden/Smith Financial Group Inc. Jonesboro, Ark.	Jan. 4	15-May	27,919	1.78	NA	67	8	383,964	162,608
59	First Federal Capital Corp. La Crosse, Wis.	American Community Bankshares Wausau, Wis.	23-May	Pending	27,400	2.17	16.33	31	2	2,410,145	138,910
60	Norway Bancorp Norway, Maine	First Coastal Corp. Portland, Maine	2-Apr	Pending	27,007	1.34	NA	92	7	369,433	223,018
61	Bannister Bank & Trust Co. Kansas City, Mo.	Pembroke Bancshares Kansas City, Mo.	Jan. 2	1-May	26,000	3.6	24.28	80	8	256,994	196,051
62	ABC Bancorp Moultrie, Ga.	Golden Isles Financial Holdings St Simons Island, Ga.	Feb. 21	Pending	25,449	1.78	23.08	65	6	826,197	146,617
63	Danvers Bancorp Danvers, Mass.	RFS Bancorp Revere, Mass.	27-Apr	Pending	20,776	1.86	37.21	37	3	453,966	153,678
64	First Banks America Inc. Clayton, Mo.	Charter Pacific Bank Agoura Hills, Calif.	23-May	Pending	19,991	1.45	62.15	45	2	2,666,405	102,902
65	Three Rivers Bancorp Monroeville, Pa.	Pennsylvania Capital Bank Pittsburgh	Feb. 1	1-Jul	19,766	1.69	16.37	30	1	947,061	146,709
66	PNA Holding Co. Niles, Ill.	PS Financial Inc. Chicago	14-Jun	Pending	18,070	1.08	16.35	19	1	NA	111,982
67	Jefferson County Bancshares Festus, Mo.	Perry County Financial Corp. Perryville, Mo.	Jan. 26	29-Jun	17,657	1.41	NM	9	1	252,462	96,134
68	Russellville Bancshares Jonesboro, Ark.	First Arkansas Valley Bank Russellville, Ark.	23-Apr	Pending	17,000	1.46	9.92	74	7	NA	272,687
69	First Financial Bankshares Abilene, Tex.	City Bancshares Mineral Wells, Tex.	12-Apr	3-Jul	16,500	2.03	8.89	35	2	1,784,080	89,625
70	Mercantile Bancorp Dallas	TownBank, N.A. Mesquite, Tex.	18-May	Pending	15,750	2.45	10.98	23	1	189,656	74,774
71	CIB Marine Bancshares Pewaukee, Wis.	Citrus Financial Services Vero Beach, Fla.	6-Mar	Pending	15,200	1.68	NM	40	4	2,367,882	95,484
72	NBT Bancorp Norwich, N.Y.	First National Bancorp Norfolk, N.Y.	Jan. 2	1-Jun	15,064	1.51	16.34	58	7	2,655,788	114,239
73	Catawba Valley Bancshares** Hickory, N.C.	First Gaston Bank of N.C.** Gastonia, N.C.	31-May	Pending	14,840	1.28	13.02	44	3	174,184	111,846
74	Sun Bancorp Selinsgrove, Pa.	Guaranty Bank NA Shamokin, Pa.	Jan. 16	31-May	14,791	1.86	11.43	61	6	743,588	125,401
75	Landmark Bancshares** Dodge City, Kan.	MNB Bancshares** Manhattan, Kan.	19-Apr	Pending	14,751	0.94	12.75	0	9	223,215	155,480
76	County Bancshares Orange, Tex.	Newton Bancshares Newton, Tex.	9-Apr	Pending	14,484	1.56	13.04	70	5	NA	89,429
77	Centennial Bank Holdings Inc. Eaton, Colo.	Berthoud Bancorp Berthoud, Colo.	Feb. 9	Pending	14,000	1.91	13.31	35	3	529,385	90,953
78	First Community Bancorp Rancho Santa Fe, Calif.	First Charter Bank, N.A. Beverly Hills	22-May	Pending	13,561	1.42	NA	46	3	607,246	135,254
79	Montecito Bancorp Santa Barbara, Calif.	Valley Oaks National Bank Solvang, Calif.	18-May	Pending	13,032	2.84	17.56	28	2	362,637	63,598
80	Team Financial Inc. Paola, Kan.	Post Bancorp Colorado Springs	7-May	Pending	13,000	1.95	7.3	21	2	534,484	52,986
81	Farmers State Corp. Mountain Lake, Minn.	Owatonna Bancshares Owatonna, Minn.	24-May	Pending	13,000	2.16	23.99	34	3	316,536	66,252
82	Henderson Citizens Bancshares Henderson, Tex.	Rusk County Bancshares Henderson, Tex.	Feb. 6	2-Jul	12,550	1.58	18.93	31	4	423,674	53,533
83	Investor Group Tex.	OSB Financial Services Inc. Orange, Tex.	10-Apr	Pending	12,352	0.96	16.78	55	2	NA	176,388
84	1st Financial Bancshares Shawnee Mission, Kan.	Boonslick Bank Boonville, Mo.	Jan. 25	Pending	12,200	1.04	14.93	25	5	NA	109,619
85	State Financial Services Corp. Hales Corners, Wis.	LB Bancorp Milwaukee	7-Mar	9-Jul	12,000	1.38	18.41	26	6	1,080,786	96,863
86	Ida Grove Bancshares Ida Grove, Iowa	Alliance Bancshares Rockwell City, Iowa	Feb. 14	1-Jun	12,000	1.54	13.23	25	3	398,254	63,568
87	First National Bank Group* Edinburg, Tex.	Alamo Corporation of Texas* Austin, Tex.	14-May	Pending	11,541	1.61	NA	90	6	686,598	167,651
88	Persons Banking Co. Lithonia, Ga.	Farmers Bank Forsyth, Ga.	Feb. 7	Pending	11,000	1.51	9.3	17	1	286,084	51,593
89	Corsicana Bancshares Corsicana, Tex.	Eagle Bancshares Fairfield, Tex.	10-Mar	Pending	10,081	1.16	12.26	43	5	147,836	99,377
90	Commercial Bancgroup Harrogate, Tenn.	Cumberland Mountain Bancshares Middlesboro, Ky.	Feb. 9	Pending	9,528	1.11	NM	42	4	206,524	127,084
91	Liberty Bank Middletown, Conn.	Hometown Bank Moodus, Conn.	Jan. 23	30-Jun	9,300	1.55	14.58	23	3	1,732,041	62,001
92	Garfield Acquisition Co. Cincinnati	Foundation Bancorp Cincinnati	3-Apr	Pending	8,383	1.15	52.9	8	1	121,108	34,306
93	Advance Financial Bancorp Wellsburg, W.Va.	Ohio State Financial Services Bridgeport, Ohio	18-Apr	Pending	8,005	0.97	32.89	13	2	165,534	32,807
94	First National Bancshares Edmond, Okla.	Rockwell Bancorp Oklahoma City	Feb. 7	Pending	6,400	1.37	15.35	28	4	65,566	44,605
95	Heartland Bancorp Bloomington, Ill.	Chenoa Corp. Chenoa, Ill.	20-Mar	31-May	6,069	1.48	17.34	15	2	455,573	35,271
96	Harvard Bancorp Harvard, Ill.	Hebron Bancshares Hebron, Ill.	29-May	Pending	6,000	1.98	20.91	9	2	119,047	25,564
97	ESB Financial Corp. Ellwood City, Pa.	WSB Holding Co.Pittsburgh	16-May	Pending	5,205	1.03	23.21	12	2	1,209,103	43,209
98	ACME Holding Company Mulberry, Ark.	Mansfield Bankstock Mansfield, Ark.	9-Mar	Pending	5,000	1.3	17.86	18	2	51,959	37,686
99	Katy Bancshares Katy, Tex.	Katy Bank, N.A. Katy, Tex.	Feb. 1	Pending	4,875	1.79	17.05	16	2	NA	32,793
100	Industry Bancshares Industry, Tex.	Coupland Bancshares Coupland, Tex.	13-Apr	Pending	4,850	1.63	15.85	12	1	191,013	26,242
	Totals and averages for the top 100				$47,848,865	1.79x	19.11x	72,561	3,089		$266,418,553
	Totals and averages for all 138				$47,898,216	1.75x	21.21x	73,560	3,175		$270,164,650

*Hostile/unsolicited
**Merger of equals transaction
NA = Not available
NM = Not meaningful