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Top 25 Bank and Thrift Acquisitions Announced in the First Quarter of 2000

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Top 25 Bank and Thrift Acquisitions Announced in the First Quarter of 2000
Top 25 Bank and Thrift Acquisitions Announced
in the First Quarter of 2000

(dollars in millions, ranked by total price)
Published May 5, 2000

Rank 

Buyer

Seller 

Announcement Date 

Total Deal Price 

Price to Equity (x) 

Price to latest 12 mos. net income (x) 

Seller: Number of employees 

Buyer: Total Assets 

Seller: Total Assets 

Seller: Latest 12 mos. efficiency ratio 

Seller: ROA 

Seller: ROE 

1

Charles Schwab Corporation (The) U.S. Trust Corporation 1/13/2000 $2,618.6 7.98 32.87 1,900 N/A $4,376.7 76.40% 1.88% 29.83%

2

National Commerce Bancorp. CCB Financial Corporation 3/20/2000 1,916.6 2.64 12.61 2,831 6,806.2 8,186.3 49.89 1.93 21.40

3

North Fork Bancorporation ** Dime Bancorp ** 3/5/2000 1,884.3 1.28 7.88 3,232 11,914.8 22,601.2 75.20 1.10 16.40

4

BB&T Corporation One Valley Bancorp, Inc. 2/7/2000 1,202.1 2.12 14.68 2,375 43,481.0 6,583.1 57.38 1.30 14.15

5

Wells Fargo & Company First Commerce Bancshares, Inc. 2/2/2000 479.5 1.92 16.09 1,211 207,060.0 2,545.6 67.62 1.30 12.90

6

Carolina First Corporation Anchor Financial Corporation 1/10/2000 303.7 3.28 25.46 401 3,169.1 1,223.8 65.08 1.16 15.26

7

Harris Financial, Inc. York Financial Corporation 3/28/2000 178.8 1.59 17.13 422 2,642.2 1,650.7 63.39 0.61 8.44

8

Huntington Bancshares Inc. Empire Banc Corporation 2/7/2000 138.5 3.19 19.75 238 28,974.6 505.9 63.15 1.41 16.31

9

Mutual Savings Bank First Northern Capital Corp. 2/22/2000 132.5 1.67 17.38 230 1,843.0 839.6 56.15 0.96 9.62

10

Sterling Financial Corp. Hanover Bancorp, Inc. 1/26/2000 99.5 2.86 21.04 193 1,040.4 509.9 68.07 0.92 12.79

11

Greater Bay Bancorp Bank of Santa Clara 1/27/2000 90.8 2.84 20.75 161 2,283.9 328.6 66.68 1.31 14.36

12

Bradshaw Capital Management ** First Savings Bancorp, Inc. ** 1/3/2000 84.9 1.25 15.23 40 N/A 323.7 33.25 1.70 8.47

13

Niagara Bancorp, Inc. Iroquois Bancorp, Inc. 3/27/2000 79.0 1.97 16.32 202 1,680.1 595.1 64.45 0.81 12.07

14

SouthBanc Shares, Inc. Heritage Bancorp, Inc 2/14/2000 77.0 1.16 40.68 37 361.3 313.7 58.39 0.51 2.41

15

Richmond County Financial Corp South Jersey Financial Corp 3/15/2000 68.5 1.20 N/A 90 2,806.3 339.1 N/A 0.09 0.55

16

Mercantile Bankshares Corp. Union National Bancorp 1/21/2000 66.6 2.58 20.60 125 7,895.0 302.9 65.77 1.08 13.30

17

Bingham Financial Services Corporation Franklin Bank, N.A. 3/20/2000 62.7 1.31 N/A 234 N/A 516.6 N/A N/A N/A

18

Pacific Capital Bancorp San Benito Bank 2/3/2000 54.5 2.93 23.21 82 2,848.8 200.0 64.20 1.21 13.24

19

State National Bancshares Independent Bankshares, Inc. 2/17/2000 45.5 1.82 17.95 177 838.4 357.5 76.06 0.70 10.19

20

SouthTrust Corporation Security Bancorp, Inc. 1/20/2000 44.0 2.96 47.26 109 43,262.5 184.7 71.72 0.26 3.02

21

Frontier Financial Corporation Liberty Bay Financial Corp. 3/15/2000 41.6 2.04 15.90 102 1,261.9 188.1 65.54 1.45 13.49

22

Sound Federal Bancorp Peekskill Financial Corp 2/17/2000 41.6 1.49 27.32 24 311.6 212.7 60.90 0.76 5.94

23

Greater Bay Bancorp Bank of Petaluma 3/21/2000 40.2 2.55 16.35 74 2,625.0 189.6 63.49 1.15 15.29

24

Wachovia Corporation Commerce National Corp. 3/3/2000 38.9 2.82 25.22 46 65,805.7 179.4 61.65 0.92 11.47

25

United Community Banks, Inc. North Point Bancshares, Inc. 2/9/2000 36.4 3.85 23.81 42 2,060.4 105.6 54.53 1.45 15.64
Totals and Averages for the top 25 deals announced in the 1st quarter of 2000 $9,826.2 2.45 21.54 14,578 $440,972.1 $53,360.0 63.00% 1.08% 12.36%
Totals and Averages for all deals announced in the 1st quarter of 2000 $10,379.5 2.07 21.76 16,798 $795,304.5 $59,858.7 70.58% 0.98% 10.37%

Source:

Sheshunoff Information Services Inc.
, Austin, Texas, a Thomson Financial Company.
(**) Hostile attempt
©2000 American Banker

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