Top 25 Bank and Thrift Mergers Completed in 2000

February 12, 2001, 10:08 a.m. EST 1 Min Read

View Table

Printer Friendly Version

Top 25 Bank and Thrift Mergers Completed in 2000
Ranked by completed deal price Published February 12, 2001

Rank	Buyer	Target	Announcement Date	Completion Date	Announced price ($000)	Completed price ($000)	Completed price per share	Completed price to equity (x)	Price to last 12 mos. net income (x)	Sellers last 12 mos. efficiency ratio qtr before annc.
1	Chase Manhattan Corp. New York	J.P. Morgan & Co. New York	Sept. 13, 2000	Dec. 31, 2000	$34,464,551	$29,524,804	$168.12	2.31	12.58	71.86
2	Charles Schwab Corp. (The) San Francisco	U.S. Trust Corp. New York	Jan. 13, 2000	31-May-00	2,618,595	3,068,062	145.22	8.45	37.41	76.43
3	Wells Fargo & Co. San Francisco	First Security Corp. Salt Lake City	10-Apr-00	Oct. 25, 2000	2,778,512	2,997,025	15.09	1.71	17.19	67.74
4	National Commerce Bancorp.* Memphis	CCB Financial Corp. * Durham, N.C.	20-Mar-00	3-Jul-00	1,916,597	1,541,022	39.66	2.13	10.24	49.89
5	Citizens Financial Group Providence, R.I.	UST Corp. Boston	21-Jun-99	Jan. 11, 2000	1,403,867	1,406,839	32	2.51	19.14	71.18
6	M&T Bank Corp. Buffalo	Keystone Financial Harrisburg, Pa.	17-May-00	Oct. 6, 2000	1,028,142	1,186,476	24.15	2.1	26.6	60.43
7	Wells Fargo & Co. San Francisco	National Bancorp of Alaska Anchorage	Dec. 21, 1999	14-Jul-00	906,605	1,183,495	39.16	2.57	18.54	51.77
8	BB&T Corp. Winston-Salem, N.C.	One Valley Bancorp, Inc. Charleston, W.Va.	Feb. 7, 2000	6-Jul-00	1,202,115	1,132,006	33.2	1.95	13.73	57.38
9	E*Trade Group Palo Alto, Calif.	Telebanc Financial Corp. Arlington, Va.	1-Jun-99	Jan. 12, 2000	1,794,509	1,040,226	27.37	1.82	N/M	87.57
10	BB&T Corp. Winston-Salem, N.C.	Premier Bancshares Atlanta	28-Jul-99	Jan. 13, 2000	638,405	529,445	14.5	2.92	22.95	65.88
11	Peoples Heritage Financial Group Portland, Maine	Banknorth Group, Inc. Burlington, Vt.	2-Jun-99	10-May-00	777,997	513,790	21.9	1.51	9.42	62.58
12	North Fork Bancorp Melville, N.Y.	JSB Financial Lynbrook, N.Y.	Aug. 16, 1999	Feb. 29, 2000	593,610	472,215	49.13	1.23	14.47	34.73
13	Centura Banks Rocky Mount, N.C.	Triangle Bancorp, Inc. Raleigh, N.C.	Aug. 23, 1999	Feb. 18, 2000	608,217	448,145	17.28	2.59	15.91	53.28
14	BancorpSouth Tupelo, Miss.	First United Bancshares El Dorado, Ark.	17-Apr-00	Aug. 31, 2000	455,758	416,222	16.45	1.56	12.42	57.47
15	Wells Fargo & Co. San Francisco	First Commerce Bancshares Lincoln, Neb.	Feb. 2, 2000	16-Jun-00	479,727	413,522	31	1.56	12.32	67.27
16	New York Community Bancorp Flushing, N.Y.	Haven Bancorp Westbury, N.Y.	27-Jun-00	Nov. 30, 2000	187,296	324,764	32.18	2.44	16.84	76.05
17	Old Kent Financial Corp. Grand Rapids, Mich.	Grand Premier Financial Wauconda, Ill.	Sept. 10, 1999	1-Apr-00	393,643	314,564	13.54	1.66	15.61	60.59
18	Household International Prospect Heights, Ill.	Renaissance Holdings Beaverton, Ore.	Dec. 2, 1999	Feb. 8, 2000	309,745	309,745	31.46	N/A	N/A	61.7
19	North Fork Bancorp Melville, N.Y.	Reliance Bancorp Garden City, N.Y.	Aug. 30, 1999	Feb. 18, 2000	352,612	299,328	31.5	1.59	13.45	52.8
20	Wells Fargo & Co. San Francisco	Brenton Banks Inc. Des Moines	7-Jul-00	Dec. 1, 2000	264,500	269,148	13.11	1.87	14.39	70.22
21	Wells Fargo & Co. San Francisco	Prime Bancshares Houston	29-Jul-99	Jan. 28, 2000	246,188	241,491	23.84	2.59	16.17	58.5
22	South Financial Group Greenville, S.C.	Anchor Financial Corp. Myrtle Beach, S.C.	Jan. 10, 2000	6-Jun-00	303,711	239,298	28.34	2.53	17.08	64.33
23	Fifth Third Bancorp Cincinnati	Ottawa Financial Corp. Holland, Mich.	Aug. 31, 2000	Dec. 8, 2000	168,718	218,193	30.44	2.46	21.82	56.38
24	BB&T Corp. Winston-Salem, N.C.	BankFirst Corp. Knoxville, Tenn.	Aug. 23, 2000	Dec. 27, 2000	147,024	210,061	17.42	2.18	21.5	64.93
25	Old National Bancorp Evansville, Ind.	ANB Corp. Muncie, Ind.	30-Jul-99	10-Mar-00	212,849	180,723	31.83	2.37	21.85	65.73
Totals and averages for the top 25 completed deals					$54,253,493	$48,480,609		2.36	17.46	62.67
Totals and averages for all completed deals					$63,330,457	$56,870,817		1.93	22.21	71.4

*Merger of equals transaction
Source: Thomson Financial Sheshunoff Information Services (www.sheshunoff.com)
© 2001 American Banker