Top 25 Bank and Thrift Mergers Completed in First Half

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

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Top 25 Bank and Thrift Mergers Completed in First Half
Ranked by price Published August 7, 2001

Rank	Buyer	Target	Announced	Completed	Announced price ($000)	Completed price ($000)	Completed price Per share	Completed price to: Equity	Completed price to: 12-mo. net	Accounting type	Buyer's assets ($000)	Target's assets ($000)	Target's employees
1	Firstar Corp. Milwaukee	U.S. Bancorp Minneapolis	Oct. 4 '00	Feb. 27	$21,199,357	$22,294,488	$29.66	2.58	14	Pooling	$74,506,369	$87,336,000	28,919
2	FleetBoston Financial Corp. Boston	Summit Bancorp Princeton, N.J.	Oct. 1 '00	1-Mar	6,990,720	7,427,644	42.08	2.42	14.72	Pooling	179,093,000	39,464,998	9,024
3	Fifth Third Bancorp Cincinnati	Old Kent Financial Corp. Grand Rapids, Mich.	Nov. 20 '00	2-Apr	4,947,005	5,513,703	39.54	3.1	19.7	Pooling	44,395,900	22,518,600	8,676
4	ABN Amro North America Inc. Chicago	Michigan National Corp. Farmington Hills, Mich.	Nov. 22 '00	31-Mar	2,750,000	2,750,000	NA	1.94	18.39	Purchase	69,905,711	11,634,450	3,340
5	Washington Mutual Inc. Seattle	Bank United Corp. Houston	Aug. 21 '00	Feb. 9	1,517,250	2,393,383	66.3	2.51	16.09	Purchase	185,687,190	18,197,572	2,614
6	Royal Bank of Canada Toronto	Centura Banks Inc. Rocky Mount, N.C.	Jan. 26 '01	5-Jun	2,314,467	2,092,241	52.46	2.1	16.52	Purchase	318,943,000	11,482,009	3,423
7	Comerica Inc. Detroit	Imperial Bancorp Inglewood, Calif.	Nov. 1 '00	Jan. 29	1,302,320	1,315,624	27.93	2.51	29.93	Pooling	40,885,390	7,441,954	1,379
8	BB&T Corp. Winston-Salem, N.C.	Century South Banks Inc. Alpharetta, Ga.	Dec. 5 '00	7-Jun	426,462	465,366	33.57	2.83	27.4	Pooling	56,671,181	1,614,497	678
9	Valley National Bancorp Wayne, N.J.	Merchants New York Bancorp New York	Sept. 6 '00	Jan. 19	375,930	413,727	22.04	3.94	18.91	Pooling	6,292,729	1,369,676	236
10	Wachovia Corp. Winston-Salem, N.C.	Republic Security Financial Corp West Palm Beach, Fla.	Oct. 30 '00	Feb. 28	340,055	382,152	7.79	1.85	15.29	Purchase	72,020,228	3,396,980	881
11	M&T Bank Corp. Buffalo	Premier National Bancorp Lagrangeville, N.Y.	July 10 '00	Feb. 9	341,394	347,501	21.22	2.33	16.51	Purchase	21,746,100	1,573,803	550
12	BB&T Corp. Winston-Salem, N.C.	FCNB Corporation Frederick, Md.	July 27 '00	Jan. 8	216,566	326,384	26.64	3.38	21.72	Pooling	48,796,118	1,593,067	546
13	Park National Corp. Newark, Ohio	Security Banc Corporation Springfield, Ohio	Nov. 21 '00	23-Mar	306,413	271,099	22.98	2.21	15.7	Pooling	3,212,184	986,529	312
14	Fifth Third Bancorp Cincinnati	Capital Holdings Inc. Sylvania, Ohio	Oct. 25 '00	9-Mar	243,666	260,266	34.89	2.6	21.76	Purchase	44,395,900	1,084,667	133
15	FBOP Corp. Oak Park, Ill.	PBOC Holdings Inc. Los Angeles	Dec. 11 '00	30-Apr	198,762	198,337	10	0.93	6.28	Purchase	5,398,304	3,276,687	226
16	Chemical Financial Corp. Midland, Mich.	Shoreline Financial Corporation Benton Harbor, Mich.	Aug. 22 '00	Jan. 9	173,548	179,785	15.56	2.1	14.25	Pooling	1,932,378	1,053,276	340
17	BB&T Corp. Winston-Salem, N.C.	Virginia Capital Bancshares Inc. Fredericksburg, Va.	Jan. 24 '01	27-Jun	175,581	176,104	18.56	1.1	22.61	Purchase	59,340,228	532,675	63
18	Compass Bancshares Inc. Birmingham, Ala.	FirsTier Corporation Northglenn, Colo.	Sept. 5 '00	Jan. 4	128,855	174,108	21.92	5.63	NM	Pooling	18,937,492	874,850	259
19	Union Planters Corp. Memphis	Jefferson Savings Bancorp Ballwin, Mo.	Sept. 20 '00	Feb. 12	146,154	172,860	16.87	1.24	14.72	Purchase	75,018	1,634,214	362
20	Zions Bancorp. Salt Lake City	Eldorado Bancshares Inc. Laguna Hills, Calif.	Dec. 14 '00	30-Mar	194,939	169,530	11.98	1.35	NM	Purchase	21,924,319	1,262,391	530
21	Hudson River Bancorp Hudson, N.Y.	Cohoes Bancorp Cohoes, N.Y.	Nov. 24 '00	20-Apr	160,698	159,263	19.5	1.24	24.38	Purchase	1,173,750	739,335	210
22	BB&T Corp. Winston-Salem, N.C.	FirstSpartan Financial Corp. Spartanburg, S.C.	Sept. 6 '00	2-Mar	102,148	146,342	36.71	1.88	23.19	Purchase	48,796,118	585,657	157
23	F & M National Corp. Winchester, Va.	Atlantic Financial Corp Newport News, Va.	July 6 '00	Feb. 26	71,738	123,712	28.87	2.67	26.8	Pooling	3,288,541	387,301	211
24	Glacier Bancorp Kalispell, Mont.	WesterFed Financial Corp Missoula, Mont.	Sept. 20 '00	Feb. 28	100,280	113,310	26.54	1.14	NA	Purchase	1,023,992	945,663	332
25	Trustmark Corp. Jackson, Miss.	Barret Bancorp Barretville, Tenn.	Dec. 13 '00	6-Apr	102,450	102,345	9723	1.18	15.78	Purchase	6,805,556	516,489	169
	Totals and averages for top 25 completed deals			$44,826,758	$47,969,274		2.27	18.85			$221,503,340	63,570
	Totals and averages for all 131 completed deals			$46,935,599	$50,200,190		1.83	21.14			$237,297,907	69,523