Top 25 Bank Mergers Completed in 1999

February 07, 2000, 10:08 a.m. EST 1 Min Read

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Top 25 Bank Mergers Completed in 1999
(Dollars in millions) Published February 7, 2000

Rank	Buyer	Seller	Announcement date	Completed date	Announced deal price	Completed deal price	Completed price per share	Completed price to equity (x)	Completed price to latest 12 mos. net income (x)	Seller's last 12 mo. efficiency ratio, quarter before announcement
1	Fleet Financial Group Inc.	BankBoston Corp.	March 14, 1999	Oct. 1, 1999	$16,018.2	$13,037.0	$43.38	2.54%	16.43%	64.41%
2	HSBC USA Inc.	Republic New York Corp.	May 10, 1999	Dec. 31, 1999	9,850.0	9,850.0	72.00	2.33	18.13	64.52
3	Deutsche Bank AG	Bankers Trust Corp.	Nov. 30, 1998	June 4, 1999	9,340.6	9,378.7	93.00	1.96	NM	100.72
4	Firstar Corp.	Mercantile Bancorp.	April 30, 1999	Sept. 20, 1999	10,687.3	8,301.4	51.49	2.67	20.81	57.81
5	Amsouth Bancorp.	First American Corp.	June 1, 1999	Oct. 1, 1999	6,328.2	5,190.4	43.96	2.89	20.08	59.31
6	Fifth Third Bancorp	CNB Bancshares	June 16, 1999	Oct. 29, 1999	2,293.0	2,470.3	65.14	4.70	23.13	67.00
7	U.S. Bancorp	Western Bancorp	May 19, 1999	Nov. 15, 1999	953.9	1,047.4	48.51	2.84	38.65	60.66
8	Charter One Financial Inc.	St. Paul Bancorp	May 17, 1999	Oct. 1, 1999	1,207.4	945.2	22.64	1.81	28.22	62.40
9	Roslyn Bancorp	T R Financial Corp.	May 26, 1998	Feb. 16, 1999	1,080.7	663.9	34.85	2.31	14.78	45.63
10	BB&T Corp.	MainStreet Financial Corp.	Aug. 27, 1998	March 5, 1999	539.8	661.1	46.32	3.74	35.12	58.41
11	Citizens Banking Corp.	F & M Bancorp.	April 19, 1999	Nov. 1, 1999	819.1	583.4	36.16	2.28	16.28	55.23
12	BB&T Corporation	First Liberty Financial Corp.	April 28, 1999	Nov. 19, 1999	491.8	450.0	30.61	3.31	22.11	60.42
13	Sky Financial Group Inc.	First Western Bancorp Inc.	Dec. 14, 1998	Aug. 6, 1999	425.4	443.9	38.75	2.88	24.58	58.59
14	FirstMerit Corp.	Signal Corp.	Aug. 10, 1998	Feb. 12, 1999	481.9	424.6	33.00	2.59	32.09	61.11
15	Union Planters Corp.	Republic Banking Corporation of Florida	Feb. 22, 1999	July 16, 1999	411.6	410.9	19.25	2.37	25.72	62.54
16	Chittenden Corp.	Vermont Financial Services	Dec. 16, 1998	May 28, 1999	453.9	410.1	31.16	1.87	20.94	73.60
17	Hudson United Bancorp	JeffBanks Inc.	June 29, 1999	Nov. 30, 1999	375.0	344.4	30.21	2.41	19.62	68.02
18	Peoples Heritage Financial Group	SIS Bancorp	July 20, 1998	Jan. 1, 1999	437.1	343.3	45.00	2.32	23.98	65.02
19	Sovereign Bancorp	Peoples Bancorp	Sept. 8, 1998	June 30, 1999	388.7	322.0	9.70	1.01	20.98	52.01
20	U.S. Bancorp	Bank of Commerce	Feb. 18, 1999	July 15, 1999	287.0	307.1	20.40	4.66	21.09	57.53
21	Zions Bancorp.	Pioneer Bancorp.	May 7, 1999	Oct. 15, 1999	346.5	290.8	30.14	4.18	21.72	63.16
22	Summit Bancorp	Prime Bancorp	Feb. 18, 1999	Aug. 1, 1999	302.6	284.4	24.98	3.03	21.96	55.39
23	Fifth Third Bancorp	Peoples Bank Corp.	July 12, 1999	Nov. 19, 1999	228.2	258.8	79.91	4.45	26.62	56.63
24	Sky Financial Group Inc.	Mahoning National Bancorp	June 7, 1999	Sept. 30, 1999	306.6	245.8	39.01	2.53	16.50	47.26
25	BB&T Corp.	Mason-Dixon Bancshares	Jan. 28, 1999	July 14, 1999	247.2	232.3	45.58	2.82	21.36	76.22
Totals and Averages for the top 25 completed deals					$64,301.7	$56,897.1	-	2.82%	22.95%	62.14%
Median for the top 25 completed deals					-	-	-	2.59%	21.54%	60.66%
Totals and Averages for all completed deals					$74,877.6	$67,029.7	-	2.06%	22.80%	67.86%
Median for all completed deals					-	-	-	2.02%	20.11%	64.77%

Source: Sheshunoff Information Services, Austin, Tex., a Thomson Financial company. NA - not available. NM - not meaningful.
© 2000 American Banker