Top 25 Branch Sales Deals Announced in 2001
February 12, 2002, 10:08 a.m. EST 1 Min Read
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Top 25 Branch Sales Deals Announced in 2001
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| Published February 12, 2002 | |
Buyer | Seller | Announcement | Closing Date or status | Branches sold | Deposits sold ($000) | Premium to deposits | Branch Locations | |
| 1 | Citizens Financial Group Providence, R.I. | Mellon Financial Corp. Pittsburgh | 17-Jul | Dec. 1 | 345 | $13,400,000 | 16.00% | Pa., Va., N.J., Del. |
| 2 | SunTrust Banks Inc. Atlanta | Huntington Bancshares Inc. Columbus, Ohio | Sept. 26 | Pending | 141 | 4,700,000 | 15 | Fla. |
| 3 | National Commerce Financial Corp. Memphis | First Union Corp. Charlotte, N.C. | Aug. 13 | Pending | 37 | 1,500,000 | NA | N.C., S.C., Va., Ga. |
| 4 | Bremer Financial Corp. St Paul | U.S. Bancorp Minneapolis | Jan. 31 | 11-May | 11 | 750,000 | 8 | Minn. |
| 5 | U.S. Bancorp Minneapolis | Pacific Century Financial Corp. Honolulu | 5-Jun | Sept. 7 | 20 | 712,000 | 14.33 | Calif. |
| 6 | Community Bank System Inc. De Witt, N.Y. | FleetBoston Financial Corp. Boston | 8-Jun | Nov. 16 | 36 | 473,000 | 16.9 | N.Y. |
| 7 | Marshall & Ilsley Corp. Milwaukee | Fifth Third Bancorp Cincinnati | 11-Apr | Sept. 7 | 11 | 455,200 | 10.98 | Ariz. |
| 8 | Klamath First Bancorp Inc. Klamath Falls, Ore. | Washington Mutual Inc. Seattle | 29-May | Sept. 7 | 13 | 425,000 | 8 | Ore. |
| 9 | Colonial BancGroup Inc. Montgomery, Ala. | Union Planters Corp. Memphis | 18-Jun | Oct. 11 | 13 | 358,000 | 5.87 | Ala., Fla. |
| 10 | Fulton Financial Corp. Lancaster, Pa. | Sovereign Bancorp Inc. Philadelphia | Jan. 29 | 8-Jun | 18 | 319,000 | 9.4 | Del., N.J., Pa. |
| 11 | Sky Financial Group Inc. Bowling Green, Ohio | ABN Amro North America Inc. Chicago | 11-Jul | Oct. 29 | 10 | 290,000 | NA | Ohio |
| 12 | Richmond County Financial Corp. New York | FleetBoston Financial Corp. Boston | Feb. 27 | 22-Jun | 7 | 276,000 | NA | N.Y., N.J. |
| 13 | BancWest Corp. Honolulu | UnionBanCal Corp. San Francisco | 31-May | Nov. 9 | 3 | 216,379 | 7 | Guam |
| 14 | 1st Source Corp. South Bend, Ind. | ABN Amro North America Inc. Chicago | Aug. 9 | Nov. 12 | 13 | 200,000 | NA | Ind. |
| 15 | FloridaFirst Bancorp Inc. Lakeland. Fla. | SunTrust Banks Inc. Atlanta | Dec. 6 | Pending | 7 | 165,000 | 7.61 | Fla. |
| 16 | Midland Bancshares Inc. Midland, Tex. | Washington Mutual Inc. Seattle | Nov. 19 | Pending | 5 | 163,000 | NA | Tex. |
| 17 | Chemical Financial Corp. Midland, Mich. | Fifth Third Bancorp Cincinnati | 23-Mar | 13-Jul | 4 | 150,600 | 10.92 | Mich. |
| 18 | Exchange Bancshares Inc. Mayfield, Ky. | Union Planters Corp. Memphis | 8-May | Sept. 14 | 6 | 116,841 | 4.71 | Ky. |
| 19 | Commonwealth Community Bancorp Grundy, Va. | First Union Corp. Charlotte, N.C. | Feb. 23 | Feb. 23 | 2 | 115,505 | NA | Va. |
| 20 | First Community Bancshares Inc. Bluefield, Va. | BB&T Corp. Winston-Salem, N.C. | Aug. 9 | Dec. 7 | 4 | 115,000 | NA | Va. |
| 21 | Affinity Bank Ventura, Calif. | Firstplus Bank Tustin, Calif. | Jan. 3 | 1-Mar | 1 | 103,100 | 2.5 | Calif. |
| 22 | Regions Financial Corp. Birmingham, Ala. | Union Planters Corp. Memphis | Sept. 8 | Nov. 9 | 3 | 101,761 | 5.97 | Tex. |
| 23 | Allegiant Bancorp Inc. St. Louis | Great Southwestern Financial Houston | Aug. 22 | Dec. 17 | 5 | 101,346 | 1.98 | Mo. |
| 24 | Stockmens Bancorp Kingman, Ariz. | Community First Bankshares Fargo, N.D. | 22-Mar | 22-Jun | 8 | 92,500 | 3.65 | Ariz. |
| 25 | North Country Financial Corp. Traverse City, Mich. | ABN Amro North America Inc. Chicago | Aug. 3 | Pending | 6 | 90,000 | NA | Mich. |
| Totals and averages for the top 25 | 729 | $25,389,232 | 8.75% | |||||
| Totals and averages for all 213 | 1,026 | $29,564,555 | 6.57% |
Source: Thomson Financial/Sheshunoff Information Services (www.sheshunoff.com)