Top 25 Branch SalesAnnounced in 1999

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

View Table

Printer Friendly Version

Top 25 Branch Sales Announced in 1999
(Dollars in millions) Published February 7, 2000

Rank	Buyer	Seller	Announced date	Completion date or status	Number of branches sold	Total deposits sold	Premium/ deposits	Branch sales location(s)
1	Sovereign Bancorp	FleetBoston Financial Corp.	Sept. 7, 1999	Pending	278	$12,000.0	12.00%	Conn., Mass., N.H., R.I.
2	Dime Bancorp	KeyCorp	May 27, 1999	Oct. 18, 1999	28	1,300.0	16.15	N.Y.
3	Citizens Financial Group	State Street Corp.	May 6, 1999	Oct. 1, 1999	4	1,100.0	31.82	Mass.
4	M&T Bank Corp.	Chase Manhattan Corp.	June 4, 1999	Sept. 24, 1999	29	634.0	8.68	N.Y.
5	First Capital Bankers Inc.	Pacific Elec Wire & Cable	May 26, 1999	Sept. 24, 1999	18	500.0	NA	Tex.
6	Virgin Islands Community Bank	Chase Manhattan Corp.	June 30, 1999	Pending	9	500.0	NA	Virgin Islands
7	Citizens Banking Corp.	Bank One Corp.	June 9, 1999	Oct. 8, 1999	17	442.0	8.17	Mich.
8	Charter One Financial Inc.	Chittenden Corp.	May 4, 1999	Nov. 5, 1999	14	320.9	10.50	Vt.
9	First Guaranty Bank	Bank One Corp.	July 15, 1999	Oct. 15, 1999	13	299.0	NA	La.
10	Northwest Bancorp Inc.	PNC Bank Corp.	May 5, 1999	Sept. 20, 1999	8	270.8	7.05	Penn.
11	Independent Bank Corp.	FleetBoston Financial Corp.	Sept. 27, 1999	Pending	12	269.0	12.00	Mass.
12	INTRUST Financial Corp.	U.S. Bancorp	May 14, 1999	Sept. 24, 1999	20	244.0	6.76	Kan.
13	Sun Bancorp Inc.	First Union Corp.	May 10, 1999	Sept. 9, 1999	14	230.0	10.30	N.J.
14	Sandy Spring Bancorp Inc.	Mellon Financial Corp.	July 21, 1999	Sept. 24, 1999	7	225.0	10.02	Md., Va.
15	Eastern Bank Corp.	FleetBoston Financial Corp.	Sept. 15, 1999	Pending	4	200.0	NA	Mass.
16	Webster Financial Corp.	Chase Manhattan Corp.	Nov. 17, 1999	Pending	6	175.0	NA	Conn.
17	Webster Financial Corp.	FleetBoston Financial Corp.	Nov. 24, 1999	Pending	4	175.0	NA	Conn.
18	First BanCorp	Citigroup Inc.	Oct. 20, 1999	Pending	4	170.5	NA	Puerto Rico, Virgin Islands
19	CNB Financial Corp.	Astoria Financial Corp.	April 9, 1999	Aug. 27, 1999	5	155.7	12.10	N.Y.
20	Laconia Savings Bank	FleetBoston Financial Corp.	March 17, 1999	July 23, 1999	9	154.3	NA	N.H.
21	PBOC Holdings Inc.	Bank Plus Corp.	April 1, 1999	Aug. 12, 1999	2	152.7	NA	Calif.
22	Hudson United Bancorp	First International Bancorp	Jan. 5, 1999	March 26, 1999	1	151.0	6.03	Conn.
23	NewSouth Bancorp	Centura Banks Inc.	Dec. 13, 1999	Pending	6	147.0	NA	N.C.
24	Bay View Capital Corporation	Luther Burbank Corp.	July 8, 1999	Sept. 25, 1999	2	125.0	5.25	Calif.
25	CNB Bancshares Inc.	First Indiana Corp.	March 31, 1999	Aug. 13, 1999	5	120.0	NA	Ind.
Totals and Averages for the top 25 branch sale transactions					519	$20,060.9	11.20%	-
Totals and Averages for all 200 branch sale transactions					795	$24,642.9	8.49%	-

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