Top Bank and Thrift Deals Completed in 2008
February 11, 2009, 10:08 a.m. EST 1 Min Read
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Top Bank and Thrift Deals Completed in 2008
Top Bank and Thrift Deals Completed in 2008Ranked by price at completion Published February 11, 2009 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rank | Buyer | Seller | Date | Price (millions) | | Buyer's | Seller's | |||||
| Announced | Completed | Announced | Completed | Equity | | Assets (000) | Branches | |||||
| 1 | Wells Fargo & Co. San Francisco | Wachovia Corp. Charlotte | Oct. 3 | Dec. 31 | $12,390.9 | $15,127.2 | 0.25 | NM | $609,074,000 | $764,378,000 | 3,346 | |
| 2 | Toronto-Dominion Bank Toronto | Cherry Hill, N.J. | Oct. 2, '07 | March 31 | 7,450.3 | 9,157.3 | 2.68 | 53.11 | 403,890,000 | 49,255,506 | 426 | |
| 3 | PNC Financial Services Group Inc. Pittsburgh | National City Corp. Cleveland | Oct. 24 | Dec. 31 | 4,621.8 | 5,603.7 | 0.27 | NM | 145,610,000 | 145,034,858 | 1,569 | |
| 4 | Mitsubishi UFJ Financial Group Inc. Tokyo | UnionBanCal Corp. San Francisco | Aug. 18 | Nov. 4 | 3,808.1 | 3,808.1 | 2.22 | 20.05 | 194,072,547 | 62,599,753 | 334 | |
| 5 | Charlotte | Countrywide Financial Corp. Calabasas, Calif. | Jan. 11 | July 1 | 2,517.8 | 4,145.3 | 0.19 | NM | 1,578,763,000 | 199,017,793 | 2 | |
| 6 | People's United Financial Inc. Bridgeport, Conn. | Chittenden Corp. Burlington, Vt. | June 26, '07 | Jan. 1 | 1,713.0 | 1,753.2 | 2.29 | 22.65 | 11,602,400 | 6,914,792 | 143 | |
| 7 | Royal Bank of Canada Toronto | Alabama National BanCorp. Birmingham | Sept. 5, '07 | Feb. 22 | 1,670.3 | 1,670.3 | 1.89 | 23.30 | 604,582,000 | 7,996,174 | 102 | |
| 8 | Fifth Third Bancorp Cincinnati | First Charter Corp. Charlotte | Aug. 15, '07 | June 6 | 1,088.6 | 1,088.6 | 2.35 | 31.56 | 101,390,000 | 4,795,861 | 63 | |
| 9 | Caja de Ahorros y Monte de Piedad de Madrid, Spain | City National Bancshares Inc. Miami | April 8 | Nov. 7 | 927.0 | 927.0 | 2.95 | 28.87 | NA | 2,800,176 | 21 | |
| 10 | National Australia Bank Ltd. Melbourne | Great Western Bancorp. Inc. Omaha | Nov. 27, '07 | June 3 | 798.0 | 798.0 | 2.96 | 20.03 | 564,634,000 | 3,579,472 | 103 | |
| 11 | Marshall & Ilsley Corp. Milwaukee | First Indiana Corp. Indianapolis | July 8, '07 | Jan. 2 | 540.1 | 540.1 | 2.99 | 26.31 | 56,531,368 | 2,103,915 | 31 | |
| 12 | PNC Financial Services Group Inc. Pittsburgh | Sterling Financial Corp. Lancaster, Pa. | July 19, '07 | April 4 | 537.4 | 559.9 | 4.87 | NM | 122,563,000 | 3,286,643 | 68 | |
| 13 | National Penn Bancshares Inc. Boyertown, Pa. | KNBT Bancorp Inc. Bethlehem, Pa. | Sept. 6, '07 | Feb. 1 | 480.5 | 460.1 | 1.37 | 26.83 | 5,621,170 | 2,873,476 | 56 | |
| 14 | KeyCorp Cleveland | U.S.B. Holding Co. Inc. Orangeburg, N.Y. | July 26, '07 | Jan. 1 | 438.4 | 586.3 | 1.85 | 16.16 | 94,076,000 | 3,070,864 | 31 | |
| 15 | F.N.B. Corp. Hermitage, Pa. | Omega Financial Corp. State College, Pa. | Nov. 8, '07 | April 1 | 398.8 | 378.1 | 1.19 | 18.90 | 6,124,174 | 1,789,100 | 67 | |
| 16 | TD Ameritrade Holding Corp. Omaha | Fiserv Inc. Brookfield, Wis. (1) | May 24, '07 | Feb. 4 | 372.6 | 325.0 | 2.40 | 26.43 | 18,531,916 | 2,064,652 | 1 | |
| 17 | First Interstate BancSystem Inc. Billings, Mont. | First Western Bancorp Inc. Huron, S.D. (2) | Sept. 18, '07 | Jan. 10 | 248.1 | 251.4 | 3.07 | 17.88 | 4,934,826 | 889,661 | 18 | |
| 18 | Virginia Financial Group Inc. Culpeper | FNB Corp. Christiansburg, Va. | July 26, '07 | Feb. 28 | 201.7 | 240.2 | NM | NM | 1,601,153 | 1,505,989 | 28 | |
| 19 | Washington Federal Inc. Seattle | First Mutual Bancshares Inc. Bellevue, Wash. | July 2, '07 | Feb. 1 | 188.2 | 189.8 | 2.50 | 20.99 | 9,877,795 | 1,017,321 | 12 | |
| 20 | S&T Bancorp Inc. Indiana, Pa. | IBT Bancorp Inc. Irwin, Pa. | Dec. 16, '07 | June 6 | 180.9 | 173.7 | 2.60 | 22.51 | 3,361,746 | 827,191 | 10 | |
| 21 | BMO Financial Group Toronto | Ozaukee Bank Cedarburg, Wis. | July 9, '07 | Feb. 29 | 174.3 | 191.1 | 3.38 | 21.52 | 356,527,000 | 749,708 | 7 | |
| 22 | Eastern Bank Corp. Boston | MASSBANK Corp. Reading, Mass. | March 10 | Sept. 3 | 171.9 | 171.9 | 1.63 | 42.64 | 6,797,403 | 783,031 | 15 | |
| 23 | CapitalSource Inc. Chevy Chase, Md. | Fremont General Corp. Brea, Calif. (3) | April 13 | July 25 | 162.0 | 170.0 | NA | NA | NA | NA | 22 | |
| 24 | Whitney Holding Corp. New Orleans | Parish National Corp. Covington, La. | June 8 | Nov. 7 | 158.0 | 165.0 | 2.52 | 16.33 | 10,781,912 | 759,024 | 17 | |
| 25 | First Niagara Financial Group Inc. Lockport, N.Y. | Great Lakes Bancorp Inc. Buffalo | Sept. 9, '07 | Feb. 15 | 141.6 | 151.5 | 1.08 | NM | 8,020,806 | 903,747 | 16 | |
| 26 | Harleysville National Corp. Pa. | Willow Financial Bancorp Inc. Wayne, Pa. | May 20 | Dec. 5 | 139.6 | 161.5 | 0.97 | NM | 3,894,019 | 1,586,970 | 29 | |
| 27 | Valley National Bancorp Wayne, N.J. | Greater Community Bancorp Totowa, N.J. | March 19 | July 1 | 137.7 | 167.2 | 1.89 | 16.34 | 12,748,959 | 998,078 | 17 | |
| 28 | BMO Financial Group Toronto | Merchants and Manufacturers Bancorp. Inc. New Berlin, Wis. | July 9, '07 | Feb. 29 | 136.9 | 136.9 | 1.49 | NM | 356,527,000 | 1,381,689 | 48 | |
| 29 | SunTrust Banks Inc. Atlanta | GB&T Bancshares Inc. Gainesville, Ga. | Nov. 2, '07 | May 1 | 124.2 | 154.7 | 0.57 | NM | 175,857,229 | 1,939,012 | 29 | |
| 30 | Anchor BanCorp Wisconsin Inc. Madison, Wis. | S&C Banco Inc. New Richmond, Wis. | July 11, '07 | Jan. 2 | 106.0 | 106.0 | 2.04 | 25.49 | 4,539,685 | 406,544 | 17 | |
| 31 | Cape Bancorp Inc. Cape May Court House, N.J. | Boardwalk Bancorp Inc. Linwood, N.J. | July 26, '07 | Jan. 31 | 100.9 | 100.9 | 2.02 | NM | 609,764 | 445,343 | 7 | |
| 32 | First Citizens Bancorp. Inc. Columbia, S.C. | Community Bankshares Inc. Orangeburg, S.C. | June 25 | Nov. 1 | 95.9 | 95.9 | 1.81 | 45.11 | 6,404,701 | 586,885 | 11 | |
| 33 | Independent Bank Corp. Rockland, Mass. | Slade's Ferry Bancorp. Somerset, Mass. | Oct. 11, '07 | Feb. 29 | 95.7 | 105.2 | 1.84 | 33.83 | 2,658,033 | 610,169 | 9 | |
| 34 | Old Second Bancorp Inc. Aurora, Ill. | HeritageBanc Inc. Frankfort, Ill. | Nov. 5, '07 | Feb. 8 | 86.0 | 86.0 | 3.03 | 24.55 | 2,631,556 | 343,538 | 6 | |
| 35 | First Merchants Corp. Muncie, Ind. | Lincoln Bancorp Plainfield, Ind. | Sept. 2 | Dec. 31 | 83.9 | 77.0 | 1.17 | NM | 3,822,460 | 830,906 | 17 | |
| 36 | PremierWest Bancorp Medford, Ore. | Stockmans Financial Group Elk Grove, Calif. | Oct. 19, '07 | Jan. 26 | 79.9 | 88.5 | 2.22 | 13.84 | 1,114,913 | 366,780 | 5 | |
| 37 | F.N.B. Corp. Hermitage, Pa. | Iron & Glass Bancorp Inc. Pittsburgh | Feb. 14 | Aug. 16 | 78.0 | 87.7 | 1.97 | 23.74 | 6,088,021 | 315,329 | 8 | |
| 38 | Prosperity Bancshares Inc. Houston | 1st Choice Bancorp Inc. Houston | Feb. 7 | June 1 | 74.9 | 66.7 | 2.92 | 16.76 | 6,372,343 | 313,880 | 2 | |
| 39 | Hillister Enterprises II Inc. Beaumont, Tex. | Crosby Bancshares Inc. Tex. | Sept. 19 | Dec. 16 | 72.5 | 72.5 | 3.37 | 26.74 | 559,355 | 354,869 | 8 | |
| 40 | Hampton Roads Bankshares Inc. Norfolk | Gateway Financial Holdings Inc. Virginia Beach | Sept. 23 | Dec. 31 | 66.0 | 86.5 | 0.40 | NM | 845,490 | 2,279,684 | 37 | |
| 41 | ISB Financial Corp. Iowa City | MidWestOne Financial Group Inc. Oskaloosa, Iowa | Sept. 11, '07 | March 14 | 64.4 | 92.3 | NM | NM | 680,680 | 786,987 | 19 | |
| 42 | Camden National Corp. Maine | Union Bankshares Co. Ellsworth, Maine | Aug. 13, '07 | Jan. 3 | 63.2 | 73.3 | 1.46 | 16.09 | 1,761,103 | 550,679 | 13 | |
| 43 | National Penn Bancshares Inc. Boyertown, Pa. | Christiana Bank & Trust Co. Greenville, Del. | June 25, '07 | Jan. 4 | 57.9 | 64.6 | 2.78 | 29.90 | 5,520,052 | 163,688 | 2 | |
| 44 | 1st United Bancorp Inc. Boca Raton, Fla. | Equitable Financial Group Inc. Fort Lauderdale, Fla. | Oct. 1, '07 | Feb. 29 | 55.6 | 55.6 | 2.24 | 23.59 | 350,655 | 178,941 | 5 | |
| 45 | Hampton Roads Bankshares Inc. Norfolk | Shore Financial Corp. Onley, Va. | Jan. 8 | May 30 | 54.4 | 55.8 | 1.94 | 21.38 | 544,225 | 267,131 | 8 | |
| 46 | Community Bankers Acquisition Corp. Alexandria, Va. | BOE Financial Services of Virginia Inc. Tappahannock | Dec. 13, '07 | May 31 | 52.0 | 52.0 | 1.71 | 21.41 | NA | 315,848 | 7 | |
| 47 | First National Bancshares Inc. Spartanburg, S.C. | Carolina National Corp. Columbia, S.C. | Aug. 26, '07 | Jan. 31 | 50.2 | 59.3 | 1.57 | 30.35 | 554,885 | 228,026 | 5 | |
| 48 | Community Bankers Acquisition Corp. Alexandria, Va. | TransCommunity Financial Corp. Glen Allen, Va. | Sept. 5, '07 | May 31 | 48.7 | 48.7 | 1.54 | 17.93 | NA | 251,725 | 5 | |
| 49 | First Defiance Financial Corp. Defiance, Ohio | Pavilion Bancorp Inc. Adrian, Mich. | Oct. 2, '07 | March 14 | 47.8 | 54.6 | 1.63 | 20.96 | 1,540,675 | 278,636 | 10 | |
| 50 | Pinnacle Bancorp Inc. Central City, Neb. | First Azle Bancshares Inc. Tex. | May 23 | Sept. 2 | 47.3 | 47.3 | 2.75 | 19.81 | 4,689,757 | 201,541 | 6 | |
| Totals and averages for top 50 deals completed | 43,399.9 | 50,829.5 | $1,284,979,585 | 6,838 | ||||||||
| Totals and averages for all 215 deals completed | 44,902.0 | 52,403.8 | $1,304,367,819 | 7,294 | ||||||||
(1) Target is Fiserv Trust Co., Denver
(2) Target is First Western Banks in South Dakota
(3) Target is retail deposits and assets in California
SNL Financial
, Charlottesville, Va.© 2009 American Banker