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Top Bank and Thrift Mergers Completed in 2003

February 12, 2004, 10:08 a.m. EST 1 Min Read
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Top Bank and Thrift Mergers Completed in 2003

Top Bank and Thrift Mergers Completed in 2003
Ranked by completion price. Dollars in thousands
Published February 12, 2004
    Date Announced price Completed Completed price to: Buyer’s assets Target’s
  Buyer Seller Announced Completed Price Per share Equity 12-mo. net Assets Employees Branches
1 BB&T Corp. Winston-Salem, N.C. First Virginia Banks Inc. Falls Church Jan. 21, '03 Jul. 1 $3,389,357 $3,058,240 $44.11 2.6 16.14 $80,216,816 $11,245,996 4,813 371
2 M&T Bank Corp. Buffalo Allfirst Financial Inc. Baltimore Sept. 26, '02 Mar. 31 2,880,063 2,984,193 4,992.26 1.7 16.01 31,685,531 17,014,276 5,773 262
3 New York Community Bancorp Inc. Westbury Roslyn Bancorp Jericho, N.Y. June 27, '03 Oct. 31 1,614,084 2,168,083 27.15 3.83 13.8 12,019,625 10,809,449 838 35
4 Wells Fargo & Co. San Francisco Pacific Northwest Bancorp Seattle May 19, '03 Oct. 31 624,911 706,171 39.22 2.45 22.46 369,669,000 3,084,190 783 57
5 PNC Financial Services Group Pittsburgh United National Bancorp Bridgewater, N.J. Aug. 21, '03 Dec. 31 649,121 692,733 36.03 2.59 26.16 67,262,000 3,149,528 745 52
6 Banknorth Group Inc. Portland, Maine American Financial Holdings Inc. New Britain, Conn. Aug. 22, '02 Feb. 14 735,387 676,080 29.66 1.52 20.41 21,260,638 2,869,494 289 34
7 Mercantile Bankshares Corp. Baltimore F & M Bancorp Frederick, Md. March 13, '03 Aug. 12 485,841 558,498 50.63 2.8 20.01 10,790,376 2,148,806 708 54
8 Citizens Financial Group Inc. Providence, R.I. Commonwealth Bancorp Inc. Norristown, Pa. Sept. 30, '02 Jan. 17 497,787 498,173 46.5 3.01 23.48 55,461,865 1,800,298 763 63
9 Cathay Bancorp Inc. Los Angeles GBC Bancorp Los Angeles May 7, '03 Oct. 20 453,097 484,423 40.33 2.21 NA 2,912,608 2,406,685 395 21
10 MAF Bancorp Inc. Clarendon Hills, Ill. St. Francis Capital Corp. Brookfield, Wis. May 21, '03 Dec. 1 263,623 357,707 35.18 1.72 13.45 5,984,930 2,254,341 493 23
11 General Electric Co. Fairfield, Conn. Mill Creek Bank Salt Lake City March 5, '03 Mar. 15 310,000 310,000 N.A 0.96 2.98 NA 3,042,016 733 1
12 Citizens Financial Group Inc. Providence, R.I. Port Financial Corp. Brighton, Mass. April 17, '03 Jul. 31 309,696 309,696 54 2.31 20.38 66,999,690 1,546,490 186 11
13 Chittenden Corp. Burlington, Vt. Granite State Bankshares Keene, N.H. Nov. 7, '02 Feb. 28 249,330 245,009 44.68 2.61 17 4,965,783 1,107,364 347 19
14 Arvest Bank Group Inc. Bentonville, Ark. Superior Financial Corp. Little Rock May 16, '03 Aug. 28 212,279 212,308 23.75 1.42 13.13 4,943,012 1,783,485 779 68
15 Sterling Financial Corp. Spokane Klamath First Bancorp Inc. Klamath Falls, Ore. July 15, '03 Dec. 31 147,293 186,117 26.35 1.48 74.16 4,094,587 1,537,118 429 51
16 South Financial Group Inc. Greenville, S.C. MountainBank Financial Corp. Hendersonville, N.C. May 14, '03 Oct. 3 139,732 151,956 34.95 2.22 19.61 8,965,211 959,116 221 17
17 F.N.B. Corp. Naples, Fla. Charter Banking Corp. Tampa Feb. 3, '03 Mar. 31 150,250 150,250 N.A 3.22 22.66 7,090,232 679,059 181 17
18 Royal Bank of Canada Toronto Admiralty Bancorp Inc. Palm Beach Gardens, Fla. Aug. 29, '02 Jan. 29 149,826 149,826 26 2.86 27.55 14,085,354 595,542 122 10
19 Keystone Savings Bank Bethlehem, Pa. First Colonial Group Inc. Nazareth, Pa. March 6, '03 Oct. 31 85,446 148,753 62.9 3.32 33.25 1,017,214 642,244 201 17
20 Seacoast Financial Services Corp. Mass. Bay State Bancorp Inc. Brookline, Mass. Dec. 19, '02 May. 31 126,010 132,075 26.25 2.24 17.1 3,722,708 596,868 109 6
21 SunTrust Banks Inc. Atlanta Lighthouse Financial Services Hilton Head Island, S.C. Jan. 22, '03 Jun. 2 129,683 130,188 42.96 3.61 14.98 117,322,523 624,053 134 5
22 Northwest Bancorp Inc. Warren, Pa. First Bell Bancorp Inc. Pittsburgh March 12, '03 Aug. 29 124,729 124,729 26.25 1.48 16.51 4,950,682 923,103 55 7
23 United Bankshares Inc. Charleston, W.Va. Sequoia Bancshares Inc. Bethesda, Md. April 7, '03 Oct. 10 111,008 119,269 42.85 3.69 17.96 5,816,539 539,617 130 12
24 Citizens Financial Group Inc. Providence, R.I. Community Bancorp Inc. Hudson, Mass. July 30, '03 Oct. 31 116,906 117,566 19.75 2.84 20.91 69,393,559 457,270 133 11
25 MAF Bancorp Inc. Clarendon Hills, Ill. Fidelity Bancorp Inc. Chicago Dec. 17, '02 Jul. 21 101,440 117,018 34.98 1.79 10.35 5,902,523 723,199 127 5
  Totals and averages for top 25 Deals       $14,056,899 $14,789,061   2.42 20.02        
  Totals and averages for all 226 completed transactions       $18,733,856 $19,580,064   1.89 22.87        


Source: Sheshunoff Information Services, a division of Thomson Corp.
© 2004 American Banker

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