Top Line-of-Business Acquisition Deals Announced in First Half Published August 7, 2001
August 07, 2001, 10:08 a.m. EDT 1 Min Read
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Top Line-of-Business Acquisition Deals Announced in First Half Published August 7, 2001
| Deals Announced in First Half Published August 7, 2001 |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Credit Card Portfolios | |||||||
| 1 | Citigroup Inc. N.Y. | Peoples Bank Conn. | 6-Apr | 6-Apr | $526,000 | $426,000 | |
| 2 | MBNA Corp. Del. | Abbey National PLC U.K. | 19-Mar | 19-Mar | 413,000 | 349,000 | |
| 3 | Citigroup Inc. N.Y. | Canadian Tire Corp. Can. | 2-Mar | Pending | 87,400 | NA | |
| 4 | Undisclosed Acquiror UN | Chittenden Corp. Vt. | Feb. 15 | Feb. 15 | 43,300 | 39,000 | |
| 5 | Bank One Corp. Ill. | Wachovia Corp. N.C. | 9-Apr | Pending | NA | 8,000,000 | |
| 6 | Hudson United Bancorp N.J. | Transamerica Finance Corp. Calif. | 22-Mar | Pending | NA | 85,000 | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Insurance Operations | |||||||
| 1 | First Financial Corp. Ind. | Forrest Sherer Inc. Ind. | 22-Mar | 30-Apr | $8,500 | NA | |
| 2 | Indiana United Bancorp Ind. | Vollmer & Associates Inc. Ind. | Jan. 12 | 2-Apr | 1,043 | NA | |
| 3 | CoBiz Inc. Colo. | Milek Insurance Services Inc. Colo. | 1-Mar | 1-Mar | 778 | NA | |
| 4 | Hawarden Bancshares Iowa | G-W Insurance Services Inc. Iowa | 7-Mar | Pending | NA | $165 | |
| 5 | BB&T Corp. N.C. | Clark Consulting Group Inc. Va. | Jan. 16 | Feb. 18 | NA | NA | |
| 6 | BB&T Corp. N.C. | Stephens & Company Insurance Services Inc. Ga. | Feb. 16 | 15-Apr | NA | NA | |
| 7 | CFS Bancorp Ind. | Lundeberg Insurance Associates Inc. Ind. | 9-May | Pending | NA | NA | |
| 8 | Commerce Bancorp N.J. | Fitzsimmons Insurance & Financial Services Inc. N.J. | Jan. 4 | Jan. 4 | NA | NA | |
| 9 | Commerce Bancorp N.J. | Brettler Financial Group N.J. | 29-Jun | Pending | NA | NA | |
| 10 | Community Banks Inc. Pa. | Sentinel Agency Inc. Pa. | 30-Apr | 27-Jun | NA | NA | |
| 11 | Community First Bankshares N.D. | Barnard Insurance Agency Wy. | Jan. 8 | Jan. 8 | NA | NA | |
| 12 | Community First Bankshares N.D. | C. R. Motis Insurance Agency Inc. Wy. | 1-Mar | 1-Mar | NA | NA | |
| 13 | Community First Bankshares N.D. | Oftedahl Insurance Services Minn. | Jan. 8 | Jan. 8 | NA | NA | |
| 14 | Continental Capital Corp. Ohio | Sky Financial Group Inc. Ohio | 15-Mar | 15-Mar | NA | NA | |
| 15 | Cullen/Frost Bankers Inc. Tex. | AIS Insurance & Risk Management Tex. | 14-Jun | Pending | NA | NA | |
| 16 | First Bancorp N.C. | Hobbs Insurance and Realty Co. N.C. | 30-May | 30-May | NA | NA | |
| 17 | First Bancorp N.C. | Aberdeen Insurance & Realty Company Inc. N.C. | 30-May | 30-May | NA | NA | |
| 18 | First Financial Holdings S.C. | Kinghorn Insurance Agency S.C. | 18-May | 31-May | NA | NA | |
| 19 | First National of Nebraska Neb. | Gregorys Inc. Neb. | Jan. 4 | Jan. 11 | NA | NA | |
| 20 | Gateway Bank & Trust Co. N.C. | Fidelity Insurance N.C. | Jan. 5 | Jan. 5 | NA | NA | |
| 21 | Hibernia Corp. La. | Wright & Percy Insurance Inc. La. | 26-Mar | 26-Mar | NA | NA | |
| 22 | Iberiabank Corp. La. | Burch Marcos Pool Krupp Daniel & Babineaux Inc. La. | Jan. 11 | Jan. 11 | NA | NA | |
| 23 | Interchange Financial Services Corp. N.J. | Stewart Title Insurance Agency N.J. | Feb. 8 | Feb. 8 | NA | NA | |
| 24 | International Bancshares Corp. Tex. | Grove Agency Insurance Inc. Tex. | 1-Apr | 1-Apr | NA | NA | |
| 25 | McCook National Co. Neb. | Harr Insurance Services Neb. | 8-Apr | 8-Apr | NA | NA | |
| 26 | McCook National Co. Neb. | Marsh Insurance Inc. Neb. | 8-Apr | 8-Apr | NA | NA | |
| 27 | NB&T Financial Group Inc. Ohio | Bacon Agencies Ohio | 3-May | 11-May | NA | NA | |
| 28 | New Mexico Banquest Investors Corp. N.M. | Kelly Agency N.M. | Jan. 26 | Jan. 26 | NA | NA | |
| 29 | Pacific Century Financial Corp. Hawaii | Hawaiis Insurance Network Hawaii | 26-Jun | 26-Jun | NA | NA | |
| 30 | Regions Financial Corp. Ala. | Rebsamen Insurance Inc. Ark. | Feb. 8 | Feb. 8 | NA | NA | |
| 31 | Stoneham Savings Bank Mass. | New England Heritage Insurance Agency Mass. | 10-Apr | Pending | NA | NA | |
| 32 | Surrey Bank & Trust N.C. | Central Insurance Agency Inc. N.C. | Jan. 3 | Jan. 3 | NA | NA | |
| 33 | Wachovia Corp. N.C. | Hamilton Dorsey Alston Co. Ga. | 14-Mar | 1-May | NA | NA | |
| 34 | Warwick Community Bancorp N.Y. | Hardenburgh Abstract Co. of Orange County Inc. N.Y. | Feb. 7 | Feb. 7 | NA | NA | |
| 35 | Webster Financial Corp. Conn. | Musante Reihl Associates Conn. | Jan. 10 | Jan. 10 | NA | NA | |
| 36 | Webster Financial Corp. Conn. | Benefit Plans Design & Administration Inc. Conn. | 9-Apr | 9-Apr | NA | NA | |
| 37 | Webster Financial Corp. Conn. | Wolff-Zackin & Associates Inc. Conn. | 9-Apr | 9-Apr | NA | NA | |
| 38 | Wells Fargo & Co. Calif. | Buffalo Insurance Agency Group Inc. Minn. | 1-Mar | 1-Mar | NA | NA | |
| 39 | Wells Fargo & Co. Calif. | Acordia Inc. Minn. | 8-Mar | 1-May | NA | NA | |
| 40 | Woronoco Bancorp Mass. | Keyes & Mattson Insurance Agency Inc. Mass. | 26-Jun | Pending | NA | NA | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Investment Advisory | |||||||
| 1 | FleetBoston Financial Corp. Mass. | Liberty Financial Co. Mass. | 4-Jun | Pending | $1,010,000 | $51,000,000 | |
| 2 | Wells Fargo & Co. Calif. | H.D. Vest Inc. Tex. | 23-Mar | 29-Jun | 127,500 | NA | |
| 3 | Synovus Financial Corp. Ga. | Creative Financial Group Ltd. Ga. | Jan. 16 | Feb. 28 | 26,086 | 940,000 | |
| 4 | SunTrust Banks Inc. Ga. | Asset Management Advisors Fla. | 28-Mar | 28-Mar | 22,000 | NA | |
| 5 | Boston Private Financial Holdings Mass. | Taylor Investments Inc. N.H. | Jan. 8 | Feb. 28 | 10,500 | 535,000 | |
| 6 | PennRock Financial Services Pa. | National Advisory Group Inc. Pa. | Jan. 11 | 19-Mar | 6,600 | 150,000 | |
| 7 | Camden National Corp. Maine | Gouws Capital Management Inc. Maine | 7-May | Pending | 2,120 | 400,000 | |
| 8 | UNB Corp. Ohio | Rownd Financial Advisors Corp. Ohio | 13-Jun | 15-Jun | 551 | NA | |
| 9 | Commonwealth Bancshares Ky. | SMC Capital Inc. Ky. | Feb. 15 | Pending | 125 | NA | |
| 10 | Allegiant Bancorp Mo. | Gold Tower Investment Advisors Inc. Mo. | Jan. 10 | Jan. 10 | NA | 20,000 | |
| 11 | AMVESCAP PLC U.K. | National City Corp. Ohio | 1-Mar | Pending | NA | NA | |
| 12 | Boston Private Financial Holdings Mass. | Kanon Bloch Carre Mass. | 29-Jun | Pending | NA | NA | |
| 13 | Cambridge Bancorp Mass. | White Mountain Investment Inc. N.H. | Jan. 9 | Jan. 9 | NA | NA | |
| 14 | Conestoga Capital Advisors Pa. | M&T Bank Corp. N.Y. | 30-Jun | 30-Jun | NA | NA | |
| 15 | First Southwest Co. Tex. | FleetBoston Financial Corp. Mass. | 15-May | Pending | NA | NA | |
| 16 | Mellon Financial Corp. Pa. | Van Deventer & Hoch Calif. | 18-Jun | Pending | NA | 1,000,000 | |
| 17 | Mellon Financial Corp. Pa. | Standish, Ayer & Wood Mass. | 26-Apr | Pending | NA | 41,000,000 | |
| 18 | State Street Corp. Mass. | RXR Group Inc. Conn. | 6-Jun | 6-Jun | NA | 335,000 | |
| 19 | SunTrust Banks Inc. Ga. | Citigroup Inc. N.Y. | 14-May | Pending | NA | NA | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Loan Portfolios | |||||||
| 1 | Educational Funding of the South Inc. Tenn. | First Tennessee National Corp. Tenn. | 5-Mar | 2-Apr | $353,000 | $342,000 | |
| 2 | Progressive Financial Services Tenn. | Federal Deposit Insurance Corp. D.C. | 13-Mar | 13-Mar | 643 | 4,486 | |
| 3 | FBT Bancorp La. | First Bidco Management Corp. La. | 25-May | Pending | NA | NA | |
| 4 | Textron Inc. R.I. | SunTrust Banks Inc. Ga. | 5-Jun | 5-Jun | NA | 400,000 | |
| 5 | Undisclosed Acquiror UN | Coast to Coast Financial Corp. Nev. | Feb. 13 | Feb. 13 | NA | 400,000 | |
| 6 | W Holding Company Inc. P.R. | First Union Corp. N.C. | 15-Jun | 15-Jun | NA | 325,000 | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Mortgage Banking Operations | |||||||
| 1 | Washington Mutual Inc. Wash. | FleetBoston Financial Corp. Mass. | 2-Apr | 1-Jun | $660,000 | $143,900,000 | |
| 2 | NetBank, Inc Ga. | Republic Bancorp Mich. | 16-Apr | 29-Jun | 20,000 | NA | |
| 3 | Wells Fargo & Co. Calif. | Bingham Financial Services Corp. Mich. | 22-May | 13-Jun | 8,571 | 1,200,000 | |
| 4 | Staten Island Bancorp N.Y. | First Financial Inc. Mass. | 6-Mar | 6-Mar | 6,500 | NA | |
| 5 | National Bancshares Iowa | FirstCity Mortgage Corp. Iowa | 2-Mar | Pending | 520 | NA | |
| 6 | American Home Mortgage Holdings Inc. N.Y. | Commonwealth Bancorp Pa. | Feb. 9 | 30-Mar | 30 | NA | |
| 7 | E*Trade Group Inc. Calif. | LoansDirect Calif. | Jan. 11 | Feb. 1 | NA | NA | |
| 8 | FNB Financial Services Corp. N.C. | Airlie Mortgage Co. N.C. | 1-Jun | Pending | NA | NA | |
| 9 | Independence Community Bank Corp. N.Y. | FleetBoston Financial Corp. Mass. | 2-Apr | 15-Apr | NA | 127,000 | |
| 10 | International Bancshares Corp. Tex. | First Equity Corp. Tex. | Feb. 16 | Feb. 16 | NA | NA | |
| 11 | J.P. Morgan Chase & Co. N.Y. | Advanta Corp. Pa. | Jan. 8 | Feb. 28 | NA | 15,800,000 | |
| 12 | Metropolitan Financial Corp. Ohio | Market Street Lending Ohio | 5-Jun | 5-Jun | NA | NA | |
| 13 | MountainBank N.C. | PremierMortgage Associates Inc. S.C. | 27-Apr | Pending | NA | NA | |
| 14 | PNC Financial Services Group Pa. | TRI Capital Corp. Calif. | 15-May | Pending | NA | 1,800,000 | |
| 15 | Resource Bankshares Corp. Va. | Atlantic Mortgage & Investment Co. Va. | Feb. 2 | Feb. 2 | NA | NA | |
| 16 | Resource Bankshares Corp. Va. | First Jefferson Mortgage Corp. Va. | Feb. 16 | Pending | NA | NA | |
| 17 | Staten Island Bancorp N.Y. | FTM Mortgage Corp. Ariz. | 6-Mar | 6-Mar | NA | NA | |
| 18 | UFS Bancorp Mass. | Sterling Associates Mass. | Feb. 8 | Feb. 8 | NA | NA | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Securities Brokerage | |||||||
| 1 | Charles Schwab Corp. Calif. | Aitken Campbell & Co. U.K. | Jan. 31 | Pending | $87,000 | NA | |
| 2 | E-Trade Group Inc. Calif. | Web Street Inc Ill. | 21-May | Pending | 45,000 | NA | |
| 3 | Capital Bank Corp. N.C. | Raymond James Financial Inc. Fla. | 1-Mar | Pending | NA | NA | |
| 4 | Continental Capital Corp. Ohio | Sky Financial Group, Inc. Ohio | 15-Mar | 15-Mar | NA | NA | |
| 5 | Northwest Bancorp Pa. | First Affiliated Investment Group Pa. | Jan. 12 | Jan. 31 | NA | NA | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Servicing | |||||||
| 1 | Ocwen Financial Corp. Fla. | New Century Financial Corp. Calif. | 1-Mar | 30-Mar | $19,700 | $4,800,000 | |
| 2 | Investor Group Calif. | Bay View Capital Corp. Calif. | 25-Jun | 25-Jun | NA | NA | |
| 3 | Ocwen Financial Corp. Fla. | Metropolitan Mortgage & Securities Co. Wash. | 18-Apr | 18-Apr | NA | 1,800,000 | |
| 4 | undisclosed acquirer | 1st Source Corp. Ind. | Jan. 17 | 5-Apr | NA | 1,000,000 | |
| 5 | Wilshire Financial Services Group Ore. | Life Financial Corp. Calif. | Feb. 27 | Feb. 27 | NA | 500,000 | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Specialty Finance | |||||||
| 1 | ABN Amro North America Inc. Ill. | ING Groep NV Amsterdam | Jan. 30 | 30-Apr | $275,000 | $263,000 | |
| 2 | Capital One Financial Corp. Va. | AmeriFee Mass. | 9-May | Pending | 81,500 | NA | |
| 3 | Sterling Financial Corp. Wash. | Source Capital Corp. Wash. | 27-Jun | Pending | 9,743 | NA | |
| 4 | Greater Bay Bancorp Calif. | CAPCO Financial Co. Wash. | 15-Mar | 30-Mar | 9,620 | 28,000 | |
| 5 | Gold Banc Corp. Kan. | Ott Financial Corp. Kan. | 30-Mar | 30-Mar | 2,700 | NA | |
| 6 | ABN Amro North America Inc. Ill. | Mellon Financial Corp. Pa. | 10-May | 22-Jun | NA | NA | |
| 7 | Allied Irish Banks, Ltd Dublin | Community Counselling Service Co. N.Y. | 23-Mar | Pending | NA | NA | |
| 8 | General Electric Capital Corp. Conn. | Mellon Financial Corp. Pa. | 3-May | 7-Jun | NA | NA | |
| 9 | State Bancorp N.Y. | Studebaker Worthington Leasing Corp. N.Y. | Feb. 28 | Feb. 28 | NA | 25,000 | |
| 10 | TCF Financial Corp. Minn. | First Commercial Capital Corp. Minn. | Jan. 15 | Jan. 15 | NA | NA | |
| 11 | Webster Financial Corp. Conn. | Center Capital Corp. Conn. | 15-Mar | 15-Mar | NA | 260,000 | |
| 12 | Wells Fargo & Co. Calif. | Conseco Inc. Ind. | Feb. 1 | Feb. 1 | NA | 960,000 | |
| Buyer | Target | Announced | Completed | Price ($000) | Assets | ||
| Trust Services | |||||||
| 1 | Camden National Corp. Maine | Acadia Trust, N.A. Maine | 7-May | Pending | $3,180 | $400,000 | |
| 2 | Bank of New York Co. N.Y. | FleetBoston Financial Corp. Mass. | 6-Mar | 6-Mar | NA | 15,700,000 | |
| 3 | Bank of New York Co. N.Y. | Charles Schwab Corp. Calif. | 18-Apr | Pending | NA | 348,000,000 | |
| 4 | Northwest Bancorp Pa. | Heritage Trust Co. Pa. | Jan. 30 | 27-Apr | NA | NA | |
| 5 | UMB Financial Corp. Mo. | State Street Corp. Mass. | 19-Mar | 7-May | NA | NA |
Source: Sheshunoff Information Services (www.sheshunoff.com)
©2001 American Banker