Whole Bank and Thrift Deals Completed in the Third Quarter

October 12, 2001, 10:08 a.m. EDT 1 Min Read

View Table

Printer Friendly Version

Whole Bank and Thrift Deals Completed in the Third Quarter
Ranked by price st completion; dollars in thousands Published October 4, 2001

Rank	Buyer	Target	Date Announced	Date Completed	Price Announced	Price Completed	Price at completion to book value	Price at completion to 12-month net	Target's Branches	Target's Assets
1	First Union Corp.* Charlotte, N.C.	Wachovia Corp. Winston-Salem, N.C.	April 16 01	Sept. 1 01	$13,506,462	$14,231,883	2.18	15.04	832	$75,606,028
2	Citigroup Inc. New York	European American Bank Uniondale, N.Y.	Feb. 12 01	July 17 01	1,950,000	1,950,000	2.72	18.92	97	15,426,819
3	New York Community Bancorp Inc.* Flushing, N.Y.	Richmond County Financial Corp. New York	March 27 01	Aug. 1 01	782,044	1,219,079	3.56	29.63	35	3,213,063
4	BB&T Corp. Winston-Salem, N.C.	F & M National Corp. Winchester, Va.	Jan. 24 01	Aug. 9 01	1,157,308	1,177,304	2.82	22.92	138	3,568,780
5	Charter One Financial Inc. Cleveland	Alliance Bancorp Hinsdale, Ill.	Jan. 23 01	July 2 01	241,301	278,936	1.53	13.66	19	2,022,670
6	Marshall & Ilsley Corp. Milwaukee	National City Bancorp. Minneapolis	April 30 01	Aug. 1 01	249,980	268,022	1.59	14.98	5	1,203,772
7	Bank of Montreal Toronto	First National Bancorp Inc. Joliet, Ill.	March 2 01	July 13 01	219,840	221,392	2.23	18.94	20	1,067,781
8	Fulton Financial Corp. Lancaster, Pa.	Drovers Bancshares Corp. York, Pa.	Dec. 27 00	July 1 01	146,359	138,618	2.35	36.14	21	755,308
9	Allegiant Bancorp Inc. St. Louis, Mo.	Southside Bancshares Corp. St Louis, Mo.	May 1 01	Sept. 28 01	123,874	134,932	1.79	22.12	23	772,658
10	SouthTrust Corp. Birmingham, Ala.	Cenit Bancorp Inc. Norfolk, Va.	May 4 01	Aug. 3 01	121,576	133,429	2.43	21.68	19	664,815
11	First Virginia Banks Inc. Falls Church, Va.	James River Bankshares Inc. Suffolk, Va.	March 5 01	July 2 01	109,762	111,342	1.92	18.68	27	516,125
12	Connecticut Bancshares Inc. Manchester, Conn.	First Federal S&L Association of East Hartford Conn.	Feb. 8 01	Aug. 31 01	109,816	109,816	1.12	13.13	12	1,121,550
13	United Community Financial Corp. Youngstown, Calif.	Industrial Bancorp Inc. Bellevue, Ohio	Dec. 9 00	July 1 01	91,767	90,766	1.46	15.2	12	415,676
14	Mid-State Bancshares Arroyo Grande, Calif.	Americorp Ventura, Calif.	April 9 01	Sept. 28 01	64,137	67,689	2.37	19.22	8	281,168
15	United Parcel Service Inc. Atlanta	First International Bancorp Hartford, Conn.	Jan. 16 01	Aug. 7 01	78,514	59,622	0.96	15.2	3	362,228
16	Promistar Financial Corp. Johnstown, Pa.	FNH Corp. Irwin, Pa.	Feb. 25 01	Aug. 14 01	39,868	57,139	1.77	27.25	11	303,798
17	Investor group Inverness, Ill.	First Bancorp of Durango Durango, Colo.	June 22 01	Sept. 19 01	40,911	40,911	1.77	12.91	5	204,614
18	Sterling Bancshares Inc. Houston	Lone Star Bancorp. Inc. Houston	March 1 01	Aug. 24 01	31,570	40,216	4.01	31.19	4	152,282
19	First Merchants Corp. Muncie, Ind.	Francor Financial Inc. Wabash, Ind.	Feb. 9 01	July 1 01	29,179	30,700	1.64	14.26	7	164,961
20	Chemical Financial Corp. Midland, Mich.	Bank West Financial Corp. Grand Rapids, Mich.	May 1 01	Sept. 14 01	30,046	30,046	1.21	19.38	5	278,936
21	Norway Bancorp Inc. Norway, Maine	First Coastal Corp. Portland, Maine	April 2 01	Aug. 31 01	27,007	27,007	1.33	23.05	10	223,018
22	ABC Bancorp Moultrie, Ga.	Golden Isles Financial Holdings St Simons Island, Ga.	Feb. 21 01	July 23 01	25,449	25,191	1.73	25.53	39	826,197
23	Three Rivers Bancorp Inc. Monroeville, Pa.	Pennsylvania Capital Bank Pittsburgh	Feb. 1 01	July 1 01	19,766	24,944	2.02	19.4	1	146,709
24	Danvers Bancorp Inc. Danvers, Mass.	RFS Bancorp Inc. Revere, Mass.	April 27 01	Sept. 27 01	20,776	20,776	1.88	70.15	3	153,678
Rank	Buyer	Target	Date Announced	Date Completed	Price Announced	Price Completed	Price at completion to book value	Price at completion to 12-month net	Target's Branches	Target's Assets
25	First Financial Bankshares Inc. Abilene, Tex.	City Bancshares Inc. Mineral Wells, Tex.	April 12 01	July 3 01	16,500	16,500	1.95	8.96	2	89,488
26	Mercantile Bancorp Inc. Dallas	TownBank N.A. Mesquite, Tex.	May 18 01	Sept. 10 01	15,750	15,750	2.25	11.16	1	78,410
27	CIB Marine Bancshares Inc. Pewaukee, Wis.	Citrus Financial Services Vero Beach, Fla.	March 6 01	Sept. 17 01	15,200	15,489	1.68	NA	4	95,484
28	Team Financial Inc. Paola, Kan.	Post Bancorp Inc. Colorado Springs	May 7 01	Sept. 18 01	13,000	13,000	2.01	7.06	2	54,381
29	Henderson Citizens Bancshares Inc. Henderson, Tex.	Rusk County Bancshares Inc. Henderson, Tex.	Feb. 6 01	July 2 01	12,550	12,550	1.56	17.65	4	53,533
30	Investor group Texas	OSB Financial Services Inc. Orange, Tex.	April 10 01	Aug. 1 01	12,352	12,352	1.01	14.17	2	184,341
31	Farmers State Corp. Mountain Lake, Minn.	Owatonna Bancshares Inc. Owatonna, Minn.	May 24 01	Aug. 28 01	12,260	12,260	2.04	26.25	3	66,425
32	State Financial Services Corp. Hales Corners, Wis.	LB Bancorp Inc. Milwaukee, Wis.	March 7 01	July 9 01	12,000	12,000	1.38	16.98	5	96,863
33	Centennial First Financial Services Redlands, Calif.	Palomar Community Bank Escondido, Calif.	Sept. 20 00	Aug. 17 01	10,500	10,500	0.99	NA	-	74,708
34	Advance Financial Bancorp Wellsburg, W.Va.	Ohio State Financial Services Bridgeport, Ohio	April 18 01	Sept. 7 01	8,005	8,005	0.97	56.61	2	32,807
35	ACME Holding Co. Mulberry, Ark.	Mansfield Bankstock Inc. Mansfield, Ark.	March 9 01	July 31 01	6,876	6,876	1.69	23.71	2	37,686
36	Harvard Bancorp. Inc. Harvard, Ill.	Hebron Bancshares Inc. Hebron, Ill.	May 29 01	Sept. 24 01	6,000	6,000	1.94	22.81	2	26,005
37	Foresight Financial Group Rockford, Ill.	Lena Bancorp Inc. Lena, Ill.	Dec. 29 00	July 1 01	5,437	5,437	0.95	15.1	2	63,992
38	Peoples State Bank of Newton, Ill. Newton, Ill.	First National Bancshares Newton, Ill.	Jan. 16 01	Aug. 18 01	4,100	4,100	0.81	8.58	2	38,566
39	Harrodsburg First Financial Bancorp Inc. Ky.	Citizens Financial Bank Inc. Glasgow, Ky.	April 3 01	July 15 01	3,087	2,816	NA	NA	NA	NA
40	Western Bancorp. Inc. Duluth, Minn.	Cass Lake Co. Cass Lake, Minn.	March 30 01	Sept. 25 01	2,204	2,328	1.63	61.26	2	20,202
41	Ottawa Bancshares Inc. Salina, Kan.	Admire Bancshares Inc. Emporia, Kan.	April 24 01	July 5 01	2,234	2,234	1.41	NA	2	21,882
42	TRB Bancorp Quanah, Tex.	Greenbelt Bancshares Inc. Quanah, Tex.	Dec. 18 00	July 31 01	1,898	1,898	1.45	10.72	2	12,425
43	Southern Development Bancorp Arkadelphia, Ark.	Delta Bank and Trust Drew, Miss.	March 20 01	July 3 01	1,763	1,763	1.23	60.78	2	16,665
44	Investor group Texas	Kenco Bancshares Inc. Jayton, Tex.	Jan. 10 01	Aug. 1 01	772	851	0.92	29.34	2	10,128
45	Citigroup Inc. New York	Grupo Financiero Banamex-Accival Mexico City	May 17 01	Aug. 6 01	NA	NA	NA	NA	2	2,066,012
46	First Independent Bancorp Chickasha, Okla.	First American Bank Minco, Okla.	April 25 01	July 2 01	NA	NA	NA	NA	1	15,106
47	National Commerce Financial Corp. Memphis	First Vantage Bank-Tenn. Knoxville, Tenn.	April 6 01	Aug. 13 01	NA	NA	NA	NA	10	164,498
48	Northwest Financial Corp. Spencer, Iowa	Iowa State Bank Oelwein, Iowa	April 17 01	July 20 01	NA	NA	NA	NA	1	16,206

*Mergers of equals