20 most expensive bank M&A deals in 2024

Published March 5, 2025 8:00 AM

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Updated March 5, 2025 11:08 AM

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The top five bank M&A deals completed in 2024 had an average value to tangible common equity ratio of 184.7%. The average deal value at announcement for these top five bank mergers was $433.5 million.

The most expensive completed deal, the German American Bank purchase of Heartland Bank, had a value to tangible common equity ratio of 212%.

Scroll through to learn more about the 20 most expensive bank M&A deals in 2024.

Source: S&P

Largest bank M&A deals of 2024

Buyer	Target	Announcement Date	Deal value to value of equity ratio	Deal value
German American Bank	Heartland Bank	07/29/24	212%	$347.0M
Renasant Bank	The First Bank	07/29/24	184%	$1,176.9M
Oak Tree Financial Corp.	Riverside Bank	10/10/24	182.4%	$10.1M
Wintrust Financial	Macatawa Bank	04/15/24	174.2%	$512.4M
TowneBank	Village Bank & Trust	09/24/24	171.1%	$121.2M
Sound Credit Union	Substantially all the assets and liabilities of Washington Business Bank	03/11/24	165.8%	$25.9M
First Commonwealth Bank	CenterGroup Bank	12/18/24	160.2%	$54.6M
Global Federal Credit Union	First Financial Northwest Bank	01/11/24	156.4%	$231.2M
Beacon Credit Union	Substantially all the assets and liabilities of Mid-Southern Savings Bank	01/25/24	155.9%	$45.2M
United Bank	Piedmont Bank	05/10/24	154.9%	$270.1M
Independent Bank	Enterprise Bank	12/09/24	154.5%	$562.9M
UMB Bank	Heartland Financial	04/29/24	153.5%	$1,990.1M
United Community Bank	American National Bank	12/03/24	149.9%	$80.4M
SouthState Bank	Independent Bank Group	05/20/24	147.7%	$2,021.5M
Byline Bank	First Security Bank	09/30/24	145.7%	$39.2M
WesBanco	Premier Bank	07/26/24	141.9%	$959.0M
Arlo Bank	Systematic Savings Bank	04/17/24	140.1%	$13.7M
Northwest Bank	Penns Woods Bancorp	12/17/24	139.1%	$270.4M
Camden National Bank	Northway Bank	09/10/24	138.8%	$86.6M
Georgia Banking Company	Primary Bank	10/09/24	137.6%	$27.0M

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Georgia Banking Company's acquisition of Primary Bank ranked 20th for largest bank M&A deals of 2024.

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Camden National Bank's acquisition of Northway Bank ranked 19th for largest bank M&A deals of 2024.

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Northwest Bank's acquisition of Penns Woods Bancorp ranked 18th for largest bank M&A deals of 2024.

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Arlo Bank's acquisition of Systematic Savings Bank ranked 17th for largest bank M&A deals of 2024.

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WesBanco's acquisition of Premier Bank ranked 16th for largest bank M&A deals of 2024.

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Byline Bank's acquisition of First Security Bank ranked 15th for largest bank M&A deals of 2024.

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SouthState Bank's acquisition of Independent Bank Group ranked 14th for largest bank M&A deals of 2024.

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United Community Bank's acquisition of American National Bank ranked 13th for largest bank M&A deals of 2024.

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UMB Bank's acquisition of Heartland Financial ranked 12th for largest bank M&A deals of 2024.

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Independent Bank's acquisition of Enterprise Bank ranked 11th for largest bank M&A deals of 2024.

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United Bank's acquisition of Piedmont Bank ranked 10th for largest bank M&A deals of 2024.

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Beacon Credit Union's acquisition of substantially all the assets and liabilities of Mid-Southern Savings Bank, F.S.B. ranked 9th for largest bank M&A deals of 2024.

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Global Federal Credit Union's acquisition of First Financial Northwest Bank ranked 8th for largest bank M&A deals of 2024.

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First Commonwealth Bank's acquisition of CenterGroup Bank ranked 7th for largest bank M&A deals of 2024.

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Sound Credit Union's acquisition of substantially all the assets and liabilities of Washington Business Bank ranked 6th for largest bank M&A deals of 2024.

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TowneBank's acquisition of Village Bank & Trust ranked 5th for largest bank M&A deals of 2024.

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Wintrust Financial's acquisition of Macatawa Bank ranked 4th for largest bank M&A deals of 2024.

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Oak Tree Financial Corporation's acquisition of Riverside Bank ranked 3rd for largest bank M&A deals of 2024.

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Renasant Bank's acquisition of The First Bank ranked 2nd for largest bank M&A deals of 2024.

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German American Bank's acquisition of Heartland Bank ranked 1st for largest bank M&A deals of 2024.