The prevailing view of bank mergers is that they are good for shareholder value, but Donaldson Lufkin & Jenrette analyst Thomas K. Brown disputed that at a recent banking conference, saying most of the deals hurt shareholders.

Speaking at a Bank Administration Institute conference last week, Mr. Brown, noted for his strong opinions on bank mergers, singled out six banks that have been frequent dealmakers whose stock prices have lagged the industry.

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