US bank M&A activity mellows in November

Deal activity in the US banking sector cooled in November after reaching its highest deal value peak in over six years during October.

The month saw 11 US bank deal announcements with a combined $6.41 billion of target assets sold, marking the second-lowest November total for assets sold since 2015. By comparison, November 2023 recorded the lowest total from seven deals with target banks having $1.61 billion of aggregate assets.

Compared to other months in 2025, November was the third lowest in assets sold behind February, which recorded $3.09 billion of assets sold from five deals, and August, which recorded $5.93 billion of assets sold from 13 deals.

Multiple bank acquisitions over the years

On Nov. 6, Terre Haute, Indiana-based First Financial Corp. announced its $24.8 million deal to buy Lebanon, Tennessee-based CedarStone Financial Inc. The deal was First Financial's third bank buy in recent years after completing its $31.4 million acquisition of Hawesville, Kentucky-based Hancock Bancorp Inc. in 2021 and $73.4 million purchase of Dayton, Tennessee-based Simply Bank in 2024.

On Nov. 24, Lancaster, Pennsylvania-based Fulton Financial Corp. announced the acquisition of Rutherford, New Jersey-based Blue Foundry Bancorp for $242.6 million. Fulton's bid to acquire Blue Foundry materialized after activist investor Lawrence Seidman criticized the latter's performance, urging it to change leadership or sell.

The transaction marked Fulton's third bank deal after purchasing Philadelphia-based Prudential Bancorp Inc. for $138.3 million in 2022 and acquiring substantially all of the deposits and assets of Republic First Bank in 2024 after the Pennsylvania Department of Banking and Securities took possession of Republic First due to its "unsafe and unsound condition."

Credit union-bank deals

After a two-month lull, three credit union-bank deals were announced between Nov. 17 and Nov. 18: El Paso, Texas-based GECU FCU's acquisition of Roswell, New Mexico-based Bank of the Southwest; Ogdensburg, New York-based Saint Lawrence FCU's bid to buy Hammond, New York-based Citizens National Bank of Hammond; and Jacksonville, Florida-based Community First CU of Florida's purchase of Waycross, Georgia-based First Southern Bank.

Credit union-bank deals are on track to finish the year strong, with 16 announced transactions so far in 2025, and possibly break 2024's all-time high record of 19 deal announcements.

– Access a list of pending and completed M&A deals announced since Jan. 1, 2015. – Access the S&P Capital IQ Pro M&A summary page for US financial institutions. – Read more M&A news

Bank deals by state, region

Four deals with target banks headquartered in the Midwest were announced during November, including Richmond, Indiana-based Richmond Mutual BanCorp. Inc.'s planned purchase of Frankfort, Indiana-based Farmers Bancorp for $85.1 million.

Similarly, four banks were targeted in the Southeast in the same month, three of which are based in Georgia, including Elberton, Georgia-based Pinnacle Financial Corp.'s acquisition of Dublin, Georgia-based Morris State Bancshares Inc., and Russellville, Alabama-based CBS Banc-Corp.'s purchase of Trenton, Georgia-based TAG Bancshares Inc.

The Midwest maintained its lead as the most targeted region with 66 target banks, followed by the Southeast with 33.

On a state level, Texas took the spot as the most targeted state with 20 target banks, followed by Illinois with 15 target banks and Georgia with 12.

M&A outlook

Unless there is a notable macro shift, bank consolidation will remain a major trend for at least a year due to a favorable regulatory environment as buyers with strong currencies look to scale and sellers face rising costs, according to Jefferies analysts.