Bank M&A Deal Tracker: 2 largest deals of 2025 announced in April

Nine US bank deals totaling $2.92 billion were announced in April, marking the highest monthly total by aggregate deal value since December 2021, according to S&P Global Market Intelligence data.

About 70% of April's aggregate deal value can be attributed to Tacoma, Washington-based Columbia Banking System Inc.'s announced acquisition of Irvine, California-based Pacific Premier Bancorp Inc. with a price tag of $2.04 billion. The transaction, which was announced on April 23, was the largest US bank M&A deal announced since 2021 and the fourth bank to be targeted in the Golden State so far this year.

The deal inflated the month's total deal value to the highest point since December 2021 when 11 deals worth a combined $16.46 billion were announced, with BMO Harris Bank NA's $16.30 billion purchase of Bank of the West accounting for the bulk of the total.

The day after Columbia's megadeal announcement, Boston-based Eastern Bankshares Inc. announced its acquisition of Brockton, Massachusetts-based HarborOne Bancorp Inc. for $481.8 million, making it the second-largest US bank M&A deal announced so far in 2025.

Serial acquirers

Active acquirers made up much of the bank M&A activity last month.

Previously, Columbia Banking System completed a $5.15 billion reverse merger with Umpqua Holding Corp. in 2023.

Eastern's purchase of HarborOne marks its third bank deal in the last 4 years after it acquired Medford, Massachusetts-based Century Bancorp Inc. in 2021 for $641.9 million and Cambridge, Massachusetts-based Cambridge Bancorp in 2024 for $527.1 million.

Wichita, Kansas-based Equity Bancshares Inc. announced on April 2 it would acquire NBC Corp. of Oklahoma for $86.9 million, marking Equity Bancshares' fifth bank deal announcement in five years after assuming all of the deposits and purchasing essentially all of the assets of Almena, Kansas-based Almena State Bank which failed in 2020, in addition to its acquisitions of Wichita, Kansas-based American State Bancshares Inc. in 2021, as well as Kirksville, Missouri-based Rockhold Bancorp. and Quinter, Kansas-based KansasLand Bancshares Inc. in 2024.

On April 23, Wellsboro, Pennsylvania-based Citizens & Northern Corp. announced its purchase of West Milton, Pennsylvania-based Susquehanna Community Financial Inc. for $44.3 million. Citizens & Northern Corp. previously bought Doylestown, Pennsylvania-based banks — Monument Bancorp Inc. in 2019 and Covenant Financial Inc. in 2020.

Bank deals by state, region

On April 3, Portsmouth, Virginia-based TowneBank announced its purchase of Hampton, Virginia-based Old Point Financial Corp. for $202.1 million, making it the first bank in the Old Dominion State to be targeted this year. The transaction was also the seventh-largest US bank M&A deal announced so far in 2025 and TowneBank's second bank buy in the past year after it completed its purchase of Midlothian, Virginia-based Village Bank and Trust Financial Corp. on April 1, 2025.

On April 25, Tupelo, Mississippi-based Cadence Bank announced its acquisition of Industry, Texas-based Industry Bancshares Inc. for $60.0 million. The deal marks the fourth bank to be targeted in the Lone Star State this year, tying it with California as the second-most targeted state in the country. It also marks Cadence Bank's second bank purchase since BancorpSouth Bank and Cadence Bancorp completed a merger of equals for $2.87 billion in 2021.

The Midwest is still the year's most targeted region with 15 target banks, while Illinois is the most targeted state with five target banks.

– 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.

M&A outlook

Though US bank M&A activity is below run-rate levels, the market could bounce back due to the pent-up demand left over from 2023 and 2024, according to Raymond James Financial Inc. Head of Financial Services John Roddy. In the coming months, he is anticipating deal announcements resembling "better-together deals" seen during the COVID-19 pandemic, such as mergers between two similarly sized institutions that will be more profitable combined than they would be as standalone entities.