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Illinois' 16 bank deals lead the country in 2018

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Illinois' 16 bank deals lead the country in 2018

Merger and acquisition activity has continued apace this year, even as pricing has climbed.

Through July 31, 170 bank and thrift deals have been announced this year, up from 142 transactions announced during the first seven months of 2017.

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Illinois' 16 bank deals lead the nation so far this year and the state has already surpassed the 15 deals announced in all of 2017. Texas had the second-most bank deals this year at 13. The Midwest has already seen 79 deals announced this year for a combined $7.22 billion, compared to 89 deals worth $4.22 billion in full-year 2017.

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Deal value has also soared in Illinois this year. The state's 16 bank deals were worth a combined $5.12 billion this year through July compared to $1.02 billion for all of 2017. Much of the uptick, however, was due to Fifth Third Bancorp's $4.62 billion acquisition of MB Financial Inc. announced May 21. By comparison, the second-largest Illinois-based bank acquisition announced this year was Triumph Bancorp Inc. $134.5 million deal for First Bancorp of Durango Inc.

Fifth Third Bancorp's acquisition of MB Financial was the first billion-dollar deal for a bank in Illinois since Canadian Imperial Bank of Commerce's $4.92 billion acquisition of PrivateBancorp Inc., which was announced in 2016.

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Not surprisingly, the Chicago metro area's nine deals so far this year outpaced every other metro area. The Atlanta and Houston metro areas tied for second with six deals apiece. Cadence Bancorp.'s $1.37 billion acquisition of State Bank Financial Corp. announced May 13 topped the charts for the Atlanta metro area, while Veritex Holdings Inc.'s $1 billion merger with Green Bancorp Inc. announced July 24 was the top deal in the Houston metro area.

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Click here to run a report summarizing M&A activity by industry. Click here for a spreadsheet listing all bank and thrift deals, including institution keys, since Jan. 1, 2008.