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Bank M&A 2019 Deal Tracker: Prosperity/LegacyTexas merger boosts June deal value

While the number of U.S. bank deals announced in the first half of 2019 failed to keep pace with the total announced over the same period in 2018, the value of the deals dwarfed that of transactions announced a year earlier.

Thanks to the merger of BB&T Corp. and SunTrust Banks Inc., the largest deal in more than a decade, total deal value surged to $40.19 billion, compared to $16.80 billion in the first half of 2018. As of June 30, 115 U.S. bank and thrift deals had been announced, compared to 138 in the prior-year period.

In June, 20 deals with a total deal value of $3.04 billion were announced. They carried a median deal value-to-tangible common equity ratio of 170.8%. On June 17, Prosperity Bancshares Inc. said it would purchase LegacyTexas Financial Group Inc. for $2.07 billion, representing June's largest deal and the fourth-largest deal of the year.

The median deal value-to-tangible common equity ratio fell to 162.9% year-to-date through June 30 from 171.2% in the year-ago period.

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Click here for a spreadsheet listing all bank and thrift deals, including institution keys, since Jan. 1, 2009.