Even as 2019 winds to a close, banks are still on the hunt for major deals.
The year's fourth-largest deal was announced on Dec. 9, as Texas Capital Bancshares Inc. and Independent Bank Group Inc. inked a $3.12 billion merger of equals.
November featured another merger of equals, First Horizon National Corp.'s combination with IBERIABANK Corp. for $3.92 billion, the second-largest deal of 2019. In the second half of November, Charleston, W.Va.-based United Bankshares Inc. announced its planned acquisition of Charleston, S.C.-based Carolina Financial Corp. for $1.12 billion, making it the sixth-largest deal of the year.
As of Dec. 9, 249 deals worth $57.68 billion have been announced in 2019, compared to 243 deals valued at $28.66 billion over the same period in 2018. The sharp year-over-year increase in deal value was driven by the merger of BB&T Corp. and SunTrust Banks Inc., the largest deal in more than a decade.
The median deal value-to-tangible common equity ratio for deals announced in 2019 was 155.7% through Dec. 9, down from 171.2% in the year-ago period.
Click here for a list of pending and completed M&A deals announced since January 1, 2009.