U.S. banks and thrifts announced nine deals in August as M&A activity started to slowly pick up pace following the initial onset of the coronavirus pandemic.
During the first eight months of 2020, the industry saw 66 deal announcements with an aggregate value of $7.44 billion, compared to 173 deals worth $45.09 billion in the same period of 2019. The median deal value to tangible common equity ratio for deals announced in 2020 was 136.3%, down from 157.7% in all of 2019.
On Aug. 27, Mineola, N.Y.-based Hanover Bancorp Inc. announced plans to buy New York-based Savoy Bank for $63.0 million at a deal value to tangible common equity ratio of 149.2%.
On Aug. 20, Clayton, Mo.-based Enterprise Financial Services Corp. agreed to acquire San Diego-based Seacoast Commerce Banc Holdings for $156.8 million and a deal value to tangible common equity ratio of 151.3%.
Click here for a list of pending and completed M&A deals announced since Jan. 1, 2010.