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Bank M&A 2021 Deal Tracker: MOEs push '21 deal value past '20 total

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Bank M&A 2021 Deal Tracker: MOEs push '21 deal value past '20 total

U.S. bank M&A continued to climb steadily with 12 deals announced in May.

The activity brought the total number of deal announcements up to 70 in 2021, year-to-date through June 1, compared to 44 during the same period in 2020.

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Total deal value for the 2021 deals increased to $28.86 billion from $6.53 billion during the same period in 2020. The deals announced this year are already worth more than all the deals announced in 2020. The median deal value-to-tangible common equity ratio for deals announced in 2021 increased to 152.5%, compared to 134.8% for all of 2020.

Of the 20 largest U.S. bank M&A deals announced since Jan. 1, 2020, three were announced since May 1.

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On June 1, Evansville, Ind.-based Old National Bancorp and Chicago-based First Midwest Bancorp Inc. announced an all-stock merger of equals worth $2.47 billion. The deal is the fourth-largest merger of equals and seventh-largest U.S. bank deal of any type announced since Jan. 1, 2020. The transaction is also the largest deal announcement in the state of Illinois since 2018.

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On May 18, Kalispell, Mont.-based Glacier Bancorp Inc. announced that it would acquire American Fork, Utah-based Altabancorp for $934.6 million at a deal value-to-tangible common equity ratio of 288.3%, easily making it the most expensive deal since the beginning of 2020. WSFS Financial Corp.'s purchase of Bryn Mawr Bank Corp. is the second-most expensive deal since 2020 with a 228.8% deal value-to-tangible common equity ratio.

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Click here for a list of pending and completed M&A deals announced since Jan. 1, 2011.

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