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Bank M&A 2021 Deal Tracker: Deal value climbs to post-financial-crisis high

U.S. bank M&A deal value has already surpassed 2019's full-year figure and has become the largest year for U.S. bank M&A since 2007.

As of Oct. 13, four deals have been announced in the month for a combined value of $5.35 billion, driving 2021's total to $57.31 billion, more than double 2020's total of $27.84 billion and topping 2019's total of $55.03 billion.

The median deal value-to-tangible common equity ratio for 2021 deal announcements rose to 152.3%, up from 135.3% for all of 2020.

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On Oct. 12, Portland, Ore.-based Umpqua Holdings Corp. and Tacoma, Wash.-based Columbia Banking System Inc. agreed to merge in an all-stock transaction worth $5.19 billion, making the deal the fourth-largest announcement of the year and the 19th deal of 2021 with a deal value over $500 million, a multidecade record. However, the market reaction sent Umpqua and Columbia's shares down 4.7% and 14.9%, respectively, for the day.

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On Oct. 3, Onondaga, N.Y.-based Community Bank System Inc. announced it would acquire in-state peer Elmira Savings Bank for $82.8 million at a deal value-to-tangible common equity ratio of 163.9%. Elmira became one of the best-performing bank stocks this year, thanks in large part to the deal, as its share price jumped more than 65.0% after announcement. Meanwhile, shares in Community Bank System were up 2.6% since the deal announcement as of Oct. 12.

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On Oct. 1, Helena, Mont.-based Eagle Bancorp Montana Inc. announced its acquisition of in-state peer First Community Bancorp Inc. for $41.3 million at a deal value-to-tangible common equity ratio of 140.0%.

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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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