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Bank M&A 2021 Deal Tracker: Fla. deals lead US in a hot August

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Bank M&A 2021 Deal Tracker: Fla. deals lead US in a hot August

U.S. bank M&A activity kept up a torrid pace in August as 20 deals were announced, bringing total 2021 deal announcements to 132, compared to 103 over all of 2020.

Total deal value has also soared this year to $38.95 billion, compared to $27.75 billion for the full year 2020. Similarly, the median deal value-to-tangible common equity ratio for 2021 deals rose to 152.8%, up from 134.2% for the full year 2020.

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Florida led the U.S. in August with three deal announcements, bringing 2021's total deal count in the state to seven.

Stuart, Fla.-based Seacoast Banking Corp. of Florida announced a pair of Florida deals Aug. 24, scooping up Sarasota-based Sabal Palm Bancorp Inc. and Melbourne-based Business Bank of Florida Corp. for $49.6 million and $28.1 million, respectively.

The Sunshine State was also the site of yet another credit union-bank deal, which have exploded this year. Including Orlando-based FAIRWINDS CU's announced acquisition of Oviedo-based Citizens Bank of Florida, August alone had four such deals nationwide, compared to six in all of 2020.

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On Aug. 9, Ann Arbor, Mich.-based Arbor Bancorp Inc. announced that it would acquire Howell, Mich.-based FNBH Bancorp Inc. for $116.6 million at a deal value-to-tangible common equity ratio of 179.6%, becoming the 12th-most expensive deal of the year.

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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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