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SNL Bank M&A Q2'16 scoreboard

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SNL Bank M&A Q2'16 scoreboard

In the second quarter of 2016,S&P Global Market Intelligence counted 65 whole bank and thrift dealannouncements with an aggregate disclosed deal value of $7.14 billion. This wasequal to the deal count in the first quarter of 2016, which also saw 65 dealannouncements, with an aggregate disclosed deal value of $6.42 billion.

The banking industry also saw anincrease in deal valuations during the second quarter. The median price-to-tangiblebook value in the second quarter was 133.4%, compared to 124.2% in the firstquarter of 2016 and 133.0% in the year-ago quarter.

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Among the deals valued at greaterthan $25 million at announcement,  planned acquisition of Chicago-based  was the mostexpensive deal announced in the second quarter. Disclosed June 29, thedeal had a price-to-tangible book value of 223.1% and disclosed deal value of$3.83 billion.

The announced acquisition of Riverhead, N.Y.-basedSuffolk Bancorp byBridgeport, Conn.-based People'sUnited Financial Inc. on June 27 was the second-most expensive dealduring the second quarter, with a price-to-tangible book value of 196.0%.Valued at $402.4 million, it was also the second-largest by deal valueannounced during the quarter.

The $330.2 million dealbetween Walnut Creek, Calif.-based, Mechanics Bank and Irvine, Calif.-based was thethird-most expensive deal announced during the second quarter, with aprice-to-tangible book value of 193.6%. It was also the fifth-largest bydisclosed deal value during the quarter.

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More branches and deposits were sold although there werefewer branch deals in the second quarter. S&P Global Market Intelligencecounted 13 branch deals involving 36 branches and $2.23 billion in deposits.The first quarter saw 17 branch deals involving 30 branches and deposits of$600.0 million.

Announced April 28, the acquisition of 's 18 branches by ,involving deposits of $1.80 billion, was the largest branch deal of the secondquarter.

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There were two FDIC-assisted deals announced in the secondquarter: First Citizens BancSharesInc.'s acquisition of First CornerStone Bank, with $103.31 million in totalassets, announced May 6; and Moscow Bancshares Inc.'s acquisition of , with $20.71 million intotal assets, announced April 29.

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First Citizens BancShares Inc. was the most active acquirer during thefirst half, with three announced deals. First Citizens Bancshares agreed toacquire Midlothian, Va.-based ,announced May 20 and valued at $37.1 million. It also agreed to acquire twobanks through government-assisted deals: First CornerStone Bank on May 6, andNorth Milwaukee StateBank on March 11.

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S&P Global Market Intelligence also looked at bank andthrift M&A activity by geography of the target's headquarters, usingS&P Global Market Intelligence-defined regions for the analysis. TheMidwest was the most active region in the second quarter, seeing 28 whole bankand thrift deals with an aggregate disclosed deal value of $4.8 billion  byfar topping all other regions in terms of bank and thrift M&A spending.

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