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Bank M&A Q3'16 scoreboard

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Bank M&A Q3'16 scoreboard

M&Aactivity in the banking sector slowed in the third quarter of 2016. S&P Global MarketIntelligence counted 56 bank and thrift deal announcements with an aggregatedisclosed deal value of $6.18 billion, lower than the 66 announcements and$7.14 billion aggregate deal value in the second quarter.

Themedian price-to-tangible book value of the 56 deals announced in the thirdquarter of 2016 was 128.8%, lower than 133.4% in the prior quarter and 130.5%recorded on the same quarter last year.

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Amongdeals valued at greater than $25 million at announcement, 's planned acquisitionof Yadkin FinancialCorp. announced on July 21 was the mostexpensive deal of the quarter with a price-to-tangible book valueof 231.7%. It was also the fourth-largest deal by disclosed deal valueannounced since the beginning of 2016 and the second-largest during the thirdquarter this year.

The$911.2 million announced acquisition of Cardinal Financial Corp. by on Aug. 18 wasthe second-most expensive deal during the third quarter, with aprice-to-tangible book value of 223.6%.

Announcedon the last day of August, the $58.4 million deal between NationalCommerce Corp. and Private Bancshares Inc. was the third-most expensivedeal announced during the third quarter, with a price-to-tangible book value of177.0%.

' plannedacquisition ofEverBank FinancialCorp was the largest deal announced during the third quarterof 2016. Disclosed Aug. 8, the deal was valued at $2.51 billion.

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Inthe third quarter, S&P Global Market Intelligence counted 11 branch dealsinvolving 23 branches and $1.05 billion in deposits. Announced July 27, theacquisition ofFirstMerit Corp.'s 13branches in Ohio including six in Canton by First Commonwealth Financial Corp., was the largestbranch deal of the third quarter.

Therewere two FDIC-assisted deals announced in the third quarter with a total of$87.8 million in total assets.

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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. The?Southeast? was the most active region in the ?third? quarter, seeing ?13?whole bank and thrift deals with an aggregate disclosed deal value of $5.2?1?billion — by far topping all other regions in terms of bank and thrift M&Aspending??.?

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