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Bank M&A Q1'16 scoreboard

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


Bank M&A Q1'16 scoreboard

In thefirst quarter of 2016, S&P Global Market Intelligence counted 62 bank and thriftdeal announcements with an aggregate disclosed deal value of $6.35 billion. Thiswas lower than the deal count in the fourth quarter of 2015, which saw 86 deal announcementswith an aggregate disclosed deal value of $12.68 billion.

The bankingindustry also saw a decrease in deal valuations during the most recent quarter.The average price-to-tangible book value of the 62 deals announced in the firstquarter of 2016 was 128.33%, compared to 152.10% in the prior quarterand 141.65% in the year-ago quarter.

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Amongdeals valued at greater than $25 million at announcement, Pinnacle Financial Partners Inc.'s $209.4 million pendingacquisition of wasthe most expensive deal announced during the first quarter of 2016. Disclosed Jan.28, the deal had a price-to-tangible book value of 224.83%. It was the fourth-largesttransaction by disclosed deal value during this period.

DisclosedMarch 10, the $116.0 million pending acquisitionof 1st Century Bancshares Inc.by Midland Financial Co.was the second-most expensive deal in the first quarter of 2016, with a price-to-tangiblebook value of 178.38%. It was the seventh-largest deal by disclosed deal value duringthis period.

AnnouncedMarch 4, the $31.9 million dealbetween EIB Capital Corp. and EasternInternational Bank was the third-most expensive deal announced duringthe fourth quarter, with a price-to-tangible book value of 177.32%. It was the 12th-largestacquisition by disclosed deal value during this period.

's pendingacquisition of was the largest deal,by announced disclosed deal value, during the first quarter. Disclosed Jan. 26,the deal was valued at $3.44 billion.

The $1.09billion merger of equalsbetween Chemical Financial Corp.and Talmer Bancorp Inc.was the second-largest deal announced in the first quarter of 2016. It was alsothe sixth-most expensive transaction during this period.

AnnouncedJan. 12, the $441.1 million dealbetween Old National Bancorpand Anchor BanCorp Wisconsin Inc.was the third-largest transaction during the first quarter of 2016. It was alsothe 13th-most expensive acquisition during this period.

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In the first quarter of 2016, S&P Global Market Intelligencecounted 16 branch deals involving 29 branches and $623.4 million in deposits. Thiswas down from the previous quarter, which saw 20 branch deals involving 62 branchesand deposits of $2.08 billion. The year-ago quarter saw 18 branch deals involving66 branches and $2.98 billion in deposits.

Announced March 4, the pending acquisition of FirstBancorp's seven branches by FirstCommunity Bancshares Inc., involving deposits of $150.0 million, wasthe largest branch deal of the first quarter.

The lone FDIC-assisted deal announced in the first quarter wasFirst Citizens BancShares Inc.'sacquisition of . DisclosedMarch 11, the transaction involved deposits of $61.5 million.

,Horizon Bancorp and were the most activeacquirers during the first quarter, engaging in two deals each.

S&PGlobal Market Intelligence also looked at bank and thrift M&A activity by geographyof the target's headquarters, using S&P Global Market Intelligence-defined regionsfor the analysis. The Midwest was the most active region in the first quarter, seeing39 whole bank and thrift deals with an aggregate disclosed deal value of $5.24 billion by far topping all other regions in terms of bank and thriftM&A spending.