Sixty bank M&A deals were announced or completed during the third quarter, down from 83 in the prior quarter and 61 in the third quarter of 2017.
Aggregate deal value rose to $8.35 billion in the third quarter from $5.25 billion in the year-ago quarter, and the median price-to-tangible book value for announced deals dropped to 164.02%, compared to 173.99%.
There were 10 branch deals announced during the third quarter, the largest being San Diego-based Axos Financial Inc.'s planned acquisition of a branch and certain assets as well as an assumption of certain liabilities from Columbus, Ohio-based Nationwide Financial Services Inc. Axos Financial changed its name from BofI Holding Inc. on Sept. 12.
Meanwhile, Synovus Financial's planned $2.87 billion acquisition of Weston, Fla.-based FCB Financial Holdings Inc. was the largest bank deal announced during the third quarter, followed by Dallas-based Veritex Holdings Inc.'s planned $1.00 billion merger with Houston-based Green Bancorp Inc.
Archbold, Ohio-based Farmers & Merchants Bancorp Inc.'s planned $88.8 million acquisition of Geneva, Ind.-based Limberlost Bancshares Inc. was the most expensive deal of the quarter at 288.8% of Limberlost's tangible common equity.
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