Banker's dozen kicks
off consolidation
By Aarti Kanjani, SNL
Financial staff writer
Twelve deals have been announced in 2013, as of the end of
January. The median price to tangible book value was 93.26%. The fourth quarter
of 2012 saw 52 deal announcements with median price to tangible book value at
110.06%.
2012 saw a higher number of deal announcements, 230,
compared to 151 transactions announced in 2011. However, the total deal value
fell to $13.59 billion, compared to $16.96 billion in 2011. In 2010, 179 deals
were announced valued at $12.26 billion.
The median price to tangible book value was 115.91% in 2012
for 135 deals with disclosed terms, compared to 106.74% in 2011 for 91 deals
with disclosed terms. In 2010, the ratio stood at 119.61% for 112 deals with
terms disclosed. (For a more complete report on 2012, click here.)
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M&T Bank Corp.'s Aug. 27, 2012, announcement that it
would acquire Paramus, N.J.-based Hudson City Bancorp Inc. for $3.81 billion
marked the largest deal of 2012 and the third-largest since Jan. 1, 2010.
The most expensive bank deal since Jan. 1, 2010, was
announced in March 2012, when Houston-based Cadence Bancorp LLC said it would
acquire Houston-based Encore Bancshares Inc. for $251.3 million. The deal was
valued at 240.05% of tangible book.
Following Cadence on the list was another Houston deal:
Dallas-based Comerica Inc.'s agreement to acquire Sterling Bancshares Inc. came
in at 229.70% of tangible book.
The largest bank deal since Jan. 1, 2010, was McLean,
Va.-based McLean, Va.-based Capital One Financial Corp.'s June 16, 2011,
agreement to buy Wilmington, Del.-based ING Bank FSB for $9.00 billion. This
also marks the largest bank deal since 2008, when Wells Fargo & Co.
acquired Wachovia Corp.
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Bank and thrift deals that were announced from Jan. 1, 2013,
through Jan. 30, 2013, included:
- • Charleston, W.Va.-based United Bankshares Inc. announced
on Jan. 30 that it agreed to acquire of Arlington, Va.-based Virginia Commerce
Bancorp Inc. for $493.5 million. The deal value represented 183.0% of book and
tangible book value, on a per-share basis. The transaction is expected to close
in the third quarter.
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• Oakland, Calif.-based One PacificCoast Foundation unit One
PacificCoast Bancorp Inc. said Jan. 30 that it will acquire a majority stake in
Portland, Ore.-based Albina Community Bank, a unit of Albina Community Bancorp.
Terms of the deal were not disclosed. The transaction is structured to raise
sufficient capital to bring Albina's regulatory capital ratios to the level
required by its regulators. The deal is expected to close in the second
quarter.
- • Baton Rouge, La.-based Investar Bank agreed to acquire
Hammond, La.-based First Community Bank. Terms of the deal, announced Jan. 28,
were not disclosed. It is expected to close in the second quarter.
- • Oak Ridge, N.J.-based Lakeland Bancorp Inc. announced Jan.
28 that it will buy Bernardsville, N.J.-based Somerset Hills Bancorp for $65.7
million. The deal value represents 152.0% of book and tangible book value. The
closing is expected to occur in the second or third quarter.
- • Little Rock, Ark.-based Bank of the Ozarks Inc. announced
Jan. 24, the acquisition of Shelby, N.C.-based First National Bank of Shelby
for $64.0 million. On an aggregate basis, the deal value is 63.1% of book and
tangible book. The transaction is expected to close during the second or third
quarter.
- • Wintrust Financial Corp. said Jan. 22 that it will acquire
Lansing, Ill.-based First Lansing Bancorp Inc. for $38.5 million. The deal
value marks 94.2% of book and 97.8% of tangible book value, on an aggregate
basis.
- • Phoenix-based Western Alliance Bancorp. will acquire
Fountain Valley, Calif.-based Centennial Bank. The deal, announced Jan. 18, was
valued at $57.5 million. On an aggregate basis, it represented 57.5% of book
and 57.6% of tangible book value.
- • Eagle Bancshares Inc. has agreed to acquire Eagle,
Neb.-based Eagle State Bank from Eagle Capital Co., the Lincoln (Neb.) Journal Star
reported Jan. 17. Terms of the deal were not disclosed.
- • Middletown, Conn.-based Liberty Bank announced Jan. 16 the
acquisition of New Haven, Conn.-based Southern Connecticut Bancorp Inc. The
deal, valued at $10.6 million, marks 88.7% of book and tangible book, on a
per-share basis. The deal is expected to close in the second quarter.
- • A group of investors has agreed to acquire majority stakes
in Grove, Okla.-based Grand Savings Bank, a unit of Chambers Bancshares Inc.
Terms of the deal, announced Jan. 15, were not disclosed.
- • Fargo, N.D.-based State Bankshares Inc. unit Bell State
Bank & Trust will acquire Minnetonka, Minn.-based Business Bancorp. Inc.
Terms of the deal, announced Jan. 8, were not disclosed.
- • Los Angeles-based RBB Bancorp said Jan. 8 that it will buy
Buena Park, Calif.-based Los Angeles National Bank from Concord Place Inc. The transaction
is anticipated to be completed in the second quarter. Terms of the cash deal
were not disclosed.
[This article was posted on February 8, 2013, on the website of ABA Banking Journal, www.ababj.com, and is
copyright 2013 by the American Bankers Association.]
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