Seeking Alpha

Iberiabank (IBKC), Old National (ONB), and BancorpSouth (BXS) made investors scads of money in 2014. Unfortunately, those enriched didn't include their shareholders. Instead, the money went to those lucky enough to own the companies these three banks bought. Consider the fortunes made:

- Teche Holding (TSH) climbed over 40% on an Iberiabank takeover during the first 2 weeks of 2014.

- Old National is buying United Bancorp (OTCQB:UBMI). The gains so far in 2014: a whopping 65%.

- BancorpSouth made Ouachita Bancshares owners ecstatic on a juicy takeover priced at a lofty 2.2X TBV.

As said, these deals haven't made the acquiring bank shareholders any wealthier. All three acquirers are...

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