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This just in: Bank M&A can get regulatory approval

Jul. 22, 2015 3:01 PM ETXLF, IYF, IYG, VFH, KBE, IAT, KRE, RSPF, UYG, FXO, SEF, FAS, FAZ, RWW, KRU, QABA, PSCF, KRS, BTO, KBWB, KBWR, FINU-OLD, FINZ, FNCLBy: Stephen Alpher, SA News Editor1 Comment
  • The OCC yesterday gave the green light to CIT Group's $3.4B purchase of OneWest Financial, and earlier this month regulators approved BB&T's $2.5B acquisition of Susquehanna Bancshares.
  • Possibly lifted now is concern nearly any sizable deal would get nixed (or delayed to death) by D.C. a la M&T's attempt to purchase Hudson City Bancorp (originally announced three years ago).
  • Both the CIT and BB&T deals, however, were approved within a year of their announcement, maybe making the M&T/Hudson experience the outlier rather than the norm.
  • While it still appears unlikely much bigger deals could win approval, the path could be clear for smaller-to-medium sized lenders to do business. Drexel Hamilton's David Hilder believes the CIT approval is a "positive catalyst" for acquisitions of lenders with up to $25B in assets.
  • Previously: CIT Group gains after winning regulatory green light for OneWest purchase (July 21)
  • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS

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