Fri, Oct. 2, 11:33 AM
- The long-awaited regulatory approval of the M&T Bank's purchase of Hudson City Bancorp, and the relatively quick green light for BB&T's acquisition of Susquehanna Bancshares has lifted M&A animal spirits in the regional bank sector.
- Another possible buyer could be Regions Financial (NYSE:RF) - its done well on its annual stress tests, and has expressed a willingness to look into deals. There's also Memphis-based First Horizon National (NYSE:FHN), though at least one activist believes the bank is more target than hunter.
- Possible sellers include First Niagara Financial (NASDAQ:FNFG), which has already put itself on the block.
- A target for BBT or Regions might be Georgia's Synovus Financial (NYSE:SNV), with $27B in assets, and an activist investor pushing for a sale.
- Another target might be Astoria Financial (NYSE:AF), with $15.3B in assets, and a neighbor in New York Community Bancorp (NYSE:NYCB) which might be on the hunt for acquisitions.
Wed, Mar. 11, 3:10 PM
- "First Niagara (FNFG +0.9%) clearly bit off more than they could chew, trying to do four large acquisitions over a three-year period of time," says analyst Robert Wagner. Now it's paying the price, writes Patty Tascarella, in terms of lagging profits and pressure on the management team to turn things around.
- If no turnaround, who might be a buyer? It would have to be a sizable player, given FNFG's $38B balance sheet.
- Two Ohio-based banks which already have retail presences in Pittsburgh - where Fifth Third operates 59 branches - could make sense, particularly Fifth Third Bank (NASDAQ:FITB), and maybe Huntington Bancshares (NASDAQ:HBAN).
- BB&T (NYSE:BBT) is in the process of buying eastern-PA's Susquehanna Bancshares, and might want to extend its footprint further west, but it could be another few years before BB&T is ready for another major deal.
- Then there's Cleveland-based KeyCorp (NYSE:KEY) which may want to move into a contiguous market, and New York Community Bancorp (NYSE:NYCB) which is based in the same state as First Niagara.
Nov. 12, 2014, 10:00 AM
- BB&T's deal to buy Susquehanna Bancshares for what looks to be about 1.7x tangible book value has investors wondering if the boosted M&A activity in general this year is going to make its way into the banking sector.
- There's not a lot of major movement in the smaller regional lenders at the moment, though, with the exception of First Niagara Financial (FNFG +4.9%). Its $38B of assets is easily digestible, and - after a rough year for the stock - its closing price last night of $7.51 is just 1.15x tangible book.
- Previously: BB&T buying Susquehanna Bancshares in $2.5B deal
Aug. 1, 2011, 2:35 AMHSBC (HBC) is to sell 195 branches, mostly in New York, to First Niagara Bank (FNFG) for $1B as part of the U.K. bank's plan to pare its U.S. operations and exit non-core markets. First Niagara may sell some branches that don’t fit with its strategy and to allay any antitrust concerns. (PR) | Aug. 1, 2011, 2:35 AM | Comment!
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