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Bank Merger & Acquisition 2015 Deal Tracker

SNL Financial Feature

By Junaid Daher and Mohsin Azam

For 2015, as of April 30, SNL Financial counted 88 deal announcements in the banking sector with an aggregate disclosed deal value of $8.81 billion and a median price-to-tangible book ratio of 142.82%. During the same period in 2014, the sector saw 81 deal announcements with an aggregate disclosed deal value of $3.51 billion and a median price-to-tangible book ratio of 137.96%.

The full year of 2014 witnessed 291 deal announcements with an aggregate disclosed deal value of $18.69 billion and a median price-to-tangible book ratio of 134.76%.

Among deals valued at greater than or equal to $25 million, First Financial Bankshares Inc.'s planned acquisition of FBC Bancshares Inc. was the most expensive deal announced since Jan. 1, 2014. The deal had a price-to-tangible book value of 386.89%.

S&T Bancorp Inc.'s acquisition of Integrity Bancshares Inc. was the second-most expensive deal announced since Jan. 1, 2014. The deal, announced Oct. 30, 2014, had a price-to-tangible book value of 262.68%.

Announced March 2, PacWest Bancorp's planned acquisition of Square 1 Financial Inc. was the third-most expensive deal, with a price-to-tangible book value of 262.53%. It was also the fourth-largest deal by disclosed deal value since the beginning of 2014.

Announced Jan. 22, Royal Bank of Canada's planned acquisition of City National Corp. for about $5.33 billion was the largest deal by disclosed deal value in the U.S. banking space since Jan. 1, 2014. With a price-to-tangible book value of 262.13%, it was also the fourth-most expensive deal announced since Jan. 1, 2014.

Announced July 22, 2014, CIT Group Inc.'s planned acquisition of IMB HoldCo LLC for approximately $3.37 billion marked the second-largest deal since Jan. 1, 2014, in terms of disclosed deal value.

BB&T Corp.'s pending acquisition of Susquehanna Bancshares Inc. is the third-largest deal announced since Jan. 1, 2014. Disclosed Nov. 12, 2014, the deal was valued at $2.50 billion.

Recent deal announcements in the bank and thrift space include the following:

* Kansas City, Mo.-based First Federal Bank FSB agreed to merge with Kansas City, Kan.-based Inter-State Federal Savings and Loan Association of Kansas City, The Kansas City (Mo.) Star reported April 29. The terms of the deal were not disclosed.

* Ashland, Mo.-based Connections Bancshares Inc. applied to become a bank holding company by acquiring 100% of the voting shares of Ashland, Mo.-based Calvert Financial Corp., according to a notice published in the Federal Register on April 28. The terms of the deal were not disclosed.

* On April 28, Nashville, Tenn.-based Pinnacle Financial Partners Inc., the parent of Pinnacle Bank, announced plans to acquire Memphis, Tenn.-based Magna Bank. The deal was valued at $82.5 million.

* South Burlington, Vt.-based Merchants Bancshares Inc., the parent of Merchants Bank, intends to acquire Springfield, Mass.-based NUVO Bank and Trust Co. The deal, announced April 27, was valued at $21.7 million.

* On April 23, San Jose, Calif.-based Heritage Commerce Corp, the parent of Heritage Bank of Commerce, announced plans to acquire San Jose, Calif.-based Focus Business Bank. The deal was valued at $54.8 million.

* Blairsville, Ga.-based United Community Banks Inc., the parent of United Community Bank, agreed to acquire Greenville, Ga.-based Palmetto Bancshares Inc. The deal, announced April 22, was valued at $237.6 million.

* On April 21, Nacogdoches, Texas-based Commercial Bank of Texas NA, a unit of Nacogdoches Commercial Bancshares Inc., announced that it has agreed to acquire substantially all of the assets and assume substantially all of the liabilities of Elkhart, Texas-based Elkhart State Bank, a subsidiary of Elkhart Bancorp. Inc. The terms of the deal were not disclosed.

* On April 17, Everett, Wash.-based Coastal Financial Corp., the parent of Coastal Community Bank, and Lynnwood, Wash.-based Prime Pacific Financial Services, the parent of Prime Pacific Bank NA, announced the execution of a definitive agreement for the merger of the two banks. The terms of the deal were not disclosed.

* Dubuque, Iowa-based Heartland Financial USA Inc., the parent of Albuquerque, N.M.-based New Mexico Bank & Trust, disclosed April 16 that it intends to acquire Santa Fe, N.M.-based Community Bancorp of New Mexico Inc. The deal was valued at $11.3 million.

* Towson, Md.-based Hamilton Bancorp Inc., the parent of Hamilton Bank, agreed to acquire Baltimore-based Fairmount Bancorp Inc. The deal, announced April 16, was valued at $15.4 million.

* Darlington, Wis.-based First National Bank at Darlington plans to acquire Gratiot, Wis.-based Gratiot State Bank the (Darlington) Republican Journal reported April 16. The terms of the deal were not disclosed.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.