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Heritage Bankshares Inc. Message Board

  • maine1964 maine1964 Oct 6, 2013 7:12 AM Flag

    Bank M&A activity slow

    Bank merger and acquisition activity in 2013 is behind last year’s pace both nationally and locally, according to data from SNL Financial.
    Through the first eight months of the year, there were 134 announced deals, which is on pace for slightly more than 200 for the year. That's below the 236 deals in 2012 but above the 149 in 2011 and 179 in 2010.
    For his own report, Mark McCollom, an investment banker with Griffin Financial Group, pulled out the mid-Atlantic region data — defined for these purposes as banks in New York, New Jersey, Pennsylvania, Delaware and Maryland. He found that there were 18 deals in 2011, 23 in 2012 and 11 in the first two-thirds of 2013. The median price-to-tangible book value for those 2013 deals was 120 percent, up slightly from 118 percent in 2012 but below the 125 percent in 2011.
    McCollom said the good news is that most buyers saw their currency improve. But concerns over waiting for the final guidelines for Basel 3 — the global regulatory standard on bank capital adequacy, stress testing and market liquidity risk — caused concerns about possible returns in transactions. But with Basel 3 now finalized, McCollom said pre-merger activity is at its highest levels since the recession began. That includes meeting with other bank CEOs and working with investment bankers on deal models.

 
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