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    Banking, Finance & Insurance Q1 2022

    Q1 2022 Banking Finance Insurance

    Largest Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Sterling Bancorp
    • Webster Financial Corporation
    • $5,135.98
    • First Midwest Bancorp, Inc.
    • Old National Bancorp
    • $2,690.95
    • CIT Group Inc.
    • First-Citizens Bank & Trust Company
    • $2,158.55
    • Great Western Bancorp, Inc.
    • First Interstate BancSystem, Inc.
    • $1,965.14
    • Bryn Mawr Bank Corporation
    • WSFS Financial Corporation
    • $989.87
    • Atlantic Capital Bancshares, Inc.
    • SouthState Corporation
    • $537.83
    • Reliant Bancorp, Inc.
    • United Community Banks, Inc.
    • $518.45
    • Ohio National Holdings, Inc.
    • Constellation Insurance Holdings, Inc.
    • $500.00
    • Howard Bancorp, Inc.
    • F.N.B. Corporation
    • $422.40
    • Independence Holding Company
    • Geneve Holdings, Inc.
    • $316.32

    Other Financial Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Marlin Business Services Corp.
    • HPS Investment Partners, LLC
    • $299.06
    • Title Resources Guaranty Company
    • Centerbridge Partners, L.P.
    • $210.00

    Other Strategic Buyer Transactions Closed

    • Target
    • Buyer
    • Value($mm)
    • Hudson Capital Inc.
    • Hudson Capital Inc.
    • $264.98
    • 1st Constitution Bancorp
    • Lakeland Bancorp, Inc.
    • $244.40
    • Suncrest Bank
    • Citizens Business Bank
    • $204.41
    • Madison National Life Insurance Company, Inc.
    • Horace Mann Educators Corporation
    • $185.00
    • Standard Security Life Insurance Company of New York
    • Reliance Standard Life Insurance Company
    • $180.00
    • Citizens Union Bancorp of Shelbyville, Inc.
    • German American Bancorp, Inc.
    • $155.02
    • Commonwealth Bancshares, Inc.
    • Stock Yards Bancorp, Inc.
    • $153.00
    • Delta Bancshares Company
    • First Mid Bancshares, Inc.
    • $106.66
    • Waverly and Shell Rock offices of Security State Bank
    • CUSB Bank
    • $90.00
    • Vantage Financial, LLC
    • Peoples Bank
    • $75.00
    • Certain Assets and Liabilities of the Bank of Honolulu
    • Royal Business Bank
    • $71.00
    • Friendswood Capital Corporation
    • Home Bancorp, Inc.
    • $65.67
    • Pacific Enterprise Bancorp
    • BayCom Corp
    • $54.70

     

    Source S&P Capital IQ as of 4/6/2022 and PCE Proprietary Data

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    PCE Transactions

    Contacts

    David Jasmund

    Orlando Office

    407-621-2111

    Michael Poole

    Orlando Office

    407-621-2112

    Data Assumptions

    This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.

    Glossary

    EBIT - Earnings Before Interest and Taxes
    EBITDA - Earnings Before Interest, Taxes, Depreciation, Amortization
    LTM - Last Twelve Months
    TEV - Total Enterprise Value

    Sources:

    1. Maurer, Mark. “Prudential Automates Expense Management to Cut Costs.” CFO Journal, The Wall Street Journal, 22 Feb. 2022.
    2. Kellaher, Colin. “Berkshire Hathaway to Buy Insurer Alleghany for $11.6 Billion.” Markets, The Wall Street Journal, 21 Mar. 2022.
    3. Timiraos, Nick. “Powell Says Fed Will Consider More-Aggressive Interest-Rate Increases to Reduce Inflation.” Economy, The Wall Street Journal, 21 Mar. 2022.
    4. PricewaterhouseCoopers. “Global M&A Industry Trends.” PwC, https://www.pwc.com/gx/en/services/deals/trends.html.
    5. Demos, Telis. “Staying Domestic Is Working for U.S. Bank Investors.” Heard on the Street, The Wall Street Journal, 17 Mar. 2022.

     

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