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• W285242530 abstract "[ILLUSTRATION OMITTED] For Howard Jaffe's Inland Bank, the fifth time was the charm. The $1.3 billion, Oak Brook, Ill.-based bank had pre-qualified to be an FDIC bidder some time ago, but management had been through the bidding process four times before the bank's attempt to acquire the failing First Choice Bank succeeded in August. Acquiring $150 million-assets First Choice in a purchase-and-assumption transaction took the larger bank beyond its Chicago-area markets into a new county. These days, says Jaffe, chairman and CEO, have to react to the opportunities when they pres ent themselves. Once the bank learned the basics of FDIC's failed-bank bidding process, management formed a team ready to perform due diligence on a target. Jaffe's team went into five banks five times. In August, Inland made a bid for First Choice. The pricing Inland proposed included the core deposits, the target bank's headquarters, and certain assets, without any loss-sharing arrangement. FDIC judged Inland's offer as the best. New signage went up overnight, and the bank retained most employees. They are outstanding, says Jaffe, referring to the acquired staff. He says it was asset-quality and liquidity issues that brought First Choice down. Jaffe praises FDIC's resolutions process. While Inland has been looking at non-FDIC acquisition possibilities, the Illinois banker has found the insurance agency's staff helpful and its opportunities attractive. The ability to structure bids on a variety of pieces, versus the whole institution, and the freedom to propose different types of bids, including with and without loss sharing, impresses Jaffe. Indeed, Inland has submitted multiple proposals on the same bank. Jaffe has found this process so advantageous that when he attended a community bankers' meeting, he rose and told his fellow bankers that if they hadn't explored FDIC transactions as a road to growth, they were missing a good deal. Not the only game in town, but ... Right now, the community bank merger game is like the last tomatoes of summer, the kind you pick green and hope they'll ripen off the vine. The consensus of consultants and securities analysts interviewed is that, with three exceptions, the wave of community bank mergers has not ripened yet. While there is a great deal of talk about mergers, much of the industry isn't ready. We haven't seen a lot of traditional M&A, says Chris McGratty, analyst and vice-president at Keefe, Bruyette & Woods. It's probably going to be a 2012 event. Some observers see 2012 as early. One of the exceptions is the FDIC market. Other bankers, like Jaffe, have found there can be promising opportunities in the flotsam and jetsam of the financial crisis. While the problem-bank list dipped for the first time since third-quarter of 2006, 865 banks remain on it. Not all will be closed, but the total indicates the size of the market FDIC controls. The inventory is deeper in some parts of the country. [ILLUSTRATION OMITTED] Until we exhaust the supply of troubled banks under FDIC, why would anyone take on a troubled bank outside of that world? asks Don Musso, president and CEO at the FinPro consulting firm. The ability to pick and choose the way you'll take on another bank--even without the possibility of FDIC loss-sharing--represents a deal rarely available elsewhere. Not so long ago, experts predicted a wave of community bank consolidation, with the reasons ranging from tired-out management and Dodd-Frank Act compliance to weak capital positions. These reasons, for the most part, are still drivers, but it's the timing, experts say, that has been stretched out. Community bank consultant and ababj.com blogger Jeff Gerrish says activity has already begun among community banks under $1 billion. Pricing is quite low, he says, and some banks simply find themselves with no other option. …" @default.
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• W285242530 date "2011-12-01" @default.
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• W285242530 title "Waiting for the Wave: Continuing Loan Issues Push Anticipated M&A Boom into 2012-2013" @default.
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