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• W309185716 abstract "Consolidation among small banks is likely to continue at a rapid pace. Here's a look at some trends and individual deals in making A little while back New York community banker Robert H. Cole took a call from attorney representing one of his larger stockholders. The client had just read a small item in The Wall Street Journal indicating that Cole's Bath National Bank, in western upstate New York, had struck a handshake deal to acquire a bank in Atlanta. Just what, lawyer asked, was Cole thinking of, trying to manage a $16 million-assets subsidiary in Georgia? What Cole was thinking of was filling in a corner of his market area by taking an opportunity to snap up a bank at 1.35 times book that his $191 million-assets organization has been trying to acquire, off and on, for about 15 years--in Atlanta, New York. The attorney backed down. Southern California, $50 million-assets Western Industrial National Bank, South El Monte, decided in mid-November to sell to a holding company in nearby Ontario (both towns are part of Los Angeles metro area). A casebook example of a small bank that went too far into commercial real estate and wound up getting burned in Southern California debacle, right? Wrong. Western Industrial has been turning in good results. fact, its owners are receiving about 1.7 times book value in cash takeover. Basically, says chairman and president Thomas Walker, the directors got tired. Walker says growing regulatory burden facing banks convinced directors, all of whom--including Walker-have other businesses, that it was time to sell out. The deal is expected to be completed in April, and, for Walker, that couldn't be soon enough. If you considered only deals that make big news, you might think mergers and acquisitions is a game played solely by large banks marrying each other or munching up community banks to fill gaps in their markets. If you look at record, that's not so. LOOKING AT THE NUMBERS. Over last five years, total number of insured banks has fallen by close to 13%. At end of third quarter of 1993, FDIC reported that there were 11,081 insured commercial banks, versus 14,483 in 1984. Some failed. Some, given changes in state branching laws and other factors, were consolidated under a common parent. And many merged with other institutions. Many of those mergers were done not by megabanks, but by banks or bank holding companies with less than $1 billion in assets. About six out of ten banking organizations with less than $1 billion in assets that were acquired or had an offer to be acquired over last five years were courted by organizations with less than $1 billion in assets, according to a tally of private-sector deals computed for ABA Banking Journal by SNL Securities, Charlottesville, Va. (The year-by-year trends can be seen in chart next page.) fact, this computation showed that more than half of acquirors had less than $500 million in assets. More broadly, SNL's own analysis of all bank mergers, published in December edition of its Bank Mergers & Acquisitions newsletter, found that mid-size institutions--those with between $1 billion and $5 billion in assets-have been disappearing most quickly as a result of mergers over last five years. SNL reported that almost a third of these institutions have disappeared since 1989. By contrast, over same period, banks with under $100 million in assets have been consolidating more slowly, at 18.7%. In last six months to a year, we've been seeing pricing levels that are getting people's attention, says Christopher Quackenbush, partner and merger specialist at Sandler O'Neill & Partners, L.P., New York. 'Business reasons' for getting together have existed for ten years. The action starts with attractive price levels. …" @default.
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• W309185716 date "1994-02-01" @default.
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• W309185716 title "Big Mergers Aren't the Only Action" @default.
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