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The top five bank M&A deals completed in 2024 had an average value to tangible common equity ratio of 184.7%. The average deal value at announcement for these top five bank mergers was $433.5 million.
The largest completed deal, the German American Bank purchase of Heartland Bank, had a value to tangible common equity ratio of 212%.
Scroll through to learn more about the 20 largest bank M&A deals in 2024.
Source: S&P
Largest bank M&A deals of 2024
| Buyer |
Target |
Announcement
Date |
Deal value
to value
of equity
ratio |
Deal value |
German
American
Bank |
Heartland
Bank |
07/29/24 |
212% |
$347.0M |
Renasant
Bank |
The First
Bank |
07/29/24 |
184% |
$1,176.9M |
Oak Tree
Financial Corp. |
Riverside
Bank |
10/10/24 |
182.4% |
$10.1M |
Wintrust
Financial |
Macatawa
Bank |
04/15/24 |
174.2% |
$512.4M |
| TowneBank |
Village
Bank & Trust |
09/24/24 |
171.1% |
$121.2M |
Sound Credit
Union |
Substantially all the assets
and liabilities of
Washington
Business Bank |
03/11/24 |
165.8% |
$25.9M |
First Commonwealth
Bank |
CenterGroup
Bank |
12/18/24 |
160.2% |
$54.6M |
Global Federal
Credit Union |
First Financial
Northwest Bank |
01/11/24 |
156.4% |
$231.2M |
Beacon
Credit Union |
Substantially all the
assets and liabilities
of Mid-Southern
Savings Bank |
01/25/24 |
155.9% |
$45.2M |
United
Bank |
Piedmont
Bank |
05/10/24 |
154.9% |
$270.1M |
Independent
Bank |
Enterprise
Bank |
12/09/24 |
154.5% |
$562.9M |
UMB
Bank |
Heartland
Financial |
04/29/24 |
153.5% |
$1,990.1M |
United
Community
Bank |
American National
Bank |
12/03/24 |
149.9% |
$80.4M |
SouthState
Bank |
Independent Bank
Group |
05/20/24 |
147.7% |
$2,021.5M |
Byline
Bank |
First Security
Bank |
09/30/24 |
145.7% |
$39.2M |
| WesBanco |
Premier
Bank |
07/26/24 |
141.9% |
$959.0M |
Arlo
Bank |
Systematic Savings
Bank |
04/17/24 |
140.1% |
$13.7M |
Northwest
Bank |
Penns Woods
Bancorp |
12/17/24 |
139.1% |
$270.4M |
Camden National
Bank |
Northway
Bank |
09/10/24 |
138.8% |
$86.6M |
Georgia Banking
Company |
Primary
Bank |
10/09/24 |
137.6% |
$27.0M |
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