By Anna Peel. Originally published at ValueWalk.
Sixteen U.S. bank M&A deals were announced in March, pushing total first-quarter announcements to 46, according to S&P Global Market Intelligence’s bank M&A deal tracker. The median deal value-to-tangible common equity ratio for deals announced in the first quarter was 142.1%, below full year 2021’s 152.3%.
Q1 2022 hedge fund letters, conferences and more
Other highlights include:
- Deal values dip following 2021 surge: Total deal value in the first quarter was $15.15 billion, down from $25.63 billion in the fourth quarter of 2021, but up from $11.22 billion in the first quarter of 2021. Full year 2021 saw the highest number of large bank deals in more than two decades.
- Megadeals dry up: Toronto-Dominion Bank’s $13.67 billion deal for First Horizon Corp., announced Feb. 28, was the only deal worth more than $350 million announced during the first quarter of 2022.
- Midwest banks most targeted: Wisconsin’s six deal announcements led the nation in the first quarter, followed by Illinois’ four announcements.
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