According to the S&P Global Market Intelligence, US bank M&A deals hit another monthly low in 2023 with only four deals announced in May.
Key highlights from the analysis include:
- In the year through May 31, there were 32 US bank M&A deals announced, fewer than half of the 66 deals announced over the same period in 2022.
- Aggregate disclosed deal value fell to $580.2 million, from $2.99 billion in the year-ago period.
- Three of the banks targeted in May were headquartered in the Midwest, pushing the region’s total number of targets this year to 19. LCNB Corp. (NASDAQ:LCNB)’s announcement on May 18 to acquire Cincinnati Bancorp Inc (OTCMKTS:CNNB) also marked the fourth time an Ohio bank has been targeted this year, making it the second-most popular target after Illinois at five.
- The median deal value-to-tangible common equity ratio for bank deals announced in the first five months of 2023 was 130.6%.
