S&P Bank M&A 2023 Deal Tracker: Only 4 Deals Announced In May

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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.

bank M&A

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%.
bank M&A