Major Deals in the Midwest
January 28, 2016 7:30 AM
Bank consolidation is gaining traction in several Midwestern states, including Ohio, Illinois, Michigan and Wisconsin. Here are some of the more notable deals announced in the last year.
Huntington's Big Play
Steve Steinour, CEO of Huntington Bancshares in Columbus, Ohio, is taking on significant dilution to tangible book value to buy FirstMerit in Akron, Ohio. At $3.4 billion, the deal is among the priciest announced in recent years.
A Change in Plans
Talmer Bancorp, led by CEO David Provost, once was an aggressive acquirer. The Troy, Mich., company just agreed to sell itself to Chemical Financial in Midland, Mich., for $1.1 billion. Some analysts accused Talmer of underselling itself .
Windy City Merger
MB Financial in Chicago, led by Mitchell Feiger, beefed up operations in the city by agreeing in November to buy American Chartered Bancorp, also in Chicago, for $449 million. The deal, expected to close later this year, placed among the biggest bank acquisitions of 2015 .
Buyer Becomes Seller
Baylake Corp. in Sturgeon Bay, Wis., agreed in May to buy New Bancshares in Kewaunee, Wis., for $9.7 million. Four months later, Baylake agreed to sell itself to Nicolet Bankshares in Green Bay, Wis., for $141 million.
Wintrust's Busy Year
Wintrust Financial in Rosemont, Ill., led by CEO Edward Wehmer, has agreed to buy four small banks in the last year for a total of $102 million. Two of those deals have been in Wisconsin, including its January agreement to buy Generations Bancorp in Pewaukee.
Under Pressure
Cheviot Financial in Cincinnati had been dealing with an activist investor, and the unexpected death of its chairman , in the months before it agreed to sell itself to MainSource Financial Group in Greensburg, Ind., for $107 million.
