National Financial Services M&A Transaction Perspective Q2
Bank mergers and acquisitions (M&A) activity has seen a slight uptick, with a total of 84 transactions announced through June 30, 2026. That is an increase from the 76 transactions announced through June 30, 2025.
Pricing for whole bank and thrift transactions has seen a slight increase through June 2026, with an average price to tangible book value (P/TBV) of 150% compared to 146% through June 2025 and 144% in all of 2025.
Stock prices for banks continued to climb in the first half of 2026, powered by relatively low inflation and strong earnings. The Dow Jones U.S. Banks Index (DJUSBK) was up 20.03% at $869.91 for the 12-month period ending June 30, 2026, while the KBW Nasdaq Bank Index (BKX) was up 29.82% at $181.30 in the same period.
West Region Q2
In the West Region, there were five announced transactions through June 30, 2026, which is fewer than the 10 transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 151% in the West Region in 2025. Based on the two transactions with pricing data available, P/TBV averaged 126% in the West Region through June 2026.
Mid-Atlantic Region Q2
In the Mid-Atlantic Region, there were four announced transactions through June 30, 2026, which is greater than the three transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 128% in the Mid-Atlantic Region in 2025. Based on the three transactions with pricing data available, P/TBV averaged 122% in the Mid-Atlantic Region through June 2026.
Midwest Region Q2
In the Midwest Region, there were 44 announced transactions through June 30, 2026, which is significantly higher than the 30 transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 138% in the Midwest Region in 2025. Based on the 11 transactions with pricing data available, P/TBV averaged 150% in the Midwest Region through June 2026.
Northeast Region Q2
In the Northeast Region, there were five announced transactions through June 30, 2026, which is one less than the six transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 103% in the Northeast Region in 2025. Based on the two transactions with pricing data available, P/TBV averaged 169% in the Northeast Region through June 2026.
Southeast Region Q2
In the Southeast Region, there were 10 announced transactions through June 30, 2026, which is fewer than the 15 transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 163% in the Southeast Region in 2025. Based on the three transactions with pricing data available, P/TBV averaged 179% in the Southeast Region through June 2026.
Southwest Region Q2
In the Southwest Region, there were 16 announced transactions through June 30, 2026, which is greater than the 13 transactions announced through June 2025. Based on transactions with pricing data available, P/TBV averaged 147% in the Southwest Region in 2025. Based on the two transactions with pricing data available, P/TBV averaged 148% in the Southwest Region through June 2026.
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