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M&A

20 most expensive bank M&A deals in 2024

ByEditorial Staff
March 5, 2025 8:00 AM
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The top five bank M&A deals completed in 2024 had an average value to tangible common equity ratio of 184.7%. The average deal value at announcement for these top five bank mergers was $433.5 million.

The most expensive completed deal, the German American Bank purchase of Heartland Bank, had a value to tangible common equity ratio of 212%.

Scroll through to learn more about the 20 most expensive bank M&A deals in 2024.

Source: S&P

Largest bank M&A deals of 2024

Buyer Target Announcement
Date		 Deal value
to value
of equity
ratio		 Deal value
German
American
Bank		 Heartland
Bank		 07/29/24 212% $347.0M
Renasant
Bank		 The First
Bank		 07/29/24 184% $1,176.9M
Oak Tree
Financial Corp.		 Riverside
Bank		 10/10/24 182.4% $10.1M
Wintrust
Financial		 Macatawa
Bank		 04/15/24 174.2% $512.4M
TowneBank Village
Bank & Trust		 09/24/24 171.1% $121.2M
Sound Credit
Union		 Substantially all the assets
and liabilities of
Washington
Business Bank		 03/11/24 165.8% $25.9M
First Commonwealth
Bank		 CenterGroup
Bank		 12/18/24 160.2% $54.6M
Global Federal
Credit Union		 First Financial
Northwest Bank		 01/11/24 156.4% $231.2M
Beacon
Credit Union		 Substantially all the
assets and liabilities
of Mid-Southern
Savings Bank		 01/25/24 155.9% $45.2M
United
Bank		 Piedmont
Bank		 05/10/24 154.9% $270.1M
Independent
Bank		 Enterprise
Bank		 12/09/24 154.5% $562.9M
UMB
Bank		 Heartland
Financial		 04/29/24 153.5% $1,990.1M
United
Community
Bank		 American National
Bank		 12/03/24 149.9% $80.4M
SouthState
Bank		 Independent Bank
Group		 05/20/24 147.7% $2,021.5M
Byline
Bank		 First Security
Bank		 09/30/24 145.7% $39.2M
WesBanco Premier
Bank		 07/26/24 141.9% $959.0M
Arlo
Bank		 Systematic Savings
Bank		 04/17/24 140.1% $13.7M
Northwest
Bank		 Penns Woods
Bancorp		 12/17/24 139.1% $270.4M
Camden National
Bank		 Northway
Bank		 09/10/24 138.8% $86.6M
Georgia Banking
Company		 Primary
Bank		 10/09/24 137.6% $27.0M
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Georgia Banking Company's acquisition of Primary Bank ranked 20th for largest bank M&A deals of 2024.
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Camden National Bank's acquisition of Northway Bank ranked 19th for largest bank M&A deals of 2024.
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Northwest Bank's acquisition of Penns Woods Bancorp ranked 18th for largest bank M&A deals of 2024.
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Arlo Bank's acquisition of Systematic Savings Bank ranked 17th for largest bank M&A deals of 2024.
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WesBanco's acquisition of Premier Bank ranked 16th for largest bank M&A deals of 2024.
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Byline Bank's acquisition of First Security Bank ranked 15th for largest bank M&A deals of 2024.
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SouthState Bank's acquisition of Independent Bank Group ranked 14th for largest bank M&A deals of 2024.
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United Community Bank's acquisition of American National Bank ranked 13th for largest bank M&A deals of 2024.
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UMB Bank's acquisition of Heartland Financial ranked 12th for largest bank M&A deals of 2024.
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Independent Bank's acquisition of Enterprise Bank ranked 11th for largest bank M&A deals of 2024.
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United Bank's acquisition of Piedmont Bank ranked 10th for largest bank M&A deals of 2024.
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Beacon Credit Union's acquisition of substantially all the assets and liabilities of Mid-Southern Savings Bank, F.S.B. ranked 9th for largest bank M&A deals of 2024.
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Global Federal Credit Union's acquisition of First Financial Northwest Bank ranked 8th for largest bank M&A deals of 2024.
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First Commonwealth Bank's acquisition of CenterGroup Bank ranked 7th for largest bank M&A deals of 2024.
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Sound Credit Union's acquisition of substantially all the assets and liabilities of Washington Business Bank ranked 6th for largest bank M&A deals of 2024.
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TowneBank's acquisition of Village Bank & Trust ranked 5th for largest bank M&A deals of 2024.
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Wintrust Financial's acquisition of Macatawa Bank ranked 4th for largest bank M&A deals of 2024.
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Oak Tree Financial Corporation's acquisition of Riverside Bank ranked 3rd for largest bank M&A deals of 2024.
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Renasant Bank's acquisition of The First Bank ranked 2nd for largest bank M&A deals of 2024.
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German American Bank's acquisition of Heartland Bank ranked 1st for largest bank M&A deals of 2024.
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