Mergers And Acquisitions In The U S Banking Industry
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Bank Mergers & Acquisitions by Yakov Amihud,Geoffrey Miller Pdf
As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
Author : Gabriel A. Hawawini,Itzhak Swary Publisher : North Holland Page : 252 pages File Size : 48,8 Mb Release : 1990 Category : Business & Economics ISBN : UOM:39015019651853
Mergers and Acquisitions in the U.S. Banking Industry by Gabriel A. Hawawini,Itzhak Swary Pdf
Presented in this book is a comprehensive empirical analysis of mergers and acquisitions in the U.S. banking industry. The purpose of the study is to examine the merger phenomenon in the banking industry by answering the following questions: - What are the incentives for banks to merge? - Has the prohibition of interstate banking prevented banks from diversifying and has it increased the rate of bank failures by restricting (geographical) diversification opportunities? - Are bank mergers wealth-creating activities and how are the gains/losses from a merger distributed between the acquiring and acquired bank shareholders? - How can the changes in shareholder wealth resulting from bank mergers be explained and are there differences between interstate and intrastate mergers? - What are the implications of the study's findings for regulatory policy? Theory and practical implications are blended in this book which should appeal to both academics and practitioners in the field
Author : Alexandra Lajoux,Dennis J. Roberts Publisher : McGraw Hill Professional Page : 368 pages File Size : 51,9 Mb Release : 2014-01-17 Category : Business & Economics ISBN : 9780071799577
The Art of Bank M&A: Buying, Selling, Merging, and Investing in Regulated Depository Institutions in the New Environment by Alexandra Lajoux,Dennis J. Roberts Pdf
Up-to-date guidance for conducting a successful M&A for banks and financial institutions The simmering economic climate since the financial crisis faces a front of new competition and sweeping regulatory reforms expected to drive the U.S. banking sector into consolidation in the next ten years. Capitalizing on the upcoming opportunities will take strategically focused preparation. The Art of Bank M&A is the unprecedented guide to mastering the merger and acquisition of a bank and any other financial institution. M&A transactions involving financial businesses take place in a framework of regulation, which makes them greatly different from those of commercial companies. The specialized coverage in this one-of-a-kind guide gives you an insider's interpretation of the Dodd–Frank Wall Street Reform and Consumer Protection Act, along with the most popular techniques and strategies used to shed and acquire financial entities within the regulation. Straightforward explanations and instructive examples from the real world reveal: Major changes in banking law and unique considerations for bank holding companies The why and how of bank M&As, including how banks achieve growth and value How to value and validate financial businesses, including the basic steps for determining a price range to purchase a bank Trends in practices, controversy, and reporting for transborder bank M&As, including a convenient summary of inbound and outbound transaction regulations Where to find opportunity in distressed and insolvent banks M&A is the most powerful and risky weapon in financial strategy, and like other books in The Art of M&A series, this latest title gives you everything you need to be savvy in the M&A arena. To prepare for the coming surge in bank mergers and acquisitions, turn to the unmatched, sector-specific guidance in The Art of Bank M&A. Whether you're a senior bank manager, a government regulator, or an individual investor, The Art of Bank M&A covers everything you need to know about the unique economic structures of banks and financial institutions and the federal regulations they must operate within. Sweeping changes brought on by the Dodd-Frank Act as well as the new economic environment still emerging from the 2007–2009 financial crisis makes this timely guide a must-read for everyone involved in banking and M&A. From valuing a business entity to post-merger integration, this conveniently organized guide walks you through every important step of a bank M&A, including: The regulatory framework of bank mergers, and the strategies and standards driving the transaction The reasons behind banks combining their resources, processes, and responsibilities through mergers How to put a price on the value one financial entity brings to another How banks create value through synergy 250 critical questions on the minds of today's forward-thinking professionals Even if you're not directly involved in M&A transactions, this book provides both institutional and individual investors with useful information on the latest investment vehicles and strategies for making money on bank stocks. Before opportunity washes away, learn The Art of Bank M&A.
Bank Mergers and Banking Structure in the United States, 1980-98 by Stephen A. Rhoades Pdf
After 1980, the U.S. banking industry experienced a sustained and unprecedented level of merger activity that has substantially affected banking structure. From 1980 through 1998, there were approx. 8,000 mergers, involving about $2.4 trillion in acquired assets. From 1990 to 1999 several mergers occurred that, at the time of occurrence, were the largest bank mergers in U.S. history. This report describes various facets of bank merger activity and some of the changes in U.S. banking structure that occurred from 1980 through 1998. A primary force underlying the sustained merger movement in banking since 1980 was the gradual removal of state and federal restrictions on geographic expansion in banking. Charts and tables.
Megabank Consolidations in the United States by Ashford Maharaj Pdf
Megabank consolidations in the United States: The enigma continues, investigates merger of equals among megabanks as a business model and also postulates that higher premiums are paid for the right to integrate with the very large banks versus that paid for the right to integrate with relatively smaller banks. By introducing merger of equals and megabank premium comparatives, the author has filled a void left vacant by previous researchers investigating inorganic growth among banks in the U.S. banking industry. Decision makers, academicians, policy makers, and students of finance will once more be looking for "what is out there" in order to guide understandings and decisions re the integration aspects among financial intermediaries. The book sought to illuminate a clarity of understanding involving the analysis and interpretation of organic versus inorganic growth among megabanks in the United States. Despite the general destruction of shareholders incremental value brought about through inorganic growth, the enigma continues in that banks proceed to integrate at an accelerating pace over the past two decades, though there was a brief lull early in this new Millennium.
Bank Mergers: Current Issues and Perspectives by Benton E. Gup Pdf
Historians of our financial system will record this as an age of deregulation and bank mergers. Deregulation, a cornerstone of President Reagan's Administration, resulted in federal and state legislation that contributed to increased competition for financial services and increased merger activity. During the 1981-1986 period, there were 2,139 mergers in banking and finance, accounting for 16 percent of total merger activity.l More mergers occurred in banking and finance than in any other industry. Because of these bank mergers, there are vast amounts of data avail able for scholarly research. This book presents some results of that research which will be of interest to academics, bankers, investors, legislators, and regulators. The book consists of ten articles, and it is divided into three parts. Part 1: National and Regional Bank Mergers gives a broad perspective of merger activity. The first article by Peter S. Rose compared the growth of bank holding companies that merged with those that did not merge. One conclusion of his study was that banks planning mergers tended to be aggressively managed and were often beset by problems, such as low profitability or declining loan quality. Mergers were one solution to their problems. But he found no solid evidence that mergers resulted in greater profitability or reduced risk. He also observed that acquiring banks did not seem to grow faster than those choosing not to merge.
Bank Mergers and Acquisitions in the United States 1990 -1997 by Ashford Maharaj Pdf
This study focused on factors that have positively influenced the model of economic success for commercial and thrift megabanks involved in merger and acquisition activities for the period 1990 - 1997, a period characterized by an unprecedented flurry of merger and acquisition activities among megabanks in the United States. This study identified and measured key independent variables for identifiable mergers and acquisitions among megabanks and tested the extent to which, such independent variables influenced abnormal returns for underlying equities traded in capital markets. This study also tested the hypothesis that megabanks are attracting significantly higher acquisition premiums than the relatively smaller banks. The data collected and the conclusions drawn were based on the logic of a hypothetico-deductive paradigm, which essentially utilized the techniques of the standard event study methodology, and included parameters of the conventional Capital Asset Pricing Model. This study was based on a scientifically determined sample of over 200 banks in the small bank category and between 68 and 86 banks grouped under the megabank category. The findings revealed that megebank acquirers realized negative abnormal returns and that megabank acquirees did not realize economic value significantly greater than acquirers for those banks that integrated on a merger-of-equals basis. The findings also showed that megabanks seemed more willing to pay higher premiums for the right to integrate with other megabanks vis-a-vis the right to integrate with small banks.
United States. Congress. Senate. Committee on Appropriations. Subcommittee on Treasury, Postal Service, and General Government
Author : United States. Congress. Senate. Committee on Appropriations. Subcommittee on Treasury, Postal Service, and General Government Publisher : Unknown Page : 210 pages File Size : 46,8 Mb Release : 1992 Category : Business & Economics ISBN : LOC:00099126309
Oversight Hearing on the Proposed Merger Between Bank of America and Security Pacific Bank by United States. Congress. Senate. Committee on Appropriations. Subcommittee on Treasury, Postal Service, and General Government Pdf
Mergers and Acquisitions in Banking and Finance by Ingo Walter Pdf
This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M&A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M&A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M&A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."
Recent Trends in Bank Consolidation and Interstate Mega-mergers by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Financial Institutions and Consumer Credit Pdf
A Century of Banking Consolidation in Europe by Manfred Pohl,Teresa Tortella Pdf
From the late nineteenth century to the late twentieth century the European banking sector experienced countless mergers and acquisitions. The outcome of this century of consolidation is strikingly similar across the continent, with the banking sector of each country now dominated by a handful of giant banking corporations. Consolidation and concentration trends in banking was the theme of the Academic Archive Colloquium of the European Association for Banking History held in Madrid in June 1997. This volume is comprised of the 18 papers and responses presented at the Colloquium by a truly international group of delegates. Some of the themes explored in the book include: the significance of mergers for bank archives; the regulation of mergers and their impact on banking legislation; reactions to consolidation from within and without the banking industry; case studies of particular mergers and their impact on the wider banking community. Youssef Cassis's introductory chapter provides a general survey of trends in the consolidation process and suggests that the advent of the Euro may herald a new era in the history of European banking consolidation.
