American Banker, September 10, 2024, NBT To Keep Evans Branch Offices After $236 Million Merger
More than 70 banks have announced plans to sell in 2024, putting the year on track to eclipse last year’s total of 100. M&A in 2023 was held in check in large part by surging interest rates that spiked deposit costs, curbed loan demand and raised the specter of recession.
But the Federal Reserve is on the cusp of lowering rates, perhaps as soon as its Sept. 18 meeting. The futures market is pricing in a 25-basis-point cut with a chance for a 50-basis-point reduction.
Deals are also getting larger on average. Through July of this year, bank M&A transactions in aggregate were valued at $9.25 billion, above the $4.15 billion for all of 2023, according to S&P Global Market Intelligence.
