Jacksonville Bancorp Inc. (JAXB)

[vpagano]

Jacksonville among most desirable markets for bank M&A

http://www.bizjournals.com/jacksonville/blog/morning-edition/2013/11/jacksonville-among-most-desirable.html

Bank mergers and acquisitions are heating up in the Southeast and Jacksonville is among the “most hotly pursued markets.”

The Southeast had the second highest amount of merger and acquisition activity among financial institutions nationwide during the 12 months ended Oct. 22, according to data from Banks Street Partners.

The Atlanta-based investment banking firm said banks headquartered in the Southeast have announced 50 deals in the last year, following the Midwest’s 69 deals during the same time period. In the past year, there have been 210 bank mergers announced nationwide.

Banks Street Partners CEO Lee Burrows said almost without exception, banks in the most desirable markets are getting the best pricing. He said the Southeastern markets most in demand from buyers includes: Charleston, S.C.; Charlotte, N.C.; Greenville/Spartanburg, S.C.; Jacksonville, Fla.; Knoxville, Tenn.; Nashville, Tenn.; Norfolk/Virginia Beach/Hampton Roads, Va.; Northern Virginia; Raleigh/Durham/Chapel Hill, N.C.; Richmond, Va.; and Savannah, Ga.

Florida is ripe for community bank mergers and acquisition, as the wave of Florida bank failures is mostly over and the recession in the rearview mirror. The Business Journal took an indepth look at bank mergers and acquisitions in Florida as a whole earlier this year.