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Illinois Bank M&A Rebounds to Pre-COVID Levels in '22
By Rica Dela Cruz and Syed Muhammad Ghaznav, S&P Global Market Intelligence
Bank M&A activity in the state of Illinois returned to pre-pandemic levels in 2022.
There were 20 whole-company bank and thrift deals in the state last year, up from 16 in 2021 and eight in 2020, according to an S&P Global Market Intelligence analysis. Deal volume in the state matched the mark it saw in 2019. 167 whole-company bank and thrift deals took place in the U.S. in 2022, 72 of which were in the Midwest.
Bank M&A activity since 2019
Illinois-based deals in 2022
Although deal count increased in 2022, Illinois saw significantly more assets and deposits sold in 2021. The 20 Illinois bank deals in 2022 resulted in $4.86 billion in assets sold and $4.14 billion in deposits sold, while the 16 deals in 2021 resulted in $28.31 billion in sold assets and $22.79 billion in sold deposits.
The assets median of the Illinois-based bank targets in the 20 deals announced in the state was $109.4 million. Among those targets, Oak Brook-based Inland Bancorp Inc.'s total assets were the highest at $1.23 billion.
Inland will be sold to Chicago-based Byline Bancorp Inc. for $165.0 million in a cash-and-stock transaction expected to close in the second quarter. The deal provides Byline with "a replenishment to the bucket of low-cost, core deposits" and will allow it to "doubledown in the stronger economic parts of Chicago," Hovde Group analyst Ben Gerlinger said in a December 2022 research note.
Only two transactions in this analysis had their values disclosed: the Byline-Inland deal and Bloomingtonbased HBT Financial Inc.'s pending acquisition of Springfield-based Town and Country Financial Corp., valued at $101.4 million.
The first Illinois bank deal announced in 2022 was Marion-based Midwest Community Bancshares Inc.'s acquisition of Bank of Carbondale, which closed over the past summer. The last deal announced during the year was Decatur-based Land of Lincoln CU's pending all-cash purchase of substantially all the assets and liabilities of Colchester State Bank.
Announced bank deals in Illinois in 2022
Sorted by deal announcement date
