Bank M&A: The Buyers Are Ready, but Now They're Waiting on the Sellers
When the coronavirus pandemic hit the economy around March, most banks put mergers and acquisitions (M&A) on hold. After all, they had to deal with their existing customers and credit quality, make loan deferrals, and grant loans through the Paycheck Protection Program. However, as the year has progressed and banks have gotten a better handle on economic conditions, M&A activity has started to bounce back.
First Citizens BancShares (NASDAQ: FCNCA) recently merged with CIT Group (NYSE: CIT) in the largest bank deal of the year, creating a bank with more than $100 billion in assets. And there has been more chatter from bank CEOs about starting to look at M&A again, especially as digital adoption and the pandemic have made the industry even more ripe for consolidation than it already was.
Now, the big question is when will the sellers be ready to raise their hands.
Source Fool.com
