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    Honey, I Shrunk The Banks

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    Drew Hansen
    The document tracks consolidation in the banking industry in Greater Washington over the past two decades. It shows how five major banks - United Bank, EagleBank, Sandy Spring Bank, Access National Bank, and WashingtonFirst Bank - grew substantially through numerous acquisitions of other banks between 1999 and 2017. During this period, the number of banks in Greater Washington fell from 70 to 36 as smaller banks were acquired or merged with larger institutions.

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    Honey, I Shrunk The Banks

    Uploaded by

    Drew Hansen
    3K views1 page
    The document tracks consolidation in the banking industry in Greater Washington over the past two decades. It shows how five major banks - United Bank, EagleBank, Sandy Spring Bank, Access National Bank, and WashingtonFirst Bank - grew substantially through numerous acquisitions of other banks between 1999 and 2017. During this period, the number of banks in Greater Washington fell from 70 to 36 as smaller banks were acquired or merged with larger institutions.

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    How we get here

    Original Title

    Honey, I shrunk the banks

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    The document tracks consolidation in the banking industry in Greater Washington over the past two decades. It shows how five major banks - United Bank, EagleBank, Sandy Spring Bank, Access National Bank, and WashingtonFirst Bank - grew substantially through numerous acquisitions of other banks between 1999 and 2017. During this period, the number of banks in Greater Washington fell from 70 to 36 as smaller banks were acquired or merged with larger institutions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    3K views1 page

    Honey, I Shrunk The Banks

    Uploaded by

    Drew Hansen
    The document tracks consolidation in the banking industry in Greater Washington over the past two decades. It shows how five major banks - United Bank, EagleBank, Sandy Spring Bank, Access National Bank, and WashingtonFirst Bank - grew substantially through numerous acquisitions of other banks between 1999 and 2017. During this period, the number of banks in Greater Washington fell from 70 to 36 as smaller banks were acquired or merged with larger institutions.

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    of 1

    the M&A DEALS

    by the numbers

    consolidation

    HOW WE GOT HERE


    The number of banks based in Greater Washington has fallen from 70 in 1999 to just 36 this year, mirroring a national trend. What exactly happened? Lots of M&A deals. Here, we track how five local community
    banks grew to be the dominant players they are today by swallowing up competitors. The dates represent when the deals closed, while the dollar figures represent the value of each deal.
    1998

    1999

    2000

    2001

    2002

    2003

    2004

    2005

    2006

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    United Bank Assets: $20 billion*


    Bank of Georgetown
    Virginia Commerce Bank
    Sequoia Bank

    $112.2 million, Oct. 10, 2003

    $269 million,
    June 3, 2016

    $467.4 million, Jan. 31, 2014

    United Bank
    Century Bankshares Inc.
    GrandBank

    $70.2 million, Dec. 10, 2001

    $911.2 million,
    pending

    $8.8 million, May 18, 2001

    Cardinal Bank
    Heritage Bancorp Inc.

    $13.9 million, Sept. 5, 2000

    $53.2 million, Jan. 15, 2014

    United Financial Banking Cos.

    eaglebank Assets: $6.7 billion


    EagleBank
    Fidelity & Trust Bank

    $13.1 million, Sept. 1, 2008

    $182.9 million
    Nov. 1, 2014

    Virginia Heritage Bank

    This chart shows how many times a


    locally based bank bought another
    bank since 1999.
    Year

    Deals

    Value of deals*

    1999

    $21.5

    2000

    54.9

    2001

    186.8

    2002

    1,170.0

    2003

    3,492.2

    2004

    0.0

    2005

    991.0

    2006

    166.2

    2007

    14,904.0

    2008

    49.1

    2009

    520.0

    2010

    0.0

    2011

    21.0

    2012

    9,053.0

    2013

    49.0

    2014

    715.0

    2015

    6.6

    2016

    354.4

    2017

    1,156.0

    In millions

    *Doesnt include FDIC-assisted transfers

    Sandy Spring Bank Assets: $5.1 billion


    CN Bancorp Inc.

    $44.2 million, May 31, 2007

    Sandy Spring Bank


    Potomac Bank of Virginia

    $25.4 million,
    May 31, 2012

    $66.0 million, Feb. 15, 2007

    CommerceFirst Bancorp

    Access National Bank Assets: $2.7 billion*


    Access National Bank
    $245.4 million, pending

    Middleburg Financial

    WashingtonFirst Bank Assets: $1.9 billion


    WashingtonFirst Bank
    First Liberty Bancorp

    $10.1 million, Sept. 15, 2006

    $24.2 million, Dec. 21, 2012


    FDIC-assisted
    transfer, Feb. 28, 2014

    Alliance Bankshares
    Millennium Bank
    1998

    1999

    2000

    2001

    2002

    2003

    2004

    2005

    2006

    2007

    SOURCE: FDIC and WBJ research * Estimated asset size after closure of respective Cardinal Bank and Middleburg Financial deals.

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

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