Bank M&A: State of the Industry – Advisor Roundtable
Date:
Tuesday, October 18, 2022
Location:
On-Demand
Duration:
1 hour
Volatile markets, rising rates and lower valuations have put a damper on bank M&A activity in 2022. However, the need to achieve operating leverage and scale has not receded and banks should continuously evaluate how they can maximize stakeholder value. The call for new ways to become more efficient, build scale, expand product offerings, and keep pace with digital adoption remains at the forefront, and partnering with another institution can help banks achieve those goals more quickly. However, in the unprecedented economic environment we’re in, properly assessing risks associated with M&A, particularly if the U.S. economy moves into a recession, is essential.
Join us for a panel discussion on the current drivers and considerations for mergers and acquisitions in the banking industry and what to expect for 2023, featuring leading Bank M&A advisors who have been active dealmakers for many years and through many economic cycles.
During this webinar we will discuss:
Recent valuations and deal metrics and how this can inform banks’ M&A strategy
The state of the capital markets and the outlook for capital raising activities at US banks
How the current interest rate environment and economic uncertainty is affecting deal-flow
How to get deals done in today’s market and how to prepare to execute transactions if volatility continues
The forecast for credit deterioration
Regulatory and policy updates for the industry as a whole and for M&A
The outlook for deal approval timelines and regulatory scrutiny on M&A going forward
Nathan StovallDirector of FIG Research, S&P Global Market Intelligence
Nathan Stovall is the director of the financial institutions research team for S&P Global Market Intelligence, which is responsible for data-driven news and research focused on banks, insurers and fintechs. Full Bio
Nathan Stovall is the director of the financial institutions research team for S&P Global Market Intelligence, which is responsible for data-driven news and research focused on banks, insurers and fintechs. Nathan has nearly 20 years of experience covering the financial institutions sector, with a focus on U.S. banks. He publishes in-depth analysis on the drivers of bank strategy and profitability and forecasts for the U.S. bank sector. He is the author of the banking blog, Street Talk, and host of the podcast by the same name.
During his tenure, he has regularly covered and participated on the conference circuit as a speaker and moderator of panels and webinars focused on major issues facing banks. He has been quoted in a number of trade publications and the national press, including The Wall Street Journal, The New York Times, The Financial Times, The Economist and has appeared on CNBC, Fox Business News and NPR's Planet Money. Nathan holds a Bachelor of Arts degrees from Washington & Lee University, where he majored in business journalism. Minimize
Speakers
S&P Global Contributor
Scott AndersonGlobal Head of Investment Banking, Keefe, Bruyette & Woods
Scott Anderson serves as the Head of Investment Banking and is based in the firm’s New York headquarters. Full Bio
Scott Anderson serves as the Head of Investment Banking and is based in the firm’s New York headquarters. He has been with the firm since 2000 and prior to his current position, he was Co-Head of Depository Investment Banking. He is a Director at KBW and is Chairman of the firm’s Investment Banking Executive Committee. KBW’s investment banking team is one of the largest industry efforts on Wall Street and routinely ranks at the top of the advisory and capital-raising league tables.
In addition to his supervisory responsibilities, Scott covers depositories for the firm and is responsible for strategic advisory assignments including M&A and capital markets transactions. Scott holds an MBA from the University of North Carolina and a BS in Commerce from the University of Virginia. He is a frequent lecturer at industry events, as well as at his alma maters. Minimize
Mitch Eitel is Managing Partner of our Financial Services Group and a member of the Firm’s Management Committee. Full Bio
Mitch Eitel is Managing Partner of our Financial Services Group and a member of the Firm’s Management Committee. He has a broad practice covering the needs of our financial services clients, focusing largely on mergers and acquisitions as well as governance and other corporate, securities and regulatory aspects of transactional matters for banks, asset managers, insurers, broker-dealers, finance and financial technology companies. Mr. Eitel has worked on many of the largest, most complex transactions in the financial services industries, including the major transactions of the Financial Crisis. In addition to transactional work, Mr. Eitel works with our financial services clients on a wide range of regulatory and enforcement matters. These have included subjects such as resolution planning, anti-money laundering, consumer compliance, cybersecurity and other areas of regulatory scrutiny. Law360 has stated that Mr. Eitel “has for years been one of the banking bars preeminent voices.”
Mr. Eitel’s work has included representations of: American Express in its acquisition of substantially all of Kabbage, the sales of its Costco co-branded credit card portfolio to Citibank and its JetBlue co-branded credit card portfolio to Barclays; BancorpSouth Bank in its pending merger with Cadence Bancorporation; CIT Group in its pending merger of equals with First Citizens; and in connection with CIT Bank's acquisition of Mutual of Omaha Bank; First Horizon in its merger of equals with IBERIABANK and its acquisition of Capital Bank, among many others. Minimize
S&P Global Contributor
Mark MentingPartner, Sullivan & Cromwell
For over 35 years Mark Menting has been at the forefront of providing a broad range of strategic advice to some of the most sophisticated financial services and FinTech firms and assisting them in meeting their strategic objectives in the ever-evolving financial services industry. Full Bio
For over 35 years Mark Menting has been at the forefront of providing a broad range of strategic advice to some of the most sophisticated financial services and FinTech firms and assisting them in meeting their strategic objectives in the ever-evolving financial services industry. The depth and breadth of Mark’s expertise and experience, including industry specific expertise and experience, allow him to serve as a one stop resource for many of the matters and issues that financial services firms face. His wide-ranging practice covers mergers and acquisitions, securities, corporate and corporate governance, regulatory, enforcement, product development and strategic matters for both U.S. and non-U.S. firms and investors, including individuals and private equity firms. He regularly advises and represents boards of directors in many of these types of matters as well. He was recognized in 2013 by The American Lawyer with its coveted “Dealmaker of the Year” award for his work with ING Groep on a series of multi-billion dollar post-crisis divestitures and by Law360 as a “Banking MVP” in 2017.
He has advised on over 200 mergers and acquisitions (with an aggregate value well in excess of $200 billion) and advised clients on some of their most significant transactions of this century, including: Fiserv in its $22 billion ($39 billion enterprise value) transformative acquisition of merchant acquirer First Data in 2019; M&T Bank Corporation in its agreement with People’s United Financial under which M&T will acquire People’s United for $7.6 billion in 2021; First Midwest in its pending $6.5 billion merger of equals with Old National in 2021, among many others. Minimize
S&P Global Contributor
David SandlerManaging Director, Co-Head of Financial Services Investment Banking, Piper Sandler
David Sandler is a managing director and co-head of investment banking in the financial services group at Piper Sandler.
David Sandler is a managing director and co-head of investment banking in the financial services group at Piper Sandler.
Previously, he was a principal and co-head of investment banking at Sandler O'Neill + Partners, L.P. He worked with the firm’s west coast clients in all aspects of strategic planning and franchise value enhancement, including asset/liability management, mergers and acquisitions and corporate finance. Sandler also advised the firm’s private equity clients on capital raising and depository strategy. He is a frequent lecturer at banking graduate schools, trade associations and industry conferences.
Sandler has been involved in a number of transactions for depository institutions, including Bridge Capital Holdings on its $474 million merger with Western Alliance; Wilshire Bancorp on its $1.0 Billion merger with BBCN Bancorp forming Hope Bancorp; Preferred Bank on its $100 million subordinated debt offering; and Western Alliance on its $150 million subordinated debt offering among others. Sandler received a bachelor’s degree in economics from the University of California, Los Angeles. Minimize
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