Piper Sandler & Co. retained its position as the top financial adviser in the bank and thrift M&A space with the most number of deals so far in 2022.

The company worked on 19 deals in the first half with an aggregate value of $2.20 billion, including nine deals in the second quarter, according to S&P Global Market Intelligence data.

Bank and thrift deals

Piper Sandler worked as seller-side adviser to Yorktown Heights, N.Y.-based PCSB Financial Corp., which is being acquired by Boston-based Brookline Bancorp Inc. in a cash-and-stock deal, one of the largest transactions in the second quarter. Brookline Bancorp was advised by Performance Trust Capital Partners LLC, which acted as adviser on two other deals during the first half.

Hovde Group LLC also maintained its second spot as an adviser with most deals. The company worked on 10 deals with an aggregate value of $762.2 million. It added four deals in the second quarter, with Chiefland, Fla.-based Drummond Banking Co.'s acquisition by Stuart, Fla.-based Seacoast Banking Corp. of Florida being the largest. The transaction is valued at $173.2 million.

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Despite not being involved in an advisory role during the second quarter, J.P. Morgan Securities LLC, Morgan Stanley and TD Securities Inc. remained tied at first position in terms of total deal value.

The trio advised on the deal between Toronto-Dominion Bank and Memphis, Tenn.-based First Horizon Corp. The deal, in which TD Bank is acquiring First Horizon, remains the fifth-largest U.S. bank M&A deal since 2007.

Branch deals

In terms of deposit value transfers, RBC Capital Markets LLC maintained the top spot as financial adviser with the transfer of approximately $480 million in deposits, even though it did not work on any branch deals in the second quarter.

MJC Partners LLC took the second spot. It advised Bank of Idaho to acquire five branches from HomeStreet Inc. with the transfer of approximately $258.4 million in deposits.

D.A. Davidson & Co. was the top adviser in terms of number of branch deals. The adviser worked on two deals, including the acquisition of two branches by Plains, Kan.-based Plains Bancshares Inc. from Alva, Okla.-based BancCentral NA.