M&A Deal Summary

First Merchants Acquires MBT Financial

On October 10, 2018, First Merchants acquired financial services company MBT Financial from Castle Creek Capital and Patriot Financial Partners for 291M USD

Acquisition Highlights
  • This is First Merchants’ 9th transaction in the Financial Services sector.
  • This is First Merchants’ largest (disclosed) transaction.
  • This is First Merchants’ 10th transaction in the United States.
  • This is First Merchants’ 1st transaction in Michigan.

M&A Deal Summary
Date 2018-10-10
Target MBT Financial
Sector Financial Services
Buyer(s) First Merchants
Sellers(s) Castle Creek Capital
Patriot Financial Partners
Deal Type Add-on Acquisition
Deal Value 291M USD

Target

MBT Financial

Monroe, Michigan, United States
MBT Financial is an independently-owned community bank that offers a complete range of services to commercial and retail clients. MBT Financial was founded in 1858 and is based in Monroe, Michigan.

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Buyer(S) 1

Buyer

First Merchants

Muncie, Indiana, United States
Category Company
Founded 1893
Sector Financial Services
Employees2,162
Revenue 651M USD (2023)
DESCRIPTION

First Merchants is a financial services holding company. First Merchants provides customers with personal banking, business banking, mortgage lending, cash management services, wealth management and insurance. First Merchants was incorporated in 1893 and is based in Muncie, Indiana.

DEAL STATS #
Overall 10 of 10
Sector (Financial Services) 9 of 9
Type (Add-on Acquisition) 5 of 5
State (Michigan) 1 of 1
Country (United States) 10 of 10
Year (2018) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-25 The Arlington Bank

Upper Arlington, Ohio, United States

The Arlington Bank is a provider of financial services in US.

Buy -

Seller(S) 2

SELLER

Castle Creek Capital

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 750M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Castle Creek Capital is a private investment firm that makes control investments in U.S.-based community banks with less than $10 billion of assets. The firm specializes in operating, recapitalizing and strategically refocusing US based banks. Castle Creek targets smaller, healthier banks that are under-performing or lack critical mass. Castle Creek offers the resources to then implement a roll-up acquisition program. Castle Creek Capital LLC was founded in 1992 and is based in Rancho Santa Fe, California.

DEAL STATS #
Overall 14 of 15
Sector (Financial Services) 14 of 15
Type (Add-on Acquisition) 6 of 7
State (Michigan) 1 of 1
Country (United States) 14 of 15
Year (2018) 2 of 2
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-08 Origin Bank

Ruston, Louisiana, United States

Origin is a financial holding company. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to its clients and communities. Origin provides a broad range of financial services to businesses, municipalities, high net worth individuals and retail clients, and currently operates 44 banking centers located from Dallas/Fort Worth and Houston, Texas across North Louisiana and into Mississippi. Origin was formed in 1912 and is based in Ruston, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-11 Sunflower Bank

Denver, Colorado, United States

Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. Sunflower Bank is based in Dallas, Texas.

Buy -
SELLER

Patriot Financial Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Patriot Financial Partners is a private equity firm focused on acquiring and investing in community based banks, thrifts, and other related financial services companies throughout the US. Patriot is a hands-on investor and seeks businesses with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Radnor, Pennsylvania.

DEAL STATS #
Overall 10 of 14
Sector (Financial Services) 10 of 14
Type (Add-on Acquisition) 9 of 11
State (Michigan) 1 of 1
Country (United States) 10 of 14
Year (2018) 1 of 1
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 First Mariner Bank

Baltimore, Maryland, United States

First Mariner Bank is a Maryland based community bank operating primarily throughout the central region of Maryland. First Mariner is an independent bank and operates 18 branches. First Mariner Bank was founded in 1920 and is based in Baltimore, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-13 Beneficial Bancorp

Philadelphia, Pennsylvania, United States

Beneficial Bancorp, Inc. ("Beneficial" or the "Company") is a mutual holding company and the wholly owned subsidiary of Beneficial Bank, a $4.43 billion Pennsylvania chartered savings bank originally founded in 1853. The Company operates 35 full-service banking offices in Chester, Delaware, Montgomery, Philadelphia, and Bucks Counties, Pennsylvania and 25 full-service banking offices in Burlington, Gloucester and Camden Counties, New Jersey. The Company is number nine in terms of deposit market share in the Philadelphia MSA and is number one among banks headquartered in the Philadelphia area.

Sell -
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