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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Accelerating posture

Regional Banking & Community Financial Institutions

Higher Spend Concentration + Accelerating · $484.2B disclosed spend · led by Geographic Expansion plays · activity accelerating across 251 public buyers.

Durable consolidators show disciplined local-market expansion, deposit funding logic, and repeat small-bank integration rather than opportunistic one-off mergers.

Geographic Expansion dominantSpend HHI 1,126Accelerating +60

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is accelerating.

Public buyers

251

107 core (10+)

Recorded buys

1,757

205 last 3 yrs

Disclosed spend

$484.2B

$245.7B recent

Matched issuers

391

1 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 31%
Horiz 28%
Bolt 24%
Platform 12%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationTechnology AcquisitionTalent Acquisition

Tuck In

2% mix

Small additive deals folded directly into the existing business.

“competition and consolidation in the financial services industry;”

MVB Financial Corp (MVBF) · FY2022

Bolt On

24% mix

Mid-sized acquisitions extending the existing product or service core.

“The acquired financial institution was merged with and into Southern Bank simultaneously with the acquisition of Fortune.”

Southern Missouri Bancorp, Inc. (SMBC) · FY2022

Platform

12% mix

Foundational deals establishing a new platform or business line.

“Deutsche Bank announced that it reached an agreement on an all-cash offer for the acquisition of Numis Corporation Plc”

Deutsche Bank Aktiengesellschaft (ADZCF) · FY2023

Geographic Expansion

31% mix

Buying density or new geographies to extend the footprint.

“BancShares pursues growth through strategic mergers and acquisitions to enhance organizational value, strengthen its presence in existing markets, as well as expand its footprint in new markets.”

First Citizens Bancshares Inc. (FCNCA) · FY2021

Horizontal Consolidation

28% mix

Acquiring direct competitors to consolidate the market.

“increasing revenue opportunities through cross-selling of products leveraging the extensive customer base”

Hdfc Bank Limited (HDB) · FY2025

Technology Acquisition

2% mix

Buying products, IP, or engineering depth for capability gain.

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

“Our acquisition strategy targets fairly priced quality organizations with demonstrated solid growth that would supplement our principal lines of business.”

BOK Financial Corp. (BOKF) · FY2025

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10B$100Bmedian annual $47Mmedian total $167MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)HDBHdfc Bank Limited (HDB) Horizontal Consolidation $130.5B total · $32.6B / active year 4 active years · 2 buys reportedFCNCAFirst Citizens Bancshares Inc. (FCNCA) Geographic Expansion $80B total · $8B / active year 10 active years · 19 buys reportedPNCPNC Financial Services Group, Inc. (PNC) Geographic Expansion $26.2B total · $3.3B / active year 8 active years · 11 buys reportedTFCTruist Financial Corp. (TFC) Geographic Expansion $23.6B total · $2.9B / active year 8 active years · 55 buys reportedMTBM&t Bank Corporation (MTB) Geographic Expansion $20.7B total · $2.3B / active year 9 active years · 12 buys reportedFITBFifth Third Bancorp (FITB) Horizontal Consolidation $19.2B total · $3.2B / active year 6 active years · 7 buys reportedHBANHuntington Bancshares Incorporated (HBAN) Geographic Expansion $18B total · $2B / active year 9 active years · 9 buys reportedADZCFDeutsche Bank Aktiengesellschaft (ADZCF) Platform $10B total · $2.5B / active year 4 active years · 1 buys reportedFLGFlagstar Bank, National Association (FLG) Geographic Expansion $9.9B total · $1.1B / active year 9 active years · 10 buys reportedMPBMID Penn Bancorp, Inc. (MPB) Mixed strategy $8.7B total · $1.2B / active year 7 active years · 7 buys reportedCOLBColumbia Banking System, Inc. (COLB) Geographic Expansion $8.5B total · $944M / active year 9 active years · 13 buys reportedPBProsperity Bancshares, Inc. (PB) Geographic Expansion $5.1B total · $392M / active year 13 active years · 42 buys reportedBBDBank Bradesco (BBD) Horizontal Consolidation $5B total · $313M / active year 16 active years · 2 buys reportedKEYKeyCorp (KEY) Geographic Expansion $4.3B total · $1.1B / active year 4 active years · 10 buys reportedWFWoori Financial Group Inc. (WF) Horizontal Consolidation $3.8B total · $626M / active year 6 active years · 4 buys reportedUMBFUMB Financial Corp. (UMBF) Geographic Expansion $3.5B total · $316M / active year 11 active years · 7 buys reportedKBKB Financial Group Inc. (KB) Horizontal Consolidation $3.3B total · $411M / active year 8 active years · 1 buys reportedINDBIndependent Bank Corp. (INDB) Geographic Expansion $3.2B total · $228M / active year 14 active years · 14 buys reportedSNTUFSantander UK plc (SNTUF) Horizontal Consolidation $3.1B total · $1.5B / active year 2 active years · 1 buys reportedVLYValley National Bancorp (VLY) Geographic Expansion $3.1B total · $341M / active year 9 active years · 13 buys reportedWTFCWintrust Financial Corp. (WTFC) Geographic Expansion $3.1B total · $219M / active year 14 active years · 60 buys reportedHOMBHome Bancshares, Inc. (HOMB) Geographic Expansion $2.7B total · $271M / active year 10 active years · 24 buys reportedFBPFirst Bancorp (FBP) Mixed strategy $2.6B total · $524M / active year 5 active years · 4 buys reportedAUBAtlantic Union Bankshares Corporation (AUB) Geographic Expansion $2.5B total · $318M / active year 8 active years · 11 buys reportedABCBAmeris Bancorp (ABCB) Geographic Expansion $2.4B total · $222M / active year 11 active years · 28 buys reportedHWCHancock Whitney Corporation (HWC) Geographic Expansion $2.4B total · $408M / active year 6 active years · 9 buys reportedWALWestern Alliance Bancorporation (WAL) Geographic Expansion $2.4B total · $406M / active year 6 active years · 8 buys reportedFIBKFirst Interstate Bancsystem, Inc. (FIBK) Geographic Expansion $2.2B total · $369M / active year 6 active years · 7 buys reportedPFSProvident Financial Services, Inc. (PFS) Geographic Expansion $2.2B total · $245M / active year 9 active years · 11 buys reportedFNBFNB Corp. (FNB) Geographic Expansion $2.2B total · $361M / active year 6 active years · 10 buys reportedNKSHNational Bankshares, Inc. (NKSH) Geographic Expansion $2.1B total · $693M / active year 3 active years · 2 buys reportedFHNFirst Horizon Corp. (FHN) Horizontal Consolidation $2.1B total · $2.1B / active year 1 active years · 4 buys reportedONBOld National Bancorp (ONB) Geographic Expansion $1.9B total · $174M / active year 11 active years · 16 buys reportedSSBSouthstate Bank Corp. (SSB) Geographic Expansion $1.9B total · $468M / active year 4 active years · 15 buys reportedBANCBanc of California, Inc. (BANC) Geographic Expansion $1.8B total · $231M / active year 8 active years · 13 buys reportedSFNCSimmons First National Corp. (SFNC) Geographic Expansion $1.7B total · $166M / active year 10 active years · 13 buys reportedOFGOFG Bancorp (OFG) Geographic Expansion $1.5B total · $303M / active year 5 active years · 3 buys reportedNWBINorthwest Bancshares, Inc. (NWBI) Mixed strategy $1.5B total · $188M / active year 8 active years · 7 buys reportedEQBKEquity Bancshares, Inc. (EQBK) Horizontal Consolidation $1.4B total · $340M / active year 4 active years · 14 buys reportedEBCEastern Bankshares, Inc. (EBC) Geographic Expansion $1.3B total · $434M / active year 3 active years · 6 buys reportedNICNicolet Bankshares, Inc. (NIC) Horizontal Consolidation $1.3B total · $143M / active year 9 active years · 10 buys reportedRNSTRenasant Corp. (RNST) Geographic Expansion $1.3B total · $126M / active year 10 active years · 8 buys reportedZIONZions Bancorporation, National Association (ZION) Horizontal Consolidation $1.2B total · $208M / active year 6 active years · 3 buys reportedRFRegions Financial Corporation (RF) Geographic Expansion $1.2B total · $410M / active year 3 active years · 6 buys reportedCBUCommunity Financial System, Inc. (CBU) Geographic Expansion $1.2B total · $72M / active year 17 active years · 36 buys reportedUBSIUnited Bankshares Inc. (UBSI) Geographic Expansion $1.2B total · $144M / active year 8 active years · 11 buys reportedFRMEFirst Merchants Corp. (FRME) Horizontal Consolidation $1.1B total · $81M / active year 14 active years · 14 buys reportedBANRBanner Corporation (BANR) Geographic Expansion $1.1B total · $160M / active year 7 active years · 12 buys reportedHTHHilltop Holdings Inc. (HTH) Geographic Expansion $1.1B total · $271M / active year 4 active years · 8 buys reportedFCFFirst Commonwealth Financial Corp. (FCF) Geographic Expansion $994M total · $110M / active year 9 active years · 24 buys reportedFBKFB Financial Corporation (FBK) Bolt On $981M total · $327M / active year 3 active years · 3 buys reportedCFRCullen/Frost Bankers, Inc. (CFR) Geographic Expansion $946M total · $105M / active year 9 active years · 11 buys reportedFMBHFirst MID Bancshares, Inc. (FMBH) Geographic Expansion $933M total · $117M / active year 8 active years · 14 buys reportedSBCFSeacoast Banking Corporation of Florida (SBCF) Geographic Expansion $873M total · $175M / active year 5 active years · 15 buys reportedEWBCEast West Bancorp, Inc. (EWBC) Geographic Expansion $840M total · $105M / active year 8 active years · 5 buys reportedSHGShinhan Financial Group Co., Ltd. (SHG) Horizontal Consolidation $830M total · $83M / active year 10 active years · 6 buys reportedBHRBBurke & Herbert Financial Services Corp. (BHRB) Geographic Expansion $795M total · $397M / active year 2 active years · 2 buys reportedOCFCOceanFirst Financial Corp (OCFC) Geographic Expansion $786M total · $112M / active year 7 active years · 8 buys reportedWSFSWsfs Financial Corporation (WSFS) Geographic Expansion $786M total · $98M / active year 8 active years · 17 buys reportedBAPCredicorp Ltd. (BAP) Horizontal Consolidation $780M total · $87M / active year 9 active years · 5 buys reportedSMBCSouthern Missouri Bancorp, Inc. (SMBC) Bolt On $780M total · $71M / active year 11 active years · 15 buys reportedTFINTriumph Financial, Inc. (TFIN) Bolt On $732M total · $81M / active year 9 active years · 9 buys reportedBUSEFirst Busey Corporation (BUSE) Geographic Expansion $730M total · $122M / active year 6 active years · 12 buys reportedSTELStellar Bancorp, Inc. (STEL) Bolt On $707M total · $707M / active year 1 active years · 1 buys reportedKRNYKearny Financial Corp. (KRNY) Geographic Expansion $693M total · $173M / active year 4 active years · 5 buys reportedHOPEHope Bancorp, Inc. (HOPE) Geographic Expansion $680M total · $113M / active year 6 active years · 7 buys reportedSHBIShore Bancshares, Inc. (SHBI) Geographic Expansion $679M total · $97M / active year 7 active years · 7 buys reportedASBAssociated Banc-Corp (ASB) Bolt On $678M total · $97M / active year 7 active years · 8 buys reportedFBNCFirst Bancorp (FBNC) Geographic Expansion $644M total · $107M / active year 6 active years · 13 buys reportedWBSWebster Financial Corporation (WBS) Geographic Expansion $633M total · $127M / active year 5 active years · 6 buys reportedFFBCFirst Financial Bancorp (FFBC) Horizontal Consolidation $632M total · $211M / active year 3 active years · 13 buys reportedWAFDWafd, Inc. (WAFD) Mixed strategy $628M total · $157M / active year 4 active yearsUSBUS Bancorp \de\ (USB) Geographic Expansion $600M total · $600M / active year 1 active yearsCNOBConnectOne Bancorp, Inc. (CNOB) Geographic Expansion $595M total · $99M / active year 6 active years · 11 buys reportedPEBOPeoples Bancorp Inc. (PEBO) Geographic Expansion $551M total · $37M / active year 15 active years · 27 buys reportedEFSCEnterprise Financial Services Corp. (EFSC) Geographic Expansion $542M total · $90M / active year 6 active years · 10 buys reportedSBSISouthside Bancshares, Inc. (SBSI) Geographic Expansion $512M total · $128M / active year 4 active years · 4 buys reportedUCBUnited Community Banks, Inc. (UCB) Geographic Expansion $489M total · $44M / active year 11 active years · 11 buys reportedFSUNFirstsun Capital Bancorp (FSUN) Geographic Expansion $489M total · $163M / active year 3 active years · 2 buys reportedSTBAS&t Bancorp Inc. (STBA) Geographic Expansion $487M total · $122M / active year 4 active years · 7 buys reportedCUBBCustomers Bancorp, Inc. (CUBB) Bolt On $478M total · $80M / active year 6 active years · 6 buys reportedTHFFFirst Financial Corporation (THFF) Horizontal Consolidation $474M total · $59M / active year 8 active years · 8 buys reportedUVSPUnivest Financial Corporation (UVSP) Geographic Expansion $447M total · $34M / active year 13 active years · 18 buys reportedAVALGrupo Aval Acciones Y Valores S.a. (AVAL) Geographic Expansion $430M total · $215M / active year 2 active years · 1 buys reportedNBTBNBT Bancorp Inc. (NBTB) Bolt On $413M total · $59M / active year 7 active years · 12 buys reportedTRMKTrustmark Corporation (TRMK) Geographic Expansion $410M total · $59M / active year 7 active years · 4 buys reportedMCHBMechanics Bancorp (MCHB) Geographic Expansion $394M total · $79M / active year 5 active years · 7 buys reportedTVCTennessee Valley Authority (TVC) Mixed strategy $375M total · $188M / active year 2 active years · 3 buys reportedBOKFBOK Financial Corp. (BOKF) Talent Acquisition $370M total · $62M / active year 6 active years · 8 buys reportedOSBCOLD Second Bancorp Inc. (OSBC) Mixed strategy $367M total · $73M / active year 5 active years · 4 buys reportedBFCBank First Corporation (BFC) Horizontal Consolidation $358M total · $72M / active year 5 active years · 5 buys reportedBKUBankUnited, Inc. (BKU) Geographic Expansion $353M total · $118M / active year 3 active years · 3 buys reportedFFINFirst Financial Bankshares, Inc. (FFIN) Geographic Expansion $346M total · $49M / active year 7 active years · 33 buys reportedOBKOrigin Bancorp, Inc. (OBK) Geographic Expansion $329M total · $82M / active year 4 active years · 6 buys reportedCATYCathay General Bancorp (CATY) Geographic Expansion $328M total · $66M / active year 5 active years · 5 buys reportedFCBCFirst Community Bankshares Inc. (FCBC) Geographic Expansion $328M total · $25M / active year 13 active years · 17 buys reportedHBNCHorizon Bancorp, Inc. (HBNC) Geographic Expansion $327M total · $47M / active year 7 active years · 7 buys reportedHAFCHanmi Financial Corporation (HAFC) Geographic Expansion $320M total · $160M / active year 2 active years · 4 buys reportedAXAxos Financial, Inc. (AX) Bolt On $311M total · $52M / active year 6 active years · 7 buys reportedCVBFCVB Financial Corp. (CVBF) Geographic Expansion $309M total · $51M / active year 6 active years · 93 buys reportedCASHPathward Financial, Inc. (CASH) Bolt On $304M total · $101M / active year 3 active years · 5 buys reportedBPOPPopular, Inc. (BPOP) Bolt On $301M total · $151M / active year 2 active years · 2 buys reportedCOFSChoiceOne Financial Services, Inc. (COFS) Geographic Expansion $301M total · $150M / active year 2 active years · 2 buys reportedCBSHCommerce Bancshares, Inc. (CBSH) Horizontal Consolidation $280M total · $40M / active year 7 active years · 7 buys reportedFFICFlushing Financial Corporation (FFIC) Geographic Expansion $269M total · $67M / active year 4 active years · 4 buys reportedPFISPeoples Financial Services Corp. (PFIS) Horizontal Consolidation $267M total · $134M / active year 2 active years · 1 buys reportedCACCamden National Corp. (CAC) Geographic Expansion $256M total · $51M / active year 5 active years · 8 buys reportedORRFOrrstown Financial Services, Inc. (ORRF) Geographic Expansion $233M total · $233M / active year 1 active years · 5 buys reportedPRKPark National Corporation (PRK) Geographic Expansion $229M total · $57M / active year 4 active years · 5 buys reportedFIISOFinancial Institutions, Inc. (FIISO) Geographic Expansion $228M total · $33M / active year 7 active years · 6 buys reportedRBCAARepublic Bancorp, Inc. (RBCAA) Bolt On $218M total · $36M / active year 6 active years · 8 buys reportedBCALCalifornia BanCorp \ CA (BCAL) Geographic Expansion $217M total · $217M / active year 1 active years · 1 buys reportedITUBItau Unibanco Holding S.A. (ITUB) Horizontal Consolidation $209M total · $52M / active year 4 active years · 1 buys reportedHFWAHeritage Financial Corp. (HFWA) Geographic Expansion $205M total · $68M / active year 3 active years · 6 buys reportedCIVBCivista Bancshares, Inc. (CIVB) Mixed strategy $204M total · $68M / active year 3 active years · 5 buys reportedHBTHBT Financial, Inc. (HBT) Geographic Expansion $201M total · $67M / active year 3 active years · 3 buys reportedNFBKNorthfield Bancorp, Inc. (NFBK) Bolt On $200M total · $100M / active year 2 active years · 2 buys reportedFXNCFirst National Corp. (FXNC) Geographic Expansion $197M total · $39M / active year 5 active years · 10 buys reportedBANFBancFirst Corporation (BANF) Bolt On $193M total · $24M / active year 8 active years · 17 buys reportedHBCPHome Bancorp, Inc. (HBCP) Geographic Expansion $188M total · $31M / active year 6 active years · 6 buys reportedISTRInvestar Holding Corporation (ISTR) Geographic Expansion $186M total · $37M / active year 5 active years · 4 buys reportedEGBNEagle Bancorp, Inc. (EGBN) Geographic Expansion $183M total · $61M / active year 3 active years · 2 buys reportedTCBKTriCo Bancshares (TCBK) Geographic Expansion $180M total · $36M / active year 5 active years · 6 buys reportedDCOMDime Community Bancshares, Inc. (DCOM) Geographic Expansion $170M total · $57M / active year 3 active years · 4 buys reportedBRBSBlue Ridge Bankshares, Inc. (BRBS) Horizontal Consolidation $169M total · $84M / active year 2 active years · 2 buys reportedGABCGerman American Bancorp, Inc. (GABC) Geographic Expansion $167M total · $17M / active year 10 active years · 14 buys reportedCCFNMuncy Columbia Financial Corporation (CCFN) Horizontal Consolidation $163M total · $41M / active year 4 active years · 3 buys reportedALRSAlerus Financial Corp. (ALRS) Geographic Expansion $151M total · $38M / active year 4 active years · 4 buys reportedFULTFulton Financial Corp. (FULT) Geographic Expansion $148M total · $74M / active year 2 active years · 7 buys reportedCLBKColumbia Financial, Inc. (CLBK) Geographic Expansion $141M total · $141M / active year 1 active years · 4 buys reportedSRBKSR Bancorp, Inc. (SRBK) Geographic Expansion $139M total · $70M / active year 2 active years · 2 buys reportedRBBRBB Bancorp (RBB) Geographic Expansion $139M total · $46M / active year 3 active years · 4 buys reportedACNBAcnb Corp. (ACNB) Geographic Expansion $137M total · $20M / active year 7 active years · 7 buys reportedCWBCCommunity West Bancshares (CWBC) Geographic Expansion $131M total · $26M / active year 5 active years · 7 buys reportedBFSTBusiness First Bancshares, Inc. (BFST) Tuck In $129M total · $26M / active year 5 active years · 6 buys reportedFMNBFarmers National Banc Corp. (FMNB) Horizontal Consolidation $125M total · $14M / active year 9 active years · 15 buys reportedNRIMNorthrim Bancorp, Inc. (NRIM) Geographic Expansion $120M total · $30M / active year 4 active years · 6 buys reportedMYFWFirst Western Financial, Inc. (MYFW) Geographic Expansion $118M total · $29M / active year 4 active years · 3 buys reportedLYGLloyds Banking Group plc (LYG) Platform $117M total · $39M / active year 3 active years · 2 buys reportedBCMLBaycom Corp. (BCML) Geographic Expansion $114M total · $28M / active year 4 active years · 5 buys reportedTBBKTHE Bancorp, Inc. (TBBK) Geographic Expansion $113M total · $38M / active year 3 active years · 2 buys reportedMCBSMetrocity Bankshares, Inc. (MCBS) Geographic Expansion $112M total · $112M / active year 1 active years · 1 buys reportedNBBKNB Bancorp, Inc. (NBBK) Geographic Expansion $112M total · $112M / active year 1 active years · 1 buys reportedWSBCWesbanco, Inc. (WSBC) Geographic Expansion $112M total · $37M / active year 3 active years · 8 buys reportedMVBFMVB Financial Corp (MVBF) Tuck In $107M total · $21M / active year 5 active years · 2 buys reportedFSBWFS Bancorp, Inc. (FSBW) Geographic Expansion $101M total · $34M / active year 3 active years · 3 buys reportedWNEBWestern New England Bancorp, Inc. (WNEB) Geographic Expansion $99M total · $99M / active year 1 active years · 1 buys reportedHNVRHanover Bancorp, Inc. (HNVR) Platform $99M total · $49M / active year 2 active years · 2 buys reportedBHBBAR Harbor Bankshares (BHB) Geographic Expansion $98M total · $20M / active year 5 active years · 2 buys reportedCZWICitizens Community Bancorp, Inc. (CZWI) Geographic Expansion $97M total · $24M / active year 4 active years · 4 buys reportedHTBHometrust Bancshares, Inc. (HTB) Geographic Expansion $97M total · $19M / active year 5 active years · 5 buys reportedFDBCFidelity D & D Bancorp Inc. (FDBC) Geographic Expansion $96M total · $32M / active year 3 active years · 3 buys reportedBSBRBanco Santander (brasil) S.a. (BSBR) Horizontal Consolidation $95M total · $47M / active year 2 active years · 1 buys reportedGSBCGreat Southern Bancorp, Inc. (GSBC) Geographic Expansion $93M total · $31M / active year 3 active years · 3 buys reportedCBKMConsumers Bancorp, Inc. (CBKM) Mixed strategy $89M total · $30M / active year 3 active years · 3 buys reportedSMBKSmartfinancial Inc. (SMBK) Bolt On $87M total · $17M / active year 5 active years · 9 buys reportedISBAIsabella Bank Corp (ISBA) Geographic Expansion $85M total · $21M / active year 4 active years · 6 buys reportedLCNBLcnb Corp. (LCNB) Mixed strategy $83M total · $10M / active year 8 active years · 9 buys reportedNWFLNorwood Financial Corp (NWFL) Geographic Expansion $82M total · $27M / active year 3 active years · 14 buys reportedFKYSFirst Keystone Corporation (FKYS) Mixed strategy $81M total · $27M / active year 3 active years · 3 buys reportedSRCE1st Source Corp (SRCE) Geographic Expansion $81M total · $81M / active year 1 active years · 2 buys reportedSPFISouth Plains Financial, Inc. (SPFI) Geographic Expansion $80M total · $40M / active year 2 active years · 1 buys reportedCHCOCity Holding Company (CHCO) Geographic Expansion $77M total · $26M / active year 3 active years · 9 buys reportedMSBIMidland States Bancorp, Inc. (MSBI) Mixed strategy $74M total · $12M / active year 6 active years · 7 buys reportedSLBKSkyline Bankshares, Inc. (SLBK) Platform $74M total · $25M / active year 3 active years · 4 buys reportedCCNECNB Financial Corp. (CCNE) Horizontal Consolidation $72M total · $18M / active year 4 active years · 5 buys reportedEBMTEagle Bancorp Montana, Inc. (EBMT) Mixed strategy $70M total · $14M / active year 5 active years · 5 buys reportedCZNCCitizens & Northern Corporation (CZNC) Geographic Expansion $69M total · $23M / active year 3 active years · 4 buys reportedFNLCFirst Bancorp, Inc. (FNLC) Geographic Expansion $67M total · $17M / active year 4 active years · 5 buys reportedBWBBridgewater Bancshares Inc (BWB) Geographic Expansion $66M total · $33M / active year 2 active years · 3 buys reportedWABCWestamerica Bancorporation (WABC) Geographic Expansion $66M total · $33M / active year 2 active years · 2 buys reportedBPRNPrinceton Bancorp, Inc. (BPRN) Bolt On $65M total · $22M / active year 3 active years · 2 buys reportedBYByline Bancorp, Inc. (BY) Geographic Expansion $65M total · $22M / active year 3 active years · 4 buys reportedFNWBFirst Northwest Bancorp (FNWB) Geographic Expansion $64M total · $64M / active year 1 active years · 2 buys reportedGBCIGlacier Bancorp, Inc. (GBCI) Horizontal Consolidation $60M total · $15M / active year 4 active years · 25 buys reportedAMALAmalgamated Financial Corp. (AMAL) Geographic Expansion $59M total · $59M / active year 1 active years · 2 buys reportedSYBTStock Yards Bancorp, Inc. (SYBT) Geographic Expansion $59M total · $20M / active year 3 active years · 3 buys reportedCBANColony Bankcorp, Inc. (CBAN) Geographic Expansion $56M total · $19M / active year 3 active years · 5 buys reportedFMAOFarmers & Merchants Bancorp, Inc. (FMAO) Geographic Expansion $55M total · $7M / active year 8 active years · 7 buys reportedBMAMacro Bank Inc. (BMA) Geographic Expansion $54M total · $18M / active year 3 active years · 4 buys reportedCARECarter Bankshares, Inc. (CARE) Horizontal Consolidation $53M total · $53M / active year 1 active years · 2 buys reportedMBWMMercantile Bank Corporation (MBWM) Horizontal Consolidation $51M total · $51M / active year 1 active years · 1 buys reportedFGBIFirst Guaranty Bancshares, Inc. (FGBI) Bolt On $51M total · $7M / active year 7 active years · 7 buys reportedBMRCBank of Marin Bancorp (BMRC) Geographic Expansion $51M total · $25M / active year 2 active years · 6 buys reportedBSVNBank7 Corp. (BSVN) Geographic Expansion $49M total · $16M / active year 3 active years · 2 buys reportedBVFLBV Financial, Inc. (BVFL) Mixed strategy $47M total · $47M / active year 1 active yearsFUSBFirst US Bancshares Inc. (FUSB) Geographic Expansion $47M total · $23M / active year 2 active years · 2 buys reportedNBHCNational Bank Holdings Corp. (NBHC) Bolt On $45M total · $45M / active year 1 active years · 26 buys reportedRVRFRiver Financial Corporation (RVRF) Geographic Expansion $45M total · $11M / active year 4 active years · 3 buys reportedFMFGFarmers and Merchants Bancshares, Inc. (FMFG) Mixed strategy $44M total · $22M / active year 2 active years · 2 buys reportedCHYMChime Financial, Inc. (CHYM) Mixed strategy $43M total · $43M / active year 1 active years · 1 buys reportedFNWDFinward Bancorp (FNWD) Geographic Expansion $43M total · $14M / active year 3 active years · 5 buys reportedTMPTompkins Financial Corp (TMP) Bolt On $43M total · $5M / active year 8 active years · 12 buys reportedATLOAmes National Corporation (ATLO) Horizontal Consolidation $43M total · $9M / active year 5 active years · 3 buys reportedRVSBRiverview Bancorp, Inc. (RVSB) Mixed strategy $42M total · $14M / active year 3 active years · 3 buys reportedCBFVCB Financial Services, Inc. (CBFV) Geographic Expansion $42M total · $42M / active year 1 active years · 2 buys reportedSBFGSB Financial Group, Inc. (SBFG) Geographic Expansion $41M total · $7M / active year 6 active years · 6 buys reportedSTLESteele Bancorp, Inc. (STLE) Geographic Expansion $40M total · $40M / active year 1 active years · 1 buys reportedLNKBLINKBANCORP, Inc. (LNKB) Platform $40M total · $40M / active year 1 active years · 2 buys reportedCFFNCapitol Federal Financial, Inc. (CFFN) Geographic Expansion $39M total · $39M / active year 1 active years · 1 buys reportedFRSTPrimis Financial Corp. (FRST) Geographic Expansion $37M total · $9M / active year 4 active years · 9 buys reportedFRAFFranklin Financial Services Corporation (FRAF) Mixed strategy $37M total · $9M / active year 4 active years · 4 buys reportedAROWArrow Financial Corporation (AROW) Bolt On $36M total · $7M / active year 5 active years · 5 buys reportedBSRRSierra Bancorp (BSRR) Geographic Expansion $34M total · $11M / active year 3 active years · 5 buys reportedPGCPeapack-gladstone Financial Corporation (PGC) Bolt On $33M total · $5M / active year 7 active years · 9 buys reportedRBKBRhinebeck Bancorp, Inc. (RBKB) Mixed strategy $33M total · $33M / active year 1 active years · 1 buys reportedENBPENB Financial Corp (ENBP) Horizontal Consolidation $31M total · $31M / active year 1 active years · 1 buys reportedFMCBFarmers & Merchants Bancorp (FMCB) Horizontal Consolidation $31M total · $15M / active year 2 active years · 2 buys reportedINTRINTER & Co, INC. (INTR) Mixed strategy $31M total · $8M / active year 4 active years · 1 buys reportedSHFSSHF Holdings, Inc. (SHFS) Geographic Expansion $30M total · $30M / active year 1 active years · 1 buys reportedCZFSCitizens Financial Services, Inc. (CZFS) Geographic Expansion $27M total · $7M / active year 4 active years · 5 buys reportedOFEDOconee Federal Financial Corp. (OFED) Bolt On $25M total · $12M / active year 2 active years · 2 buys reportedIBOCInternational Bancshares Corporation (IBOC) Mixed strategy $25M total · $12M / active year 2 active years · 2 buys reportedBCTFBancorp 34, Inc. (BCTF) Talent Acquisition $23M total · $23M / active year 1 active years · 1 buys reportedCARVCarver Bancorp, Inc. (CARV) Geographic Expansion $23M total · $12M / active year 2 active years · 2 buys reportedAFBIAffinity Bancshares, Inc. (AFBI) Mixed strategy $23M total · $23M / active year 1 active yearsSFBSServisfirst Bancshares, Inc. (SFBS) Mixed strategy $21M total · $21M / active year 1 active years · 1 buys reportedPLBCPlumas Bancorp (PLBC) Geographic Expansion $21M total · $10M / active year 2 active years · 4 buys reportedHFBLHome Federal Bancorp, Inc. of Louisiana (HFBL) Geographic Expansion $20M total · $10M / active year 2 active years · 2 buys reportedBCBPBCB Bancorp Inc. (BCBP) Geographic Expansion $20M total · $20M / active year 1 active years · 4 buys reportedMBINMerchants Bancorp (MBIN) Geographic Expansion $20M total · $10M / active year 2 active years · 1 buys reportedFVCBFVCBankcorp, Inc. (FVCB) Mixed strategy $18M total · $18M / active year 1 active years · 1 buys reportedCHMGChemung Financial Corp. (CHMG) Mixed strategy $16M total · $4M / active year 4 active years · 4 buys reportedCFFIC & F Financial Corporation (CFFI) Horizontal Consolidation $15M total · $7M / active year 2 active years · 3 buys reportedOVLYOak Valley Bancorp (OVLY) Geographic Expansion $15M total · $7M / active year 2 active years · 2 buys reportedFMBMF&m Bank Corp. (FMBM) Mixed strategy $14M total · $14M / active year 1 active years · 2 buys reportedTCBITexas Capital Bancshares Inc. (TCBI) Mixed strategy $14M total · $7M / active year 2 active years · 1 buys reportedTSBKTimberland Bancorp, Inc. (TSBK) Geographic Expansion $14M total · $7M / active year 2 active years · 2 buys reportedFBIZFirst Business Financial Services, Inc. (FBIZ) Mixed strategy $12M total · $12M / active year 1 active years · 1 buys reportedBOTJBank of the James Financial Group, Inc. (BOTJ) Mixed strategy $11M total · $6M / active year 2 active years · 1 buys reportedIBCPIndependent Bank Corporation (IBCP) Mixed strategy $9M total · $9M / active year 1 active years · 1 buys reportedGOVBGouverneur Bancorp, Inc. (GOVB) Geographic Expansion $8M total · $8M / active year 1 active yearsPBFSPioneer Bancorp, Inc. (PBFS) Geographic Expansion $8M total · $2M / active year 4 active years · 4 buys reportedCCBGCapital City Bank Group, Inc. (CCBG) Geographic Expansion $7M total · $3M / active year 2 active years · 1 buys reportedPNBKPatriot National Bancorp, Inc. (PNBK) Geographic Expansion $5M total · $5M / active year 1 active years · 2 buys reportedQCRHQCR Holdings, Inc. (QCRH) Horizontal Consolidation $5M total · $2M / active year 2 active years · 10 buys reportedWASHWashington Trust Bancorp Inc (WASH) Bolt On $4M total · $2M / active year 2 active years · 2 buys reportedASRVAmeriserv Financial Inc. (ASRV) Geographic Expansion $4M total · $2M / active year 2 active years · 4 buys reportedFUNCFirst United Corporation (FUNC) Mixed strategy $4M total · $1M / active year 3 active years · 2 buys reportedFCCOFirst Community Corporation (FCCO) Geographic Expansion $4M total · $1M / active year 3 active years · 9 buys reportedCPFCentral Pacific Financial Corp. (CPF) Platform $3M total · $2M / active year 2 active years · 3 buys reportedAMTBAmerant Bancorp Inc. (AMTB) Talent Acquisition $3M total · $2M / active year 2 active years · 2 buys reportedMFGMizuho Financial Group, Inc. (MFG) Geographic Expansion $3M total · $675K / active year 4 active years · 2 buys reportedBWFGBankwell Financial Group, Inc. (BWFG) Geographic Expansion $3M total · $3M / active year 1 active years · 1 buys reportedPDLBPonce Financial Group, Inc. (PDLB) Mixed strategy $2M total · $2M / active year 1 active yearsIFSIntercorp Financial Services Inc. (IFS) Mixed strategy $1M total · $1M / active year 1 active yearsVABKVirginia National Bankshares Corporation (VABK) Platform $400K total · $200K / active year 2 active yearsBCHBank of Chile (BCH) Horizontal Consolidation $400K total · $400K / active year 1 active yearsWSBFWaterstone Financial, Inc. (WSBF) Mixed strategy $200K total · $200K / active year 1 active yearsPBHCPathfinder Bancorp, Inc. (PBHC) Mixed strategy $200K total · $200K / active year 1 active years · 8 buys reportedLARKLandmark Bancorp, Inc. (LARK) Geographic Expansion $100K total · $100K / active year 1 active years · 4 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Hdfc Bank LimitedHDBHorizontal Consolidation
$130.5B
$32.6B2

New cycle

$126.1B recent

First Citizens Bancshares Inc.FCNCAGeographic Expansion
$80B
$8B19

New cycle

$72.6B recent

PNC Financial Services Group, Inc.PNCGeographic Expansion
$26.2B
$3.3B11

Paused

$11.5B prior

Truist Financial Corp.TFCGeographic Expansion
$23.6B
$2.9B55

Paused

$2B prior

M&t Bank CorporationMTBGeographic Expansion
$20.7B
$2.3B12

Paused

$7.8B prior

Fifth Third BancorpFITBHorizontal Consolidation
$19.2B
$3.2B7

Accelerating

+252%

Huntington Bancshares IncorporatedHBANGeographic Expansion
$18B
$2B9

Cooling

-77%

Deutsche Bank AktiengesellschaftADZCFPlatform
$10B
$2.5B1

New cycle

$494M recent

Flagstar Bank, National AssociationFLGGeographic Expansion
$9.9B
$1.1B10

Winding down

$4.6B → $170M

MID Penn Bancorp, Inc.MPBN/A
$8.7B
$1.2B7

Steady

-21%

Columbia Banking System, Inc.COLBGeographic Expansion
$8.5B
$944M13

New cycle

$7B recent

Prosperity Bancshares, Inc.PBGeographic Expansion
$5.1B
$392M42

New cycle

$177M recent

Bank BradescoBBDHorizontal Consolidation
$5B
$313M2

Accelerating

+121%

KeyCorpKEYGeographic Expansion
$4.3B
$1.1B10

Paused

$62M prior

Woori Financial Group Inc.WFHorizontal Consolidation
$3.8B
$626M4

Cooling

-60%

UMB Financial Corp.UMBFGeographic Expansion
$3.5B
$316M7

New cycle

$2.9B recent

KB Financial Group Inc.KBHorizontal Consolidation
$3.3B
$411M1

Paused

$3.3B prior

Independent Bank Corp.INDBGeographic Expansion
$3.2B
$228M14

Winding down

$2.6B → $26M

Santander UK plcSNTUFHorizontal Consolidation
$3.1B
$1.5B1

Steady

+0% (count)

Valley National BancorpVLYGeographic Expansion
$3.1B
$341M13

Paused

$113M prior

Wintrust Financial Corp.WTFCGeographic Expansion
$3.1B
$219M60

Steady

-8%

Home Bancshares, Inc.HOMBGeographic Expansion
$2.7B
$271M24

Paused

$1.3B prior

First BancorpFBPN/A
$2.6B
$524M4

Paused

$1.3B prior

Atlantic Union Bankshares CorporationAUBGeographic Expansion
$2.5B
$318M11

New cycle

$1.8B recent

Ameris BancorpABCBGeographic Expansion
$2.4B
$222M28

Paused

$869M prior

Hancock Whitney CorporationHWCGeographic Expansion
$2.4B
$408M9

New cycle

$112M recent

Western Alliance BancorporationWALGeographic Expansion
$2.4B
$406M8

Paused

$1.1B prior

First Interstate Bancsystem, Inc.FIBKGeographic Expansion
$2.2B
$369M7

Paused

$1.7B prior

Provident Financial Services, Inc.PFSGeographic Expansion
$2.2B
$245M11

Accelerating

+340%

FNB Corp.FNBGeographic Expansion
$2.2B
$361M10

Steady

-100% (count)

National Bankshares, Inc.NKSHGeographic Expansion
$2.1B
$693M2

New cycle

$2.1B recent

First Horizon Corp.FHNHorizontal Consolidation
$2.1B
$2.1B4

Paused

$2.1B prior

Old National BancorpONBGeographic Expansion
$1.9B
$174M16

Steady

+100% (count)

Southstate Bank Corp.SSBGeographic Expansion
$1.9B
$468M15

Cooling

-67% (count)

Banc of California, Inc.BANCGeographic Expansion
$1.8B
$231M13

Accelerating

+453%

Simmons First National Corp.SFNCGeographic Expansion
$1.7B
$166M13

Paused

$425M prior

OFG BancorpOFGGeographic Expansion
$1.5B
$303M3

Paused

$400K prior

Northwest Bancshares, Inc.NWBIN/A
$1.5B
$188M7

Cooling

-88%

Equity Bancshares, Inc.EQBKHorizontal Consolidation
$1.4B
$340M14

New cycle

$1.3B recent

Eastern Bankshares, Inc.EBCGeographic Expansion
$1.3B
$434M6

Steady

+1%

Nicolet Bankshares, Inc.NICHorizontal Consolidation
$1.3B
$143M10

Accelerating

+580%

Renasant Corp.RNSTGeographic Expansion
$1.3B
$126M8

Accelerating

+116%

Zions Bancorporation, National AssociationZIONHorizontal Consolidation
$1.2B
$208M3

Cooling

-40%

Regions Financial CorporationRFGeographic Expansion
$1.2B
$410M6

Paused

$1.2B prior

Community Financial System, Inc.CBUGeographic Expansion
$1.2B
$72M36

Steady

-22%

United Bankshares Inc.UBSIGeographic Expansion
$1.2B
$144M11

Cooling

-88%

First Merchants Corp.FRMEHorizontal Consolidation
$1.1B
$81M14

Steady

+9%

Banner CorporationBANRGeographic Expansion
$1.1B
$160M12

Steady

+0% (count)

Hilltop Holdings Inc.HTHGeographic Expansion
$1.1B
$271M8

Steady

-100% (count)

First Commonwealth Financial Corp.FCFGeographic Expansion
$994M
$110M24

New cycle

$146M recent

FB Financial CorporationFBKBolt On
$981M
$327M3

Steady

-23%

Cullen/Frost Bankers, Inc.CFRGeographic Expansion
$946M
$105M11

Steady

+0% (count)

First MID Bancshares, Inc.FMBHGeographic Expansion
$933M
$117M14

Cooling

-49%

Seacoast Banking Corporation of FloridaSBCFGeographic Expansion
$873M
$175M15

Cooling

-45%

East West Bancorp, Inc.EWBCGeographic Expansion
$840M
$105M5

Steady

+0% (count)

Shinhan Financial Group Co., Ltd.SHGHorizontal Consolidation
$830M
$83M6

Cooling

-94%

Burke & Herbert Financial Services Corp.BHRBGeographic Expansion
$795M
$397M2

New cycle

$795M recent

OceanFirst Financial CorpOCFCGeographic Expansion
$786M
$112M8

Steady

+24%

Wsfs Financial CorporationWSFSGeographic Expansion
$786M
$98M17

Winding down

$574M → $3M

Credicorp Ltd.BAPHorizontal Consolidation
$780M
$87M5

Steady

+0% (count)

Southern Missouri Bancorp, Inc.SMBCBolt On
$780M
$71M15

Accelerating

+875%

Triumph Financial, Inc.TFINBolt On
$732M
$81M9

Cooling

-28%

First Busey CorporationBUSEGeographic Expansion
$730M
$122M12

Steady

+100% (count)

Stellar Bancorp, Inc.STELBolt On
$707M
$707M1

Paused

$707M prior

Kearny Financial Corp.KRNYGeographic Expansion
$693M
$173M5

Paused

$10M prior

Hope Bancorp, Inc.HOPEGeographic Expansion
$680M
$113M7

New cycle

$87M recent

Shore Bancshares, Inc.SHBIGeographic Expansion
$679M
$97M7

Steady

-10%

Associated Banc-CorpASBBolt On
$678M
$97M8

Paused

$32M prior

First BancorpFBNCGeographic Expansion
$644M
$107M13

Cooling

-32%

Webster Financial CorporationWBSGeographic Expansion
$633M
$127M6

Accelerating

+851%

First Financial BancorpFFBCHorizontal Consolidation
$632M
$211M13

Accelerating

+356%

Wafd, Inc.WAFDN/A
$628M
$157MN/A

New cycle

$627M recent

US Bancorp \de\USBGeographic Expansion
$600M
$600MN/A

Steady

no signal

ConnectOne Bancorp, Inc.CNOBGeographic Expansion
$595M
$99M11

New cycle

$284M recent

Peoples Bancorp Inc.PEBOGeographic Expansion
$551M
$37M27

Cooling

-67%

Enterprise Financial Services Corp.EFSCGeographic Expansion
$542M
$90M10

Paused

$275M prior

Southside Bancshares, Inc.SBSIGeographic Expansion
$512M
$128M4

Steady

+0% (count)

United Community Banks, Inc.UCBGeographic Expansion
$489M
$44M11

Paused

$127M prior

Firstsun Capital BancorpFSUNGeographic Expansion
$489M
$163M2

Steady

-3%

S&t Bancorp Inc.STBAGeographic Expansion
$487M
$122M7

Paused

$201M prior

Customers Bancorp, Inc.CUBBBolt On
$478M
$80M6

Steady

+0% (count)

First Financial CorporationTHFFHorizontal Consolidation
$474M
$59M8

Accelerating

+70%

Univest Financial CorporationUVSPGeographic Expansion
$447M
$34M18

Paused

$8M prior

Grupo Aval Acciones Y Valores S.a.AVALGeographic Expansion
$430M
$215M1

Paused

$429M prior

NBT Bancorp Inc.NBTBBolt On
$413M
$59M12

Paused

$9M prior

Trustmark CorporationTRMKGeographic Expansion
$410M
$59M4

Paused

$5M prior

Mechanics BancorpMCHBGeographic Expansion
$394M
$79M7

New cycle

$266M recent

Tennessee Valley AuthorityTVCN/A
$375M
$188M3

Steady

+0% (count)

BOK Financial Corp.BOKFTalent Acquisition
$370M
$62M8

Steady

+0% (count)

OLD Second Bancorp Inc.OSBCN/A
$367M
$73M4

Cooling

-51%

Bank First CorporationBFCHorizontal Consolidation
$358M
$72M5

Steady

-20%

BankUnited, Inc.BKUGeographic Expansion
$353M
$118M3

Steady

+0% (count)

First Financial Bankshares, Inc.FFINGeographic Expansion
$346M
$49M33

Paused

$220M prior

Origin Bancorp, Inc.OBKGeographic Expansion
$329M
$82M6

New cycle

$308M recent

Cathay General BancorpCATYGeographic Expansion
$328M
$66M5

Paused

$74M prior

First Community Bankshares Inc.FCBCGeographic Expansion
$328M
$25M17

New cycle

$143M recent

Horizon Bancorp, Inc.HBNCGeographic Expansion
$327M
$47M7

Paused

$230M prior

Hanmi Financial CorporationHAFCGeographic Expansion
$320M
$160M4

Steady

+0% (count)

Axos Financial, Inc.AXBolt On
$311M
$52M7

Winding down

$110M → $6M

CVB Financial Corp.CVBFGeographic Expansion
$309M
$51M93

Paused

$40M prior

Pathward Financial, Inc.CASHBolt On
$304M
$101M5

Steady

+0% (count)

Popular, Inc.BPOPBolt On
$301M
$151M2

Paused

$301M prior

ChoiceOne Financial Services, Inc.COFSGeographic Expansion
$301M
$150M2

New cycle

$193M recent

Commerce Bancshares, Inc.CBSHHorizontal Consolidation
$280M
$40M7

New cycle

$6M recent

Flushing Financial CorporationFFICGeographic Expansion
$269M
$67M4

Paused

$142M prior

Peoples Financial Services Corp.PFISHorizontal Consolidation
$267M
$134M1

New cycle

$267M recent

Camden National Corp.CACGeographic Expansion
$256M
$51M8

New cycle

$97M recent

Orrstown Financial Services, Inc.ORRFGeographic Expansion
$233M
$233M5

New cycle

$233M recent

Park National CorporationPRKGeographic Expansion
$229M
$57M5

Paused

$127M prior

Financial Institutions, Inc.FIISOGeographic Expansion
$228M
$33M6

Paused

$1M prior

Republic Bancorp, Inc.RBCAABolt On
$218M
$36M8

Accelerating

+100%

California BanCorp \ CABCALGeographic Expansion
$217M
$217M1

New cycle

$217M recent

Itau Unibanco Holding S.A.ITUBHorizontal Consolidation
$209M
$52M1

Steady

+0% (count)

Heritage Financial Corp.HFWAGeographic Expansion
$205M
$68M6

New cycle

$185M recent

Civista Bancshares, Inc.CIVBN/A
$204M
$68M5

Cooling

-31%

HBT Financial, Inc.HBTGeographic Expansion
$201M
$67M3

New cycle

$197M recent

Northfield Bancorp, Inc.NFBKBolt On
$200M
$100M2

Steady

+0% (count)

First National Corp.FXNCGeographic Expansion
$197M
$39M10

Steady

+3%

BancFirst CorporationBANFBolt On
$193M
$24M17

Paused

$18M prior

Home Bancorp, Inc.HBCPGeographic Expansion
$188M
$31M6

Paused

$16M prior

Investar Holding CorporationISTRGeographic Expansion
$186M
$37M4

Paused

$52M prior

Eagle Bancorp, Inc.EGBNGeographic Expansion
$183M
$61M2

Steady

+0% (count)

TriCo BancsharesTCBKGeographic Expansion
$180M
$36M6

Paused

$400K prior

Dime Community Bancshares, Inc.DCOMGeographic Expansion
$170M
$57M4

Steady

-100% (count)

Blue Ridge Bankshares, Inc.BRBSHorizontal Consolidation
$169M
$84M2

Paused

$169M prior

German American Bancorp, Inc.GABCGeographic Expansion
$167M
$17M14

Cooling

-55%

Muncy Columbia Financial CorporationCCFNHorizontal Consolidation
$163M
$41M3

New cycle

$110M recent

Alerus Financial Corp.ALRSGeographic Expansion
$151M
$38M4

Accelerating

+592%

Fulton Financial Corp.FULTGeographic Expansion
$148M
$74M7

Accelerating

+306%

Columbia Financial, Inc.CLBKGeographic Expansion
$141M
$141M4

Paused

$141M prior

SR Bancorp, Inc.SRBKGeographic Expansion
$139M
$70M2

New cycle

$139M recent

RBB BancorpRBBGeographic Expansion
$139M
$46M4

Paused

$104M prior

Acnb Corp.ACNBGeographic Expansion
$137M
$20M7

Accelerating

+94%

Community West BancsharesCWBCGeographic Expansion
$131M
$26M7

Steady

+100% (count)

Business First Bancshares, Inc.BFSTTuck In
$129M
$26M6

Winding down

$113M → $3M

Farmers National Banc Corp.FMNBHorizontal Consolidation
$125M
$14M15

Cooling

-84%

Northrim Bancorp, Inc.NRIMGeographic Expansion
$120M
$30M6

New cycle

$95M recent

First Western Financial, Inc.MYFWGeographic Expansion
$118M
$29M3

Paused

$113M prior

Lloyds Banking Group plcLYGPlatform
$117M
$39M2

Steady

+0% (count)

Baycom Corp.BCMLGeographic Expansion
$114M
$28M5

Paused

$32M prior

THE Bancorp, Inc.TBBKGeographic Expansion
$113M
$38M2

Paused

$4M prior

Metrocity Bankshares, Inc.MCBSGeographic Expansion
$112M
$112M1

New cycle

$112M recent

NB Bancorp, Inc.NBBKGeographic Expansion
$112M
$112M1

New cycle

$112M recent

Wesbanco, Inc.WSBCGeographic Expansion
$112M
$37M8

Steady

+100% (count)

MVB Financial CorpMVBFTuck In
$107M
$21M2

Paused

$39M prior

FS Bancorp, Inc.FSBWGeographic Expansion
$101M
$34M3

Steady

+0% (count)

Western New England Bancorp, Inc.WNEBGeographic Expansion
$99M
$99M1

Steady

+0% (count)

Hanover Bancorp, Inc.HNVRPlatform
$99M
$49M2

Paused

$99M prior

BAR Harbor BanksharesBHBGeographic Expansion
$98M
$20M2

Accelerating

+12967%

Citizens Community Bancorp, Inc.CZWIGeographic Expansion
$97M
$24M4

Steady

+0% (count)

Hometrust Bancshares, Inc.HTBGeographic Expansion
$97M
$19M5

New cycle

$71M recent

Fidelity D & D Bancorp Inc.FDBCGeographic Expansion
$96M
$32M3

Paused

$96M prior

Banco Santander (brasil) S.a.BSBRHorizontal Consolidation
$95M
$47M1

Paused

$3M prior

Great Southern Bancorp, Inc.GSBCGeographic Expansion
$93M
$31M3

Steady

+0% (count)

Consumers Bancorp, Inc.CBKMN/A
$89M
$30M3

Paused

$71M prior

Smartfinancial Inc.SMBKBolt On
$87M
$17M9

Cooling

-93%

Isabella Bank CorpISBAGeographic Expansion
$85M
$21M6

Steady

+0% (count)

Lcnb Corp.LCNBN/A
$83M
$10M9

New cycle

$22M recent

Norwood Financial CorpNWFLGeographic Expansion
$82M
$27M14

Paused

$69M prior

First Keystone CorporationFKYSN/A
$81M
$27M3

Steady

+0% (count)

1st Source CorpSRCEGeographic Expansion
$81M
$81M2

Steady

-100% (count)

South Plains Financial, Inc.SPFIGeographic Expansion
$80M
$40M1

Paused

$700K prior

City Holding CompanyCHCOGeographic Expansion
$77M
$26M9

New cycle

$14M recent

Midland States Bancorp, Inc.MSBIN/A
$74M
$12M7

Paused

$3M prior

Skyline Bankshares, Inc.SLBKPlatform
$74M
$25M4

New cycle

$50M recent

CNB Financial Corp.CCNEHorizontal Consolidation
$72M
$18M5

Cooling

-33%

Eagle Bancorp Montana, Inc.EBMTN/A
$70M
$14M5

Paused

$45M prior

Citizens & Northern CorporationCZNCGeographic Expansion
$69M
$23M4

New cycle

$45M recent

First Bancorp, Inc.FNLCGeographic Expansion
$67M
$17M5

Paused

$6M prior

Bridgewater Bancshares IncBWBGeographic Expansion
$66M
$33M3

New cycle

$66M recent

Westamerica BancorporationWABCGeographic Expansion
$66M
$33M2

Steady

+0% (count)

Princeton Bancorp, Inc.BPRNBolt On
$65M
$22M2

New cycle

$65M recent

Byline Bancorp, Inc.BYGeographic Expansion
$65M
$22M4

New cycle

$32M recent

First Northwest BancorpFNWBGeographic Expansion
$64M
$64M2

Paused

$64M prior

Glacier Bancorp, Inc.GBCIHorizontal Consolidation
$60M
$15M25

Accelerating

+100% (count)

Amalgamated Financial Corp.AMALGeographic Expansion
$59M
$59M2

Paused

$59M prior

Stock Yards Bancorp, Inc.SYBTGeographic Expansion
$59M
$20M3

Paused

$25M prior

Colony Bankcorp, Inc.CBANGeographic Expansion
$56M
$19M5

Steady

-10%

Farmers & Merchants Bancorp, Inc.FMAOGeographic Expansion
$55M
$7M7

Paused

$22M prior

Macro Bank Inc.BMAGeographic Expansion
$54M
$18M4

New cycle

$31M recent

Carter Bankshares, Inc.CAREHorizontal Consolidation
$53M
$53M2

New cycle

$53M recent

Mercantile Bank CorporationMBWMHorizontal Consolidation
$51M
$51M1

New cycle

$51M recent

First Guaranty Bancshares, Inc.FGBIBolt On
$51M
$7M7

Steady

+0% (count)

Bank of Marin BancorpBMRCGeographic Expansion
$51M
$25M6

Steady

-100% (count)

Bank7 Corp.BSVNGeographic Expansion
$49M
$16M2

Cooling

-34%

BV Financial, Inc.BVFLN/A
$47M
$47MN/A

Steady

no signal

First US Bancshares Inc.FUSBGeographic Expansion
$47M
$23M2

Steady

+0% (count)

National Bank Holdings Corp.NBHCBolt On
$45M
$45M26

New cycle

$45M recent

River Financial CorporationRVRFGeographic Expansion
$45M
$11M3

Steady

+0% (count)

Farmers and Merchants Bancshares, Inc.FMFGN/A
$44M
$22M2

Paused

$44M prior

Chime Financial, Inc.CHYMN/A
$43M
$43M1

New cycle

$43M recent

Finward BancorpFNWDGeographic Expansion
$43M
$14M5

Paused

$19M prior

Tompkins Financial CorpTMPBolt On
$43M
$5M12

Steady

+0% (count)

Ames National CorporationATLOHorizontal Consolidation
$43M
$9M3

Paused

$300K prior

Riverview Bancorp, Inc.RVSBN/A
$42M
$14M3

Steady

+0% (count)

CB Financial Services, Inc.CBFVGeographic Expansion
$42M
$42M2

Steady

+0% (count)

SB Financial Group, Inc.SBFGGeographic Expansion
$41M
$7M6

Cooling

-81%

Steele Bancorp, Inc.STLEGeographic Expansion
$40M
$40M1

New cycle

$40M recent

LINKBANCORP, Inc.LNKBPlatform
$40M
$40M2

Paused

$40M prior

Capitol Federal Financial, Inc.CFFNGeographic Expansion
$39M
$39M1

Steady

+0% (count)

Primis Financial Corp.FRSTGeographic Expansion
$37M
$9M9

Steady

+0%

Franklin Financial Services CorporationFRAFN/A
$37M
$9M4

Steady

+0% (count)

Arrow Financial CorporationAROWBolt On
$36M
$7M5

New cycle

$32M recent

Sierra BancorpBSRRGeographic Expansion
$34M
$11M5

Steady

+0% (count)

Peapack-gladstone Financial CorporationPGCBolt On
$33M
$5M9

Paused

$10M prior

Rhinebeck Bancorp, Inc.RBKBN/A
$33M
$33M1

Paused

$33M prior

ENB Financial CorpENBPHorizontal Consolidation
$31M
$31M1

New cycle

$31M recent

Farmers & Merchants BancorpFMCBHorizontal Consolidation
$31M
$15M2

Steady

+0% (count)

INTER & Co, INC.INTRN/A
$31M
$8M1

Accelerating

+4171%

SHF Holdings, Inc.SHFSGeographic Expansion
$30M
$30M1

New cycle

$30M recent

Citizens Financial Services, Inc.CZFSGeographic Expansion
$27M
$7M5

Paused

$1M prior

Oconee Federal Financial Corp.OFEDBolt On
$25M
$12M2

Steady

+0% (count)

International Bancshares CorporationIBOCN/A
$25M
$12M2

Steady

+0% (count)

Bancorp 34, Inc.BCTFTalent Acquisition
$23M
$23M1

New cycle

$23M recent

Carver Bancorp, Inc.CARVGeographic Expansion
$23M
$12M2

Steady

+0% (count)

Affinity Bancshares, Inc.AFBIN/A
$23M
$23MN/A

Paused

$23M prior

Servisfirst Bancshares, Inc.SFBSN/A
$21M
$21M1

Steady

+0% (count)

Plumas BancorpPLBCGeographic Expansion
$21M
$10M4

Accelerating

+243%

Home Federal Bancorp, Inc. of LouisianaHFBLGeographic Expansion
$20M
$10M2

New cycle

$20M recent

BCB Bancorp Inc.BCBPGeographic Expansion
$20M
$20M4

Steady

+0% (count)

Merchants BancorpMBINGeographic Expansion
$20M
$10M1

Steady

+0% (count)

FVCBankcorp, Inc.FVCBN/A
$18M
$18M1

Steady

+0% (count)

Chemung Financial Corp.CHMGN/A
$16M
$4M4

Steady

+0% (count)

C & F Financial CorporationCFFIHorizontal Consolidation
$15M
$7M3

Paused

$11M prior

Oak Valley BancorpOVLYGeographic Expansion
$15M
$7M2

Steady

+0% (count)

F&m Bank Corp.FMBMN/A
$14M
$14M2

Paused

$14M prior

Texas Capital Bancshares Inc.TCBIN/A
$14M
$7M1

Steady

+0% (count)

Timberland Bancorp, Inc.TSBKGeographic Expansion
$14M
$7M2

Steady

+0% (count)

First Business Financial Services, Inc.FBIZN/A
$12M
$12M1

Steady

+0% (count)

Bank of the James Financial Group, Inc.BOTJN/A
$11M
$6M1

Paused

$11M prior

Independent Bank CorporationIBCPN/A
$9M
$9M1

Steady

+0% (count)

Gouverneur Bancorp, Inc.GOVBGeographic Expansion
$8M
$8MN/A

New cycle

$8M recent

Pioneer Bancorp, Inc.PBFSGeographic Expansion
$8M
$2M4

Accelerating

+253%

Capital City Bank Group, Inc.CCBGGeographic Expansion
$7M
$3M1

Paused

$7M prior

Patriot National Bancorp, Inc.PNBKGeographic Expansion
$5M
$5M2

Steady

+0% (count)

QCR Holdings, Inc.QCRHHorizontal Consolidation
$5M
$2M10

Steady

-100% (count)

Washington Trust Bancorp IncWASHBolt On
$4M
$2M2

New cycle

$2M recent

Ameriserv Financial Inc.ASRVGeographic Expansion
$4M
$2M4

Paused

$2M prior

First United CorporationFUNCN/A
$4M
$1M2

Paused

$600K prior

First Community CorporationFCCOGeographic Expansion
$4M
$1M9

Steady

+0% (count)

Central Pacific Financial Corp.CPFPlatform
$3M
$2M3

Steady

+0% (count)

Amerant Bancorp Inc.AMTBTalent Acquisition
$3M
$2M2

Accelerating

+100%

Mizuho Financial Group, Inc.MFGGeographic Expansion
$3M
$675K2

New cycle

$1M recent

Bankwell Financial Group, Inc.BWFGGeographic Expansion
$3M
$3M1

Steady

+0% (count)

Ponce Financial Group, Inc.PDLBN/A
$2M
$2MN/A

Paused

$2M prior

Intercorp Financial Services Inc.IFSN/A
$1M
$1MN/A

New cycle

$1M recent

Virginia National Bankshares CorporationVABKPlatform
$400K
$200KN/A

Steady

no signal

Bank of ChileBCHHorizontal Consolidation
$400K
$400KN/A

Steady

no signal

Pathfinder Bancorp, Inc.PBHCN/A
$200K
$200K8

Steady

+0% (count)

Waterstone Financial, Inc.WSBFN/A
$200K
$200KN/A

Steady

no signal

Landmark Bancorp, Inc.LARKGeographic Expansion
$100K
$100K4

Steady

-100% (count)

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“BancShares pursues growth through strategic mergers and acquisitions to enhance organizational value, strengthen its presence in existing markets, as well as expand its footprint in new markets.”

First Citizens Bancshares Inc.FCNCAFY2021

“continued consolidation in the financial services industry resulting in the creation of larger financial institutions that have greater resources”

Columbia Banking System, Inc.COLBFY2025

“During 2021, Truist completed the acquisition of Service Finance to expand point-of-sale lending capabilities and Constellation Affiliated Partners to expand IH’s wholesale division.”

Truist Financial Corp.TFCFY2021

“The Company focuses on organic growth, but will also consider growth through acquisition.”

Independent Bank Corp.INDBFY2023

“service was subjected to consolidation strategies, the opportunity increased for locally owned and operated, highly personal service-oriented banks.”

Wintrust Financial Corp.WTFCFY2025

“strategic acquisitions have included whole bank acquisitions, branch and deposit acquisitions, purchases of existing branches from other banks, and registered investment advisory firms.”

Atlantic Union Bankshares CorporationAUBFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Regional Commercial Banks

1,860

Regional bank franchises, commercial banking platforms, deposit growth, and branch-network combinations.

Buyers

251

Core

107

Spend

$484.2B

2006–2025 · last year 78

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0571132006: 85 buys · $6.8B spend · 56 buyers2007: 93 buys · $9.9B spend · 63 buyers2008: 100 buys · $10.2B spend · 43 buyers2009: 69 buys · $32.8B spend · 45 buyers2010: 105 buys · $22.1B spend · 34 buyers2011: 64 buys · $2.9B spend · 38 buyers2012: 96 buys · $13.3B spend · 53 buyers2013: 89 buys · $7.5B spend · 49 buyers2014: 113 buys · $5.1B spend · 61 buyers2015: 98 buys · $17.4B spend · 74 buyers2016: 91 buys · $12.9B spend · 68 buyers2017: 85 buys · $8.6B spend · 57 buyers2018: 90 buys · $6.7B spend · 68 buyers2019: 97 buys · $9.6B spend · 76 buyers2020: 79 buys · $11.5B spend · 62 buyers2021: 113 buys · $44.7B spend · 84 buyers2022: 85 buys · $16.5B spend · 68 buyers2023: 55 buys · $42.6B spend · 38 buyers2024: 74 buys · $111.8B spend · 53 buyers2025: 76 buys · $91.4B spend · 70 buyers2006: 85 buys · $6.8B spend · 56 buyers2007: 93 buys · $9.9B spend · 63 buyers2008: 100 buys · $10.2B spend · 43 buyers2009: 69 buys · $32.8B spend · 45 buyers2010: 105 buys · $22.1B spend · 34 buyers2011: 64 buys · $2.9B spend · 38 buyers2012: 96 buys · $13.3B spend · 53 buyers2013: 89 buys · $7.5B spend · 49 buyers2014: 113 buys · $5.1B spend · 61 buyers2015: 98 buys · $17.4B spend · 74 buyers2016: 91 buys · $12.9B spend · 68 buyers2017: 85 buys · $8.6B spend · 57 buyers2018: 90 buys · $6.7B spend · 68 buyers2019: 97 buys · $9.6B spend · 76 buyers2020: 79 buys · $11.5B spend · 62 buyers2021: 113 buys · $44.7B spend · 84 buyers2022: 85 buys · $16.5B spend · 68 buyers2023: 55 buys · $42.6B spend · 38 buyers2024: 74 buys · $111.8B spend · 53 buyers2025: 76 buys · $91.4B spend · 70 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)