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Mergers & Acquisitions

People’s United Financial Inc. to Acquire BSB Bancorp Inc.

November 28 — Bridgeport, Conn.-based People’s United Financial Inc., the holding company for People’s United Bank, N.A., have announced an agreement to acquire BSB Bancorp Inc., the holding company for Belmont Savings Bank, a state-chartered savings bank headquartered in Belmont, Mass., in a 100 percent stock transaction valued at approximately $327 million. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of BSB Bancorp Inc. stockholders.

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Peoples Bancorp Inc. and First Prestonsburg Bancshares Inc. Announce Merger

Nov. 1 — Peoples Bancorp Inc. of Marietta, Ohio, parent company of Peoples Bank, and First Prestonsburg Bancshares Inc., the parent company of Kentucky’s First Commonwealth Bank of Prestonsburg Inc., announced today a definitive agreement under which First Prestonsburg will merge with and into Peoples, and First Commonwealth will subsequently merge into Peoples Bank, in a transaction valued at approximately $45.4 million.

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OceanFirst Financial to Acquire Capital Bank of New Jersey

Nov. 1 — OceanFirst Financial Corp., parent company of OceanFirst Bank N.A., Red Bank, N.J., and Capital Bank of New Jersey, Vineland, jointly announced a definitive agreement pursuant to which Capital Bank will merge into OceanFirst Bank in an all-stock transaction. The transaction is valued at approximately $31.33 per Capital Bank common share or approximately $80 million in the aggregate (including options) based on OceanFirst’s closing stock price of $25.06 as of Oct. 25.

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Dealmaker Optimism Hits Record High in M&A Survey

October 18 — Respondents to Dykema’s 14th Annual M&A Outlook Survey expressed the highest level of optimism for the M&A market seen in the history of the study. Sixty-five percent of respondents expect the M&A market to strengthen over the next 12 months, significantly up from the mid- to high-30s where it has remained for the past several years. The increased optimism is tied to economic conditions, with 64 percent of respondents indicating a positive outlook on the economy during the next 12 months.

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M&A at Mid-Year

Values rise, pace quickens from a year ago.

By Bill Poquette, Editor-in-Chief

Maybe it’s the weather. The central part of the country has been sweltering since May, and a couple of big-ticket bank acquisitions in Chicago and Denver seem to suggest a warming-up of merger activity and pricing.

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