Smaller banks are consolidating as a means to drive up deposits, which are heavily concentrated among major banks:
But it's not only larger banks tying up, as evidenced by several recently announced or rumored local bank mergers.two separate community bank acquisitions. OceanFirst, which counts $8 billion in assets, will acquire New Jersey-based Two River Bank and New York-based Country Bank, for $182.2 million and $102.2 million, respectively. OceanFirst, which has acquired five banks since 2014, would merge with Two River, which has $1.2 billion in assets and 14 branches.
. The deal would boost Byline's assets to about $8 billion — an increase of 50% — and continue its string of acquisitions, including First Bank & Trust of Evanston in 2018 and Community Bank of Oak Park River Forest in 2019. This reported merger continues a trend of consolidation in local Chicago banks: There have been over 20 mergers since 2016, six of which are priced at over $100 million.
Smaller banks are consolidating as a means to drive up deposits, which are heavily concentrated among major banks. Declines in smaller banks' assets combined with the digital threat from industry giants are fueling consolidation. Banks with under $1 billion in assets hold
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