The Associated Press: 17 banks identified as possible takeover targets
The Associated Press: 17 banks identified as possible takeover targets
"NEW YORK — Some say the wave of bank consolidation seen in the last two decades is over, but an outspoken analyst who developed a formula for identifying banks that could be takeover targets on Thursday listed 17 he says are ripe.
Richard Bove of Rochdale Securities screened 62 banks that have more than $10 billion in assets.
Bove also looked for companies with high liquidity and a low level of non-performing assets, or past-due loans that are likely to be written off.
Finally, Bove said, he eliminated some that were too large and found 17 banks he thinks are vulnerable to takeover.
Bove's mentions helped boost most of those banks' stocks on a day the broader markets were also in positive territory.
"The banks Bove identified in the southeast have the biggest names. They include credit card specialist Capital One Financial Corp.,SunTrust Banks, Regions Financial Corp. and the smaller First Horizon National Corp."
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