Takeout multiples in the commercial banking industry are where they have been for the last couple of years: down. But something’s changing, say bankers and industry sources-sellers are getting educated and are now willing to sell at multiples less rosy than years past. For the first nine months of the year, the average takeout price-to-book multiple in U.S. commercial bank mergers was 1.81 on 41 deals, according to Thomson Financial. For the first three quarters of last year, that figure was 2.14 on 49 deals, which was down further from the high it reached nationwide during the 1990s when it peaked at 2.66 in 1998.
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