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SunTrust Banks, Capital One Are Among 17 Takeover Candidates, Bove Says

SunTrust Banks Inc., Capital One Financial Corp. and Marshall & Ilsley Corp. are among 17 banks and lenders that are potential takeover candidates, according to analyst Richard Bove.

He disclosed the list in a report dated yesterday. In an interview this week, Bove of Rochdale Securities LLC said the catalyst for deals in the industry could be announcements in November of minimums for capital and liquidity from international regulators meeting in the Basel Committee on Banking Supervision.

Banks in the Standard & Poor’s 500 Index advanced 2.5 percent at 11:40 a.m. New York time, the most among 24 groups in the benchmark measure of U.S. stocks.

     The following is Bove’s list of takeover candidates. He
picked banks and lenders that met five criteria: more than $10
billion in assets, a stock-market value that’s less than 10
percent of assets, reserves plus common equity that’s more than
10 percent of assets, cash plus securities divided by assets of
more than 20 percent (although this was ignored in three cases),
and non-performing loans accounting for less than 8 percent of
the total.

Webster Financial Corp. (WBS US)
Susquehanna Bancshares Inc. (SUSQ US)
Wilmington Trust Corp. (WL US)
Capital One Financial Corp. (COF US)
First Horizon National Corp. (FHN US)
SunTrust Banks Inc. (STI US)
Regions Financial Corp. (RF US)
KeyCorp (KEY US)
Fifth Third Bancorp (FITB US)
MB Financial Inc. (MBFI US)
Citizens Republic Bancorp Inc. (CRBC US)
Marshall & Ilsley Corp. (MI US)
BancorpSouth Inc. (BXS US)
Whitney Holding Corp. (WTNY US)
International Bancshares Corp. (IBOC US)
Zions Bancorp (ZION US)
Cathay General Bancorp (CATY US)

To contact the reporter on this story: Joanna Ossinger in London at jossinger@bloomberg.net.

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