This study is the first to examine mergers and acquisitions among small, regional stakeholder banks that belong to the same group. Using data on Finnish unlisted cooperative and savings banks, we investigate the relationship between bank-specific factors and the likelihood of a bank being an acquirer or an acquisition target. We find that large banks tend to acquire small and inefficient banks. Additionally, we examine the loan growth and find a negative (positive), statistically significant association with the likelihood of a bank being an acquisition target (acquirer). Finally, we document an increase in the likelihood of a bank being an acquisition target subsequent to an increase in the share of net fees and commission income against total assets.

本研究首次考察了属于同一集团的小型区域利益相关银行之间的并购。使用芬兰未上市合作银行和储蓄银行的数据，我们调查了银行特定因素与银行成为收购方或收购目标的可能性之间的关系。我们发现大银行倾向于收购小而低效的银行。此外，我们检查了贷款增长，发现与银行成为收购目标（收购方）的可能性之间存在负（正）、统计上显着的关联。最后，我们记录了在净费用和佣金收入占总资产的份额增加后，银行成为收购目标的可能性增加。