Working Paper
Acquisition targets and motives in the banking industry
Pilloff, Steven J.; Hannan, Timothy H. (2006)
This paper uses a large sample of individual banking organizations, observed from 1996 to 2003, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. The hypothesis ...
Finance and Economics Discussion Series , Paper 2006-40

Working Paper
Will the proposed application of Basel II in the United States encourage increased bank merger activity? evidence from past merger activity
Pilloff, Steven J.; Hannan, Timothy H. (2004)
This paper presents two tests of the hypothesis that adoption of the internal ratings-based approach to determining minimum capital requirements, as proposed in applying the Basel II capital accord in the United States, will cause adopting banking organizations to increase acquisition activity. The first test estimates the relationship between excess regulatory capital and subsequent merger activity, including organization and time fixed effects, while the second test employs a "difference in difference" analysis of the change in merger activity that occurred the last time regulatory ...
Finance and Economics Discussion Series , Paper 2004-13

Working Paper
What's happened at divested bank offices? An empirical analysis of antitrust divestitures in bank mergers
Pilloff, Steven J. (2002)
In their competitive analysis of proposed bank mergers, the Federal Reserve Board, Department of Justice, and other agencies accept branch divestitures as an antitrust remedy in local markets where there is substantial overlap between the acquirer and target. The results of this study, which examines the performance of 751 branches that were divested between June 1989 and June 1998 in conjunction with a merger that raised possible competition issues, suggest that the policy of accepting branch divestitures as an antitrust remedy has been successful. Divested branches operate for lengths of ...
Finance and Economics Discussion Series , Paper 2002-60

Journal Article
Thrift involvement in commercial and industrial lending
Prager, Robin A.; Pilloff, Steven J. (1998-12)
How important a role do thrift institutions play in local banking market competition? This article looks at a key aspect of that issue by examining the commercial and industrial lending of commercial banks and thrifts during the 1990s. Generally, thrifts were far less involved in C&I lending than banks during the period, but their involvement varied considerably with such factors as local deposit market concentration and institution size, charter type, and ownership status.
Federal Reserve Bulletin , Volume 84 , Issue Dec , Pages 1025-1037

Discussion Paper
Bank merger activity in the United States, 1994-2003
Pilloff, Steven J. (2004)
Mergers and acquisitions have significantly changed the U.S. banking industry over the past quarter century. This study examines patterns in the 3,517 mergers consummated among commercial banks and thrift institutions (savings banks, savings and loan associations, and industrial banks) during the ten years from 1994 to 2003. The data used in this study include the vast majority of consolidation activity that took place during the period and are more detailed and comprehensive than any data available for the years preceding 1994.> About $3.1 trillion in assets, $2.1 trillion in deposits, and ...
Staff Studies , Paper 176