2025 Bank Valuations and the M&A Environment Featuring Joseph Moeller of KBW
On April 9, 2025, Joseph Moeller, Managing Director of Keefe, Bruyette & Woods (KBW), delivered a timely presentation on bank valuations and the M&A environment to the NYLIB community at Pryor Cashman’s offices in Times Square.
Following cocktails and an opportunity for networking, Joe provided an overview of the performance of bank stocks since the election, the overall performance of the banking industry since 2020, the potential impacts of tariffs on the economy and bank earnings, the quickening pace of regulatory approvals for bank transactions, the outlook for bank stocks going forward, the stratification of bank valuations by asset size, and the likelihood of continued consolidation in the banking industry. Joe answered a number of questions from the audience, and a robust discussion was had.
Our Moderator
Joseph Moeller joined KBW in 1994. His responsibilities include corporate finance advisory, mergers and acquisitions, and capital markets transactions for financial services companies primarily located in the Mid-Atlantic region of the U.S. Earlier in his career, Joe worked in the Bank Supervision Group of the Federal Reserve Bank of New York.
He received a BS in Industrial Management and Economics from Carnegie Mellon University in Pittsburgh, PA, and attended classes at New York University’s Stern School of Business.
Joe’s recent advisory assignments have included:
Flushing Financial Corporation’s (NY) $70 million follow-on offering of common stock – Closed 12/12/2024
Financial Institutions, Inc.’s (NY) $100 million follow-on offering of common stock – Closed 12/11/2024
Dime Community Bancshares, Inc.’s (NY) $144 million follow-on offering of common stock – Closed 11/12/2024
ConnectOne Bancorp, Inc.’s (NJ) $284 million merger with The First of Long Island Corp. (NY) – Announced 9/5/2024
Lakeland Bancorp’s (NJ) $1.3 billion merger with Provident Financial Services, Inc. (NJ) – Announced 9/27/2022
Investors Bancorp’s (NJ) sale to Citizens Financial Group, Inc. (RI) ($3.6 billion) – Closed 4/6/2022
Sterling Bancorp’s (NY) $5.4 billion merger with Webster Financial Corporation (CT) – Closed 1/31/2022
The Audience
Eric Segal, Managing Director of CFO Consulting Partners and Director and Chairman of the Asset Liability Management Committee at Orrstown Bank, poses a question.
NYLIB President Ed Lutz commented: “It’s always interesting when Joe Moeller presents at NYLIB! The last time we scheduled Joe to present on bank valuations and the M&A environment, Silicon Valley Bank and Signature Bank failed. This time, the markets were roiled by President Trump’s April 2nd announcement about tariffs. In both instances, Joe did a great job of incorporating the latest information and providing timely and important insights and advice to NYLIB members and friends.”
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From left to right: Joseph Pistilli (Chairman, First Central Savings Bank), Kevin Kane (President, Financial Regulatory Consulting Inc.), and Michael Serao (EVP & Chief Administrative Officer, First Central Savings Bank)
Memorable Moments
Please enjoy more memorable moments from our evening here. We encourage you to download your favorite moments and share them on LinkedIn. Don’t forget to tag the New York League of Independent Bankers (NYLIB)!
