NewAlliance Bancshares Inc. continues to emphasize that it cannot grow to the much larger size it envisions through de novo expansion alone but always look at acquisitions,President and CEO Peyton Patterson said Nov. 29 at the FBR 12th Annual Investor Conference in New York.
Acquisition is an ongoing process and when combined with dividend payouts and stock repurchases, are all intertwined as part of the New Haven, Conn.-based thrift’s capital management.Its all about the IRR when determining which combination of prongs to pursue at any given time.
Patterson said NewAlliance’s acquisition criteria are very disciplined, focusing on IRR, double-digit growth and earnings accretion within the first year. She also said that when expanding to out-of-state markets that New York would be but also pointed out that
With its entrance into Fairfield County, Conn., with the acquisition of Cornerstone Bancorp, NewAlliance will have six branches in the popular market so that it can look larger
Main thing is to get there through acquisition than de novo since Commerce Bancorp Inc. and Washington Mutual Inc.
