Banks keep merging. Investors keep punishing them.
Key insight: Banks are seeking scale by inking merger agreements, despite investor concerns about tangible book value dilution.What's at stake: So far, 2025 is on track to be the biggest year for bank deals since before the pandemic.Supporting data: The stock prices of banks that shrink their share counts are likely to outperform their peers over time, according to a Truist Securities analysis.All banks are "opportunistic."At least, when asked about whether they plan to ink a merger deal, most bank leaders ...