Most bank acquisitions are paid for with stock, rather than cash; thus, the rising market effectively has put more money in buyers' pockets.

Forty-six states allow limited interstate banking, but only 22 authorize bank acquisitions on a nationwide basis.

Through Friday, there had been 197 bank acquisitions this year involving a total of $194.5 billion in assets.

Typically, a bank acquisition across state lines requires approval from state and Federal authorities.

Those valuations are nearly twice as high as most bank acquisitions in recent years.

The stampede by international bankers into the market from about 2004 sent prices for bank acquisitions through the roof.

This was, at the time, the largest bank acquisition in history.

To Mr. Brown, this is a strong signal that big bank acquisitions will continue at high prices.

It is also 2.7 times Great Western's tangible book value, a relatively high, but not unheard of, valuation for a bank acquisition.

Most bank acquisitions are done at two times book value, or less.