Also, I was at an event earlier this week where the speaker was the CEO of a large, regional and publicly traded commercial bank. They have made 10 acquisitions the past 10 years and he stated they walk away from the vast majority of the opportunities they review because the asking prices are ridiculous, they are basically all financed by issuing additional shares of stock combined with modest debt and the banks they do acquire are targeted primarily due to the amount of deposits they have, many of which are rural or regional banks with large depository relationships that are sticky and don't have much else going on, so that they can use those assets to lend.

My former day job was at a specialty lending shop that was acquired by a large, regional and publicly traded bank 5 years ago. The bank acquired the company because it it is a specialty lender (zero depository relationships at the time) and could earn above-market yields. The bank has made other acquisitions and they almost always have some lending or other financial service component to them that drive higher yields for the assets on deposit. The bank then cross-sells treasury management services to those commercial borrowers.

I hope that helps.

Thanks everyone for your responses - this has been pretty helpful insight. Interesting times now across all industries, so will keep plugging away. Good luck to everyone and stay safe out there!