SNL Financial reported Royal Bank of Canada’s $5.3 billion agreement to acquire City National ranks as the most expensive large U.S. bank deal announced since the financial crisis of 2007 and 2008.

SNL Financial values the acquisition price as 262.13% of tangible book value per share, the most expensive $1 billion+ deal since Toronto-Dominion Bank acquired Cherry Hill, N.J.-based Commerce Bancorp for 306.6% of tangible book value per share in 2007.

SNL Financial reported that Royal Bank of Canada’s $5.30 billion agreement to acquire Los Angeles-based City National ranks as the most expensive large U.S. bank deal announced since the financial crisis of 2007 and 2008, based on price-to-tangible book ratio.

SNL Financial values the acquisition price at 262.13% of tangible book value per share. Among U.S. bank deals with a deal value greater than $1 billion, City National’s sale to RBC ranks as the most expensive at announcement since another Canadian bank, Toronto-Dominion Bank, acquired Cherry Hill, NJ-based Commerce Bancorp for 306.6% of tangible book value per share as announced in 2007. In this analysis, all deal metrics are based on the values when the transaction was announced.

Prior to the Toronto-Dominion Bank acquisition, the next most recent deal to be priced higher than 300% of tangible book value was Royal Bank of Canada’s own acquisition of Birmingham, AL-based Alabama National BanCorp. In a deal announced in September 2007, right before the first wave of bank failures began, Royal Bank paid a hefty $1.67 billion, or 302.3% of tangible book value per share, for the Southeastern lender, merging it with its RBC Centura bank unit. The deal closed in 2008, and just three years later in 2011, Royal Bank of Canada sold its retail U.S. banking operations for just 97.3% of tangible book value, or $3.45 billion, and took a goodwill write-down of C$1.3 billion on the venture.

To view the full SNL Financial report and analysis, click here.