50 largest US banks by total assets, Q3 2025

M&A activity led to some reshuffling of the US banking industry asset rankings as large banks showcased greater confidence in dealmaking.

The 50 largest US banks reported a $282.98 billion increase in aggregate assets to a combined $25.432 trillion during the third quarter, with 35 institutions recording asset growth, according to S&P Global Market Intelligence data. However, the growth was slower than a year ago when an increase in assets from the three biggest banks — JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. — helped push the top 50's sequential aggregate asset growth to $377.22 billion in the third quarter of 2024.

Big-ticket transactions

On Oct. 6, Fifth Third Bancorp announced its $10.85 billion bid to acquire Comerica Inc., making it the largest US bank deal announced since 2021, and the first bank transaction with a deal value exceeding $10 billion since the same year. The Cincinnati-based bank's assets were adjusted higher by $77.51 billion to reflect its pending acquisition, representing 38.3% sequential growth. Fifth Third ranked as the 16th-largest US bank by total assets in the third quarter, up from 23rd in the prior quarter.

Meanwhile, Huntington Bancshares Inc.'s assets were adjusted higher by $66.04 billion to reflect its $1.87 billion acquisition of Veritex Holdings Inc., which closed Oct. 20, and its pending $7.59 billion acquisition of Cadence Bank, announced Oct. 27. Huntington's purchases of Cadence and Veritex were the third- and sixth-largest US bank deals announced in 2025, respectively.

Huntington's total assets grew sequentially by 25.4%, the second highest among the nation's 50 largest banks. Huntington moved two notches higher from its previous ranking, clinching the 18th spot in the third quarter.

PNC Financial Services Group Inc. recorded the third-highest sequential increase in total assets, with 6.5% growth in the third quarter. PNC's assets were adjusted higher by $26.70 billion to reflect its bid to acquire FirstBank Holding Co. for $4.04 billion, which was the fourth-largest bank deal announced in 2025.

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Big 4 banks' combined assets increase

Aggregate assets at the four largest US banks grew sequentially by $71.71 billion, or 0.6%, in the third quarter, compared to 3.0% growth in the previous quarter.

JPMorgan, the biggest US bank at $4.560 trillion in total assets as of Sept. 30, reported a quarter-over-quarter increase of $7.72 billion in assets, or 0.2% in the third quarter.

Wells Fargo & Co. posted the largest increase in total assets among the Big Four banks, with 4.1% sequential growth or an increase of $81.71 billion in assets.

Citigroup reported asset growth of 0.8% from the prior quarter, while Bank of America posted a sequential decline of 1.1%, or $37.43 billion, in assets.

The Big Four logged robust results in the third quarter with growth in spread and fee income, as well as a decline in credit costs.

To conduct this analysis, S&P Global Market Intelligence examined the largest US banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $30 billion in deposits as of quarter-end.

To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after accounting for pending M&A transactions as well as transactions that closed after quarter-end. To be included in pro forma adjustments, the deal value must be over $1 billion or involve assets or deposits in excess of $5 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.

To view an Excel spreadsheet containing the top 50 US banks and thrifts in the third quarter of 2025, click here.

Growth outlook

According to Stephens analysts, the recent spurt of regional bank M&A indicates increased large M&A activity heading into year-end and 2026. As deal activity unfolds, the analysts picked First Horizon Corp., Webster Financial Corp., Flagstar Bank NA and Wintrust Financial Corp. as likely candidates for future acquisitions.

The resurgence of bank M&A activity in 2025 was also a catalyst for recent balance sheet restructurings. According to Piper Sandler President Deb Schoneman, engagement with depository clients over balance sheet repositionings has increased as interest rates decline and the yield curve deepens.