2 Mar, 2022

Top 50 US banks in Q4'21

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Thirty-eight of the 50 largest U.S. banks and thrifts reported asset growth in the fourth quarter of 2021, according to S&P Global Market Intelligence data.

About this analysis

To conduct this analysis, S&P Global Market Intelligence examined the largest U.S. 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 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 U.S. banks and thrifts in the fourth quarter of 2021, click here.

Three of the 'Big 4' U.S. banks post declines

Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. all reported decreases in total assets in the fourth quarter. Citi's assets fell by $70.46 billion, or 3.0%, quarter over quarter, while assets at JPMorgan and Wells Fargo declined by about 0.4% each.

Meanwhile, Bank of America Corp. bucked the trend, adding $84.50 billion in assets, a 2.7% increase.

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Canadians go hunting south of the border

Two of Canada's largest banks, Toronto-Dominion Bank and Bank of Montreal, have announced blockbuster deals for U.S. banks over the past three months, adding over $190 billion in assets combined.

Earlier this week, on Feb. 28, Toronto-Dominion announced a $13.54 billion all-cash deal to acquire Memphis, Tenn.-based First Horizon Corp., adding $89.09 billion in assets and $74.90 billion in deposits, and making its subsidiary, TD Group US Holdings LLC, the ninth-largest U.S. bank by assets, up from No. 11 in S&P Global Market Intelligence's previous pro forma analysis.

Meanwhile, on Dec. 20, 2021, Bank of Montreal announced a $16.30 billion acquisition of San Francisco-based Bank of the West from France's BNP Paribas SA, the largest deal of 2021. The deal boosts the pro forma assets of the buyer's U.S. subsidiary, BMO Financial Corp., by $104.79 billion, moving it to the No. 15 spot in the U.S., up from No. 20 previously.

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Regulatory M&A scrutiny expected to increase

Large deals like these are expected to face increased regulatory scrutiny as the Biden administration has directed regulators to take a closer look at sizable bank deals, and the Federal Deposit Insurance Corp. is soon expected to create new regulatory hurdles for M&A transactions that involve banks with over $100 billion in assets or that would create a bank above that threshold post-merger.