Thirty-three of the 50 largest U.S. banks posted quarter-over-quarter increases in assets at the end of the second quarter, but the "Big Four" — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. — posted a decline.
DB USA Corp. entered the list at the 32nd spot with total assets of $115.77 billion as of June 30, 2018. The bank was ineligible for the prior ranking because it did not meet the minimum deposits-to-assets ratio threshold. It was exempted from the criteria this quarter as its deposits crossed the $20 billion mark.
Aided by its acquisition of FCB Financial Holdings Inc., Synovus Financial Corp. took the 47th place with pro forma assets of $43.93 billion for the second quarter.
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% for the quarter ended June 30. Starting last quarter, banks and thrifts are exempted from the deposits-to-assets ratio criteria if they hold more than $20 billion in deposits as of the most recent quarter. Consequently, financial institutions excluded prior to the first quarter of 2018, such as Goldman Sachs Group Inc. and Morgan Stanley, are now part of the rankings.
To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after taking into account pending M&A transactions or deals that have closed after quarter-end. To be included in the pro forma adjustments, the deal value must be at least $500 million or involve assets or deposits in excess of $2 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.
Newly announced mergers, acquisitions and divestitures
People's United Financial Inc.'s assets and deposits were increased by $3.28 billion and $2.44 billion, respectively, to account for the pending acquisition of First Connecticut Bancorp Inc., which was announced June 19.
Synovus Financial Corp.'s assets and deposits were adjusted upward by $12.19 billion and $9.86 billion, respectively, to reflect the pending acquisition of FCB Financial Holdings Inc., which was announced July 24.
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