A comprehensive list of major bank mergers and acquisitions

In the first quarter of 2024, 26 financial transactions involving bank mergers and acquisitions were recorded, totaling $1.08 billion — a marked increase from the same period in 2023, which recorded 20 deals worth $432.8 million. By the third quarter of 2024, this momentum accelerated, with 33 deals reaching a combined value of $4.92 billion.

As of September 30, 2024, year-to-date figures show 93 U.S. strategic acquisitions valued at a staggering $11.42 billion. These numbers reflect the critical role of M&A integration in reshaping the financial sector.

This article provides a comprehensive bank mergers and acquisitions list, detailing the most impactful deals from the 1990s to the most recent bank mergers to figure out what they mean for customers and the broader financial industry.

To better understand the historical context of these developments, it’s crucial to explore the evolution of bank acquisitions and their role in financial industry consolidation.

What is a bank merger and acquisition?

Mergers and acquisitions (M&A) are key to growth in the banking industry, allowing these institutions to expand and thus potentially strengthen their market positions.

A bank merger occurs when two or more banking institutions combine to form a single entity, typically with the aim of expanding market reach, reducing operational costs, or increasing competitive advantage. 

Bank acquisitions, on the other hand, involve one acquiring bank and purchasing another, but they  achieve similar goals. For example, the merger of South Carolina National Bank with Wachovia in the 1990s demonstrated how regional banks began consolidating to form larger entities.

Bank merger activity picked up momentum in the 20th century as regulatory environments shifted, allowing for more consolidation in the financial sector.

The repeal of the Glass-Steagall Act in 1999 spurred a wave of acquisitions, enabling the formation of some of the largest banks in America, such as Bank of America and J.P. Morgan Chase. During the same period, smaller regional mergers, like those involving South Carolina National Bank and First National Bank, were also examples of an evolving banking landscape.

Since then, the banking sector has witnessed some of the largest and most impactful fintech M&A deals in history.

Most notable bank mergers and acquisitions

To help us understand today’s banking M&A environment, let’s take a trip through the last XXX years’ of major banking deals, from 1995 to the present day.

Each strategic acquisition reflects a critical moment in banking history, showcasing how institutions used capital growth opportunities to expand assets, enhance efficiency, and navigate regulatory challenges.For example, mergers like Chase Manhattan’s acquisition of Texas Commerce and Bank of New York’s transformation into a leading trust company are just two examples of how M&A integration and regulatory approval have shaped the sector.

Date	Company A	Company B	Deal value
Aug. 28, 1995	Chase Manhattan Corp.	Chemical Banking Corp.	$10 billion
Sept. 30, 1998	Bank of America	NationsBank	$62 billion
Oct. 27, 2003	Bank of America	FleetBoston Financial	$47 billion
July 1, 2004	J.P. Morgan Chase	Bank One	$58 billion
July 2, 2007	Bank of New York	Mellon Financial Corp.	$18.4 billion
Oct. 3, 2008	Wells Fargo	Wachovia Corp.	$15.1 billion
Dec. 31, 2008	PNC	National City	$6.1 billion
Jan. 1, 2009	Bank of America	Merrill Lynch	$50 billion
June 23, 2017	CIBC	PrivateBancorp	$5 billion
July 29, 2016	KeyCorp	First Niagara	$4.1 billion
Dec. 9, 2019	BB&T and SunTrust	Merger of Equals	$66 billion
June 9, 2021	Huntington Bancshares	TCF Financial Corp.	$6 billion
Jan. 4, 2022	First Citizens	CIT Bank	$2.2 billion
Feb. 1, 2023	BMO Harris	Bank of the West	$16.3 billion
Feb. 19, 2024	Capital One	Discover Bank	$35.3 billion

Chase Manhattan Corporation and Chemical Banking Corporation (1995)

• Deal Value: $10 billion
• Status: Completed
• Year: 1995

In 1995, Chase Manhattan Corporation merged with Chemical Banking Corporation, creating the largest bank holding company in the U.S. The newly combined company adopted the Chase name due to its strong reputation in New York and global markets. This merger set the stage for future acquisitions, highlighting the importance of reducing costs and expanding assets to compete on a global scale.

Bank of America and NationsBank (1998)

• Deal Value: $62 billion
• Status: Completed
• Year: 1998

The 1998 merger of Bank of America and NationsBank was a pivotal transaction in U.S. banking history. Valued at $62 billion, it created the first coast-to-coast national bank, dramatically increasing accessibility for customers across the country. Bank of America became one of the largest banks, marking a significant shift in the industry’s consolidation.

J.P. Morgan Chase and Bank One Corporation (2004)

• Deal Value: $58 billion
• Status: Completed
• Year: 2004

In 2004, J.P. Morgan Chase merged with Bank One Corporation in a $58 billion transaction, strengthening its retail banking and credit card services. This merger expanded the company’s geographic reach and positioned it as a leader in financial services. The integration aimed to create efficiencies while broadening its product offerings.

Bank of America and FleetBoston Financial (2003)

• Deal Value: $47 billion
• Status: Completed
• Year: 2003

Bank of America’s acquisition of FleetBoston Financial for almost $47 billion in 2003 expanded its footprint in the Northeast, including Boston. The deal provided access to a new customer base while enhancing operational scale. This acquisition aligned with Bank of America’s strategy to establish a strong national bank presence and diversify its services.

Bank of New York and Mellon Financial Corporation (2007)

• Deal Value: $18.4 billion
• Status: Completed
• Year: 2007

The 2007 merger between Bank of New York and Mellon Financial Corporation, valued at $18.4 billion, created one of the largest asset management firms globally. This deal combined expertise in investment services and savings bank management. The merged entity, BNY Mellon, developed customers’ trust through improved offerings.

Wells Fargo and Wachovia Corporation (2008)

• Deal Value: $15.1 billion
• Status: Completed
• Year: 2008

In 2008, Wells Fargo acquired Wachovia Corporation for $15.1 billion amid the financial crisis. The transaction was critical in stabilizing Wachovia’s operations while significantly expanding Wells Fargo’s national footprint. This acquisition also reinforced the role of the Federal Reserve in managing crisis-driven consolidations.

PNC and National City Corporation (2008)

• Deal Value: $6.1 billion
• Status: Completed
• Year: 2008

PNC acquired National City Corporation for $6.1 billion during the 2008 financial crisis. The acquisition expanded PNC’s footprint in the Midwest and positioned it as one of the largest banks in the United States. The deal included regulatory support to stabilize the banking sector during a challenging economic period. This merger provided PNC with a broader customer base and enhanced market presence.

Bank of America and Merrill Lynch (2009)

• Deal Value: $50 billion
• Status: Completed
• Year: 2009

In 2009, Bank of America acquired Merrill Lynch for $50 billion in a deal that transformed it into a global leader in wealth management and investment banking. This acquisition rescued Merrill Lynch during the financial crisis while significantly expanding Bank of America’s service offerings. Despite challenges in integrating operations during a turbulent economic period, the deal bolstered Bank of America’s market strength. It remains one of the most notable crisis-driven mergers in banking history.

KeyCorp and First Niagara (2016)

• Deal Value: $4.1 billion
• Status: Completed
• Year: 2016

KeyCorp’s acquisition of First Niagara, valued at $4.1 billion, expanded its reach across the Northeastern U.S. The merger emphasized the efficient management of assets and the integration of community credit unions. This acquisition highlighted regional strategies in a consolidating industry.

CIBC and PrivateBancorp (2017)

• Deal Value: $5 billion
• Status: Completed
• Year: 2017

In 2017, Canadian Imperial Bank of Commerce (CIBC) acquired PrivateBancorp for $5 billion to establish a stronger presence in the U.S. This deal marked CIBC’s entry into the American market, particularly in wealth management and middle-market banking. The acquisition allowed CIBC to diversify its portfolio and strengthen its cross-border banking operations.

BB&T and SunTrust Banks (2019)

• Deal Value: $66 billion
• Status: Completed
• Year: 2019

BB&T and SunTrust’s $66 billion merger in 2019 formed Truist Financial Corporation, the sixth-largest U.S. bank. The merger aimed to combine resources and technology to enhance customer experiences and create operational efficiencies. With a focus on innovation, the deal introduced new digital platforms to better serve a growing customer base. This merger represented one of the largest U.S. banking consolidations.

Huntington Bancshares and TCF Financial Corporation (2021)

• Deal Value: $6 billion
• Status: Completed
• Year: 2021

Huntington Bancshares acquired TCF Financial Corporation for $6 billion in 2021, creating one of the top 10 regional banks in the U.S. This merger strengthened Huntington’s presence in the Midwest and provided enhanced digital tools for its customers. The consolidation focused on achieving cost efficiencies and broadening service offerings.

First Citizens and CIT Bank (2022)

• Deal Value: $2.2 billion
• Status: Completed
• Year: 2022

First Citizens acquired CIT Bank for $2.2 billion in 2022, focusing on enhancing its capabilities in small business and middle-market banking. The merger aimed to diversify First Citizens’ offerings and expand its geographic reach. It was part of a strategic growth initiative to provide tailored financial solutions.

BMO Harris and Bank of the West (2023)

• Deal Value: $16.3 billion
• Status: Completed
• Year: 2023

BMO Harris’ $16.3 billion acquisition of Bank of the West in 2023 expanded its footprint in the U.S., particularly in Western states. The deal provided access to new customer segments while bolstering BMO’s growth strategy. It emphasized integrating technology and customer service to ensure a seamless transition for its clients.

Capital One and Discover Bank (2024)

• Deal Value: $35.3 billion
• Status: Pending Approval
• Year: 2024

In 2024, Capital One announced its intention to acquire Discover Bank for $35.3 billion. If approved, this deal would make Capital One the fifth-largest U.S. bank by assets. The acquisition aims to enhance Capital One’s consumer credit services and broaden its market reach. This merger represents a strategic move to expand Capital One’s capabilities in a highly competitive sector.

Impact on consumers and the market

Bank mergers and acquisitions create significant ripple effects, influencing customers, markets, and the broader financial landscape. While these transactions can offer benefits such as expanded services and technological improvements, they also present challenges, including branch closures and reduced competition.

Impact on  consumers

Mergers often bring operational improvements, such as enhanced digital tools and broader ATM networks, benefiting customers of both the acquiring bank and the acquired institution. 

However, consolidations may result in branch closures, particularly affecting smaller communities served by regional or state banks. The shift from local savings banks to larger institutions may also lead to higher fees as competition diminishes.

Impact on the market

Deals like these can significantly impact the financial system. The integration of liabilities during mergers requires careful management to maintain financial stability. The Federal Deposit Insurance Corp (FDIC) ensures that systemic risks are mitigated. 

One particular concern is that the dominance of the largest banks formed through mergers could result in reduced competition and monopolistic practices.

Regulatory challenges

The regulatory landscape plays a vital role in overseeing bank merger activity. Agencies like the Federal Reserve and the Office of the Comptroller of the Currency scrutinize each deal to prevent risks to the financial system.

For example, the merger mentioned above between BB&T and SunTrust, which formed Truist Financial, required divestitures to meet antitrust standards. Meanwhile, smaller deals, such as Texas Commerce’s integration into Chase, showcase how regional consolidations navigate oversight.

Key takeaways

• Bank M&As have played a pivotal role in shaping the financial industry, from the creation of global giants like J.P.Morgan and Chase to crisis-driven deals like Wells Fargo’s acquisition of Wachovia.
• While these deals can improve services and financial stability, they may also reduce competition and increase costs for consumers.
• The balance between fostering market growth and protecting consumer interests remains a critical consideration in the M&A process.

Bank M&As continue to be a dynamic and influential force in the financial sector. By understanding their history and implications, industry professionals and consumers alike can better navigate the evolving banking landscape.

To dive deeper into the M&A landscape in industries beyond banking, check out our cybersecurity mergers and acquisitions list and our rundown t of the biggest acquisitions in tech.