15 Largest U.S. Banks by Assets

Thirty-seven of the 50 biggest U.S. banks and thrifts reported increases in total assets in the first quarter, while 13 reported declines, according to a recent report from S&P Global Market Intelligence. Aggregate assets of the Big Four U.S. banks increased by $498.6 billion, or 4.5%, from the fourth quarter. Collectively, the country's top 10 banks logged asset growth of $629.8 billion, which accounted for more than 70% of the aggregate asset growth at the 50 largest U.S. banks. S&P Global Market Intelligence conducted its analysis by examining the biggest 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 the end of the first quarter. To compile a pro forma ranking, researchers calculated pro forma assets after accounting for both pending merger and acquisition transactions and ones that closed after quarter-end. To be included in pro forma adjustments, the deal value had to be over $1 billion or involve assets or deposits in excess of $5 billion. Loan portfolio deals were not included because of a general lack of data on both deal consideration and the effect on total assets. During this period, bank failures and a terminated M&A transaction shook up the firm's top 50 rankings.

Growth Spurt

The analysis found that of the 37 banks with assets between $50 billion and $500 billion, 27 reported asset growth during the first quarter. First Citizens BancShares' assets nearly doubled quarter over quarter, thanks to its acquisition of Silicon Valley Bridge Bank — the entity that stepped into the shoes of Silicon Valley bank after its collapse — at a discount of $16.5 billion on assets assumed. This was the second time First Citizens doubled its asset size from a deal. In January 2022, it closed its merger with CIT Group. Meanwhile, New York Community Bancorp posted the second-highest increase at 37.2%, after its Flagstar Bank NA unit assumed substantially all of the deposits and purchased certain assets of Signature Bridge Bank NA on March 19, a few months after its parent completed the acquisition of Flagstar Bancorp Inc. in December 2022. The two deals paved the way for New York Community to more than double its asset size from 2021 and make a transition from a niche business model focusing on multifamily lending to a more traditional commercial bank. S&P noted that regulators have hinted at a potential openness to bank M&A after years of heightened scrutiny toward large bank deals that has led to prolonged deal timelines. Treasury Secretary Janet Yellen said in an interview with Reuters that "this might be an environment in which we're going to see more mergers, and you know, that's something I think the regulators will be open to, if it occurs." Investors and advisors expect dealmaking to eventually ramp up, according to the research group. See the gallery for the 15 biggest U.S. banks by total assets, according to S&P Global Market Intelligence. (Image: Adobe Stock)