Major U.S. Bank Mergers And Acquisitions

Tim Grist Photography/Getty Images; Illustration by Austin Courregé/Bankrate

Bank mergers and acquisitions reshape the banking industry by combining institutions to create larger, more competitive banks. These transactions have produced some of America’s biggest financial powerhouses, from Bank of America’s $62 billion NationsBank merger to the recently completed Capital One-Discover deal worth $35.3 billion.

The most recent major consolidation occurred in May 2025, when Capital One completed its acquisition of Discover, creating the sixth-largest U.S. bank. This landmark deal demonstrates how mergers continue to reshape banking, often bringing both opportunities and challenges for customers.

Understanding bank merger trends helps you anticipate changes to your banking relationship and identify opportunities to compare checking accounts or explore high-yield savings options when your bank undergoes big changes.

What defines a bank merger or acquisition

The Securities and Exchange Commission defines a merger as when two or more companies combine into a single entity. In banking, these deals typically require shareholder approval and regulatory oversight due to their impact on the financial system.

Bank acquisitions involve one institution purchasing another, while mergers combine two banks of similar size as equals. Both types of transactions can significantly affect customers, from account changes to new product offerings.

The largest bank mergers and acquisitions in U.S. history

Recept bank consolidation trends (2019-2025)

• Capital One-Discover merger (2025): The completed $35.3 billion deal creates the sixth-largest U.S. bank and largest credit card issuer.
• BMO Harris acquires Bank of the West (2023): This $16.3 billion deal expanded BMO’s U.S. presence significantly. Customers gained access to enhanced digital banking features but also faced branch consolidations in overlapping markets.
• BB&T and SunTrust merger (2019): The $66 billion “merger of equals” created Truist Bank, now one of the largest banks in the Southeast. Former BB&T and SunTrust customers experienced significant changes to their banking products and branch locations
• M&T Bank acquires People’s United (2022): The $8.3 billion acquisition strengthened M&T’s presence in New England, offering customers expanded ATM networks but potentially fewer local branches.
• Huntington-TCF merger (2021): This $6 billion deal created a stronger Midwest banking presence, though some customers needed to adjust to new account products and fee structures.

The Capital One-Discover merger: A banking milestone

On May 18, 2025, Capital One completed its $35.3 billion acquisition of Discover Financial Services, marking the largest banking deal since the 2008 financial crisis. The merger creates the sixth-largest U.S. bank by assets and the nation’s largest credit card issuer.

Potential impacts for customers:

• Enhanced credit card rewards programs combining both companies’ offerings
• Expanded digital banking capabilities
• Possible changes to existing account terms and conditions
• Integration of Discover’s payment network with Capital One’s banking services

When bank failures lead to acquisitions

The 2023 banking crisis demonstrated how quickly institutions can change hands. Silicon Valley Bank, Signature Bank, and First Republic all failed within months, leading to emergency acquisitions:

Silicon Valley Bank → First Citizens: Technology-focused customers suddenly found themselves with a traditional regional bank, requiring adjustments to their business banking needs.

Signature Bank → Flagstar Bank: Customers experienced changes in account access and mobile banking features during the transition.

First Republic → JPMorgan Chase: After First Republic Bank’s collapse, Chase gained approximately $92 billion in deposits, offering former First Republic customers access to one of the nation’s largest ATM networks and banking services.

These rapid changes highlight the importance of FDIC insurance.

How bank mergers and acquisitions affect you

• Account transitions: You’ll likely receive new account numbers, routing numbers and checks. The transition period typically lasts 12-18 months, during which both old and new information may work.
• Branch consolidation: Overlapping locations often close, potentially affecting your access to in-person banking. Research banks with extensive branch networks if physical locations are important to you.
• Product changes: Merged institutions often streamline their offerings, discontinuing some accounts while introducing new ones.
• Technology upgrades: Mergers frequently bring technology upgrades, though the transition can be bumpy. Banks often combine their digital platforms, sometimes resulting in temporary service disruptions or feature changes.
• Customer service changes: Larger institutions may offer more resources but potentially less personalized service. Community banks and credit unions often provide more individualized attention if that’s important to you.
• Fee structures: Merged banks often align their fee schedules, which could mean increases or decreases depending on which institution’s policies prevail. Review Bankrate’s guide to avoiding banking fees to minimize costs.

Bottom line

The key is remaining proactive about your banking relationships. Regularly review your accounts, compare rates and don’t hesitate to explore alternatives if your needs aren’t being met. With proper planning, bank mergers can actually present opportunities to upgrade your banking experience.

Whether you’re affected by a merger or simply seeking better banking options, explore these resources: