Twenty-nine of the 50 largest U.S. banks and thrifts reported increases in assets during the fourth quarter of 2019, while a new company entered the ranking.
Independent Bank Group Inc. joined the top 50 list after announcing a reverse merger-of equals with Texas Capital Bancshares Inc. on Dec. 9, 2019. Independent Bank's assets and deposits were adjusted upwards by $32.55 billion and $26.48 billion, respectively. The deal is expected to close before the end of August. The combined entity will be headquartered in McKinney, Texas, and operate as Independent Bank Group.
On Feb. 20, Morgan Stanley announced its acquisition of E*TRADE Financial Corp. for $13.13 billion. The deal boosted the company's pro forma assets by $61.42 billion, cutting the gap with No. 5 Goldman Sachs Group Inc. to just over $36 billion.
On March 5, U.S. Bancorp announced the acquisition of deposits and credit card accounts of Bloomington, Ill.-based State Farm Bank FSB. U.S. Bancorp's pro forma deposits now include State Farm Bank's $11.23 billion of deposits reported for the fourth quarter of 2019. Total assets have not been adjusted because of a lack of disclosures currently available.
CIT Group Inc. completed its $1 billion acquisition of Mutual of Omaha Bank on Jan. 1. The company now sits at the No. 42 spot with $59.28 billion in assets and $42.12 billion in deposits on a pro forma basis.
JPMorgan Chase & Co.. the country's largest bank by assets, reported the largest quarter-over-quarter decrease of assets with a $77.28 billion decline. Citigroup Inc. and Wells Fargo & Co. reported decreases of $63.64 billion and $16.40 billion, respectively. Bank of America Corp. was the only member of the "Big Four" U.S. banks to post an increase in assets with a $7.75 billion gain.
TD Group US Holdings LLC reported the largest increase in assets during the fourth quarter, at just over $15 billion.
To view an Excel spreadsheet containing the top 50 U.S. banks and thrifts in the fourth quarter, click here.
Methodology
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 $20 billion in deposits for the quarter ended Dec. 31, 2019.
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.