Bank mergers and acquisitions have created today’s largest financial institutions, with deals reaching up to $66 billion in recent years. Capital One completed its $35.3 billion acquisition of Discover in May 2025, creating the sixth-largest U.S. bank by assets. Bank consolidation has reduced FDIC-insured institutions by more than 2,300 in the past 20 years, with most of the decline happening in the past 10 years.\n\nBank 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.\n\nThe 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.\n\nUnderstanding 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.\n\nThe 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.\n\nMoney tip: When your bank announces a merger, it’s often a good time to reassess your banking needs. You might discover better rates or features at other institutions during the transition period.\n\nThese deals created the banking giants we know today. For example, Bank of America’s multiple acquisitions, including the massive NationsBank merger, established it as one of America’s largest financial institutions. Explore Bankrate’s reviews of the biggest banks to understand how mergers have shaped their product offerings.\n\nCapital 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.\n\nOn 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.\n\nPotential 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.\n\nThe 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:\n\nSilicon Valley Bank → First Citizens: Technology-focused customers suddenly found themselves with a traditional regional bank, requiring adjustments to their business banking needs.\n\nSignature Bank → Flagstar Bank: Customers experienced changes in account access and mobile banking features during the transition.\n\nFirst 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.\n\nThese rapid changes highlight the importance of FDIC insurance.\n\nAccount 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.\n\nThe 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.\n\nWhether you’re affected by a merger or simply seeking better banking options, explore these resources: Online banks vs. traditional banks, How to switch banks, Checking account fees: How to avoid them.\n\nThe 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.\n\nWhether you’re affected by a merger or simply seeking better banking options, explore these resources: Online banks vs. traditional banks, How to switch banks, Checking account fees: How to avoid them.

Major U.S. Bank Mergers And Acquisitions

Recent U.S. bank mergers and acquisitions have significantly reshaped the financial landscape, creating some of the nation's largest banking institutions. Key deals include Capital One's $35.3 billion acquisition of Discover Financial Services in May 2025, forming the sixth-largest U.S. bank and the largest credit card issuer. Other notable transactions include BMO Harris acquiring Bank of the West in 2023, BB&T and SunTrust merging in 2019 to form Truist Bank, M&T Bank acquiring People’s United in 2022, and the Huntington-TCF merger in 2021. These consolidations have reduced the number of FDIC-insured banks by over 2,300 in the past 20 years, with most declines occurring in the last decade. The 2023 banking crisis led to rapid failures of Silicon Valley Bank, Signature Bank, and First Republic, which were quickly acquired by First Citizens, Flagstar Bank, and JPMorgan Chase, respectively. Mergers often bring changes to customer accounts, digital services, branch locations, and fee structures, while also offering opportunities for improved products and technology. Customers are advised to remain proactive during transitions to assess banking needs and explore better options.