Capital One, Bank of Montreal
and First Niagara are among the biggest movers in the US top 50
banks taking into account acquisitions announced during the third
quarter. Compared with the year-ago period, the top six remained
unchanged.
The biggest fallers in the
top 50 include KeyCorp and UnionBanCal.
Go deeper with GlobalData
Capital One’s deals to
acquire the US unit of ING Direct and the US cards unit of HSBC
will make Capital One the seventh largest US retail bank by assets,
up two places from a year ago.
ING was previously the 18th
largest US bank by assets.
The biggest mover in the top
50 US banks compared with the end of first of 2010 was Bank of
Montreal (BMO) up seven places from 24th to 17th. BMO acquired the
29th largest US bank Marshall & Ilsley and its almost $50bn of
assets on 5 July.
The second-biggest mover,
First Niagara, results from its acquisition of 195 HSBC branches in
New York and its $14bn of assets in a deal worth around $1bn.
Combining First Niagara’s $30.9bn of assets with $14bn of assets
arising from the HSBC deal moved First Niagara up five places to
rank 33rd.
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By GlobalDataIn 2009, First Niagara’s
branch network was only 116 outlets; on completion of the HSBC
deal, its network will grow to over 450 units.
The 375-branch-strong
People’s United Financial, the largest regional bank headquartered
in New England, also increased by five places, from 44th to
39th.
People’s United made four
acquisitions in 2010: New York-based Financial Federal and
Smithtown Bancorp and Massachusetts-based Butler Bank and LSB
Corporation.
The biggest fallers in the
top 50 included KeyCorp (down from 17th to 21st) and UnionBan Cal,
down from 19th to 22nd.
Hudson City and Popular Inc
also dropped three places, from 27th to 30th and 33rd to 36th
respectively.
The top six remained
unchanged with Bank of America (BofA) and JPMorgan Chase the only
US banks with assets in excess of $2trn.
Although BofA ended the first
half of the current fiscal marginally ahead of JPMorgan Chase as
the largest US bank by assets (by $2.26trn to $2.25trn), Chase now
ranks as the largest US bank by deposits. Chase ended the first
half of 2011 with total deposits of $1.05trn to BofA’s
$1.03trn.
In terms of mortgage market
share, BofA now trails Wells Fargo.
Since the start of the year,
BofA shares have collapsed by more than 50% from $15 to
$7.10.
In terms of market cap, BofA
now ranks 4th in the US at around $71bn, behind JPMorgan Chase
(circa $125bn), Wells Fargo ($124bn) and Citigroup
($78bn).
American Express entered the
rankings at number 14 after it was excluded in the year-ago
rankings because its deposits-to-assets ratio fell below the 25%
threshold.
New entrants in the top 50
include California-based First Republic Bank (at number 42);
300-branch Hancock Bank, which operates across a Gulf South
corridor spanning southern Mississippi and southern Alabama; and
SVB Financial, which has offices in 26 states.
SNL’s data excludes holding companies from the ranking
with deposits totaling less than 25% of assets. This excludes large
banking firms from the ranking such as Goldman Sachs, Morgan
Stanley and MetLife.
