Top 10 biggest US banks after BB&T-SunTrust merger
E-Valuator Funds CIO Kevin Miller on the merger deal between BB&T and SunTrust and the state of the financial sector overall.
The merger between BB&T and SunTrust in an all-stock deal, creating a financial powerhouse valued at about $66 billion, will now bump competitor PNC down so it becomes the seventh-largest bank by assets and deposits.
If approved, the deal is also the biggest industry merger since the financial crisis.
Both banks referenced the deal as “a true merger of equals.”
BB&T Chairman and CEO Kelly King said the overall plan is to create a “premier financial institution of the future.”
The combined bank -- which will be headquartered in Charlotte, North Carolina, and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits -- is still a far cry from some of the country’s top banks’ portfolios.
JPMorgan Chase still reigns as the country’s biggest bank by assets, followed by Bank of America and Citigroup.
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Here are the biggest U.S. by assets, according to Datawrapper and Bankrate.com.
1. JPMorgan Chase
Total Assets (Billions): $2,622.5
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files
2. Bank of America
Total Assets (Billions): $2,354.5
3. Citigroup
Total Assets (Billions): $1,917.3
4. Wells Fargo
Total Assets (Billions): $1,895.9
REUTERS/Jim Young/File Photo (Reuters)
5. U.S. Bancorp
Total Assets (Billions): $467.4
6. BB&T-SunTrust
Total Assets (Billions): $442
7. PNC
Total Assets (Billions): $382.3
8. Citizens Financial Group
Total Assets (Billions): $160.5
9. Fifth Third Bancorp
Total Assets (Billions): $146.1
10. KeyCorp
Total Assets (Billions): $139.6