Largest Bank Acquisitions of 2024

Not including banks acquired by credit unions, more than 75 banks, with assets exceeding $70 billion, were lost to other banks during calendar year 2024. Nearly 70% of the acquired assets are represented in the top 10, which are noted below in order of the asset size of the acquired bank (largest first).

A list of other banks that acquired smaller banks during calendar 2024, whether on their own or with FDIC-assistance (after the acquiree failed), can be found on page 5 of this week's issue of Jumbo Rate News. (Please note: we did not include USAA Savings Bank, Las Vegas, NV, on this list. It would have come in the #8 slot, but it was not technically acquired. While the charter did cease to exist, the $2.6 billion asset USAA Savings Bank was merged into its affiliate, 3-Star USAA Federal Savings Bank, Phoenix, AZ.)

 

Largest Bank Acquisitions of 2024

 

5-Star Provident Bank, Jersey City, NJ (Top 2%) nearly doubled its size with its May acquisition of the $10.9 billion asset Lakeland Bank, also of NJ. Originally established in 1839, Provident currently operates 140 branch offices throughout New Jersey as well as in parts of New York and Pennsylvania. With total assets now exceeding $24 billion, Provident Bank is one of seven banks listed that rank among the top 2% (Top 2%) of U.S. banks by assets.

5-Star Washington Federal Bank, Seattle, WA(Top 2%) completed its acquisition of Luther Burbank Savings, Santa Rosa, CA in the first quarter ’24. While Luther Burbank only brought with it 11 new branch offices, it had $8.3 billion in assets, $7 billion of which was loans.

In April of 2024, the Pennsylvania Department of Banking closed Republic First Bank, Philadelphia, PA, naming the FDIC as receiver. The FDIC then sold substantially all assets (roughly $6 billion) of the former Republic Bank (as it was also known), including 32 branches, to neighboring 5-Star Fulton Bank, N.A., Lancaster, PA (Top 2%).

Shortly after the close of the second quarter, the $5.3 billion asset Cambridge Trust Company, Cambridge, MA sold itself to 5-Star Eastern Bank, Boston, MA(Top 2%). Eastern Bank’s roots date back to the 1800s when it was established as Salem Savings Bank, a depositor-owned “mutual” bank. For over a century, it gobbled up other mutual banks until eventually converting to the commercial bank it is today. Its acquisitive nature hasn’t changed, but now it is buying other commercial banks, not mutuals.

5-Star Burke & Herbert Bank & TC, Alexandria, VA more than doubled its size when it acquired the $4.6 billion asset Summit Community Bank, Inc., Moorefield, WV. Burke & Herbert is one of the oldest banks in the nation and the oldest operating under its original name in the greater DC area. In all those years, this marks its first ever acquisition.

Another Virginia bank, 5-Star Atlantic Union Bank, Richmond, VA (Top 2%) acquired the $3.1 billion asset American National Bank & Trust, Danville, VA in April 2024. Unlike Burke & Herbert, Atlantic Union has more than a handful of acquisitions under its belt. Established in 1902 as Union Bank & Trust Company in Bowling Green, VA, the headquarter state may be the only thing that has remained constant throughout.

 

With $53.3 billion in assets, 5-Star Old National Bank, Evansville, IN (Top 2%) is by far the largest acquirer on our list today. Part of that can be attributed to its April 2024 acquisition of the $3.0 billion asset CapStar Bank, Nashville, TN. Old National is no stranger to acquisitions, though.

In fact, Old National and Bremer Financial jointly announced their merger plans in September. If/when completed, this combo will yield a $70 billion asset bank with 70 branches in MN (48), ND (14) and WI (8).

4-Star Orrstown Bank, Harrisburg, PA is not new to the acquisition game, but it has been on the sidelines since 2019. Even then, it never acquired a bank that increased its assets more than 75%. That all changed with its July 2024 purchase of the $2.2 billion asset Peoples Bank, a Cordorus Valley Company, York, PA. As a result of this transaction, Orrstown Bank’s assets jumped from $3.2 billion to nearly $5.5 billion, and its star-rating dropping from 5-Stars to 4-Stars.

In August ’24, Bank of Southern California, N.A., San Diego, CA (assets $2.3 billion) and California Commerce Bank, Walnut Creek, CA (assets $1.9 billion) completed a merger of equals. The surviving charter is that of Bank of Southern California, but for the name, California Bank of Commerce, made more sense. It is now 4-Star California Bank of Commerce, N.A., San Diego, CA (assets are roughly $4.4 billion). As was the case with Orrstown, this combination also resulted in a lower Star-Rating for the surviving bank.

Rounding off the top 10, in July 2024, 4-Star Peoples Security Bank & Trust Company, Dunmore, PA acquired its neighbor, $1.8 billion asset FNCB Bank, Dunmore, PA. The combination increased Peoples Security Bank’s assets by 43% (from $3.6 billion to $5.4 billion). As we have already seen with some of these other large mergers, the star-rating of Peoples Security Bank also slipped from 5-Stars to 4-Stars as a result of the acquisition. This is not unusual but only time will tell if it is temporary.

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