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The top five banks and thrifts with the largest portfolios of home equity loans had more than $94 million in loans combined for the third quarter of last year — more than half of the roughly $178 million amassed by the top 20 institutions.
Discover Financial Services in Ridgewood, Illinois, posted the largest year-over-year change in total home equity loans, jumping from $3.9 million in the third quarter of 2023, to $6.1 million the following year. Other organizations with similar improvements include Third Federal Savings and Loan Association of Cleveland in Ohio with a 28% rise and First Citizens BancShares in Raleigh, North Carolina, with just over 22%.
Not all saw improvements, however. San Francisco-based Wells Fargo dropped by more than 15% across the same period, from $16.2 million in 2023 to $13.8 million last year. The New York-based Citigroup and Cleveland, Ohio-based KeyGroup recorded drops of roughly 11% and 9%, respectively.
See which organizations led the industry in home equity loans for the third quarter of 2024 below.
Data courtesy of S&P.
| Rank | Company name | City | State | 2024Q3 home equity loans ($000) | 2023Q3 home equity loans ($000) | YOY change (%) | 2024Q3 total loans & leases ($000) |
| 1 | Bank of America Corporation | Charlotte | NC | $26,304 | $26,123 | 0.7% | $1,129,466 |
| 2 | The PNC Financial Services Group, Inc. | Pittsburgh | PA | $21,764 | $21,251 | 2.4% | $322,150 |
| 3 | JPMorgan Chase & Co. | New York | NY | $16,917 | $17,799 | -5.0% | $1,393,281 |
| 4 | Citizens Financial Group, Inc. | Providence | RI | $15,862 | $14,575 | 8.8% | $142,563 |
| 5 | Wells Fargo & Company | San Francisco | CA | $13,764 | $16,237 | -15.2% | $912,435 |
| 6 | U.S. Bancorp | Minneapolis | MN | $13,364 | $12,879 | 3.8% | $377,375 |
| 7 | Truist Financial Corporation | Charlotte | NC | $10,014 | $10,596 | -5.5% | $304,362 |
| 8 | Huntington Bancshares Incorporated | Columbus | OH | $8,032 | $7,835 | 2.5% | $127,042 |
| 9 | TD Group US Holdings LLC | Wilmington | DE | $7,618 | $6,939 | 9.8% | $202,517 |
| 10 | Discover Financial Services | Riverwoods | IL | $6,046 | $3,983 | 51.8% | $126,999 |
| 11 | BMO Financial Corp. | Chicago | IL | $4,711 | $4,699 | 0.3% | $148,192 |
| 12 | M&T Bank Corporation | Buffalo | NY | $4,645 | $4,726 | -1.7% | $136,017 |
| 13 | Citigroup Inc. | New York | NY | $4,460 | $5,005 | -10.9% | $705,048 |
| 14 | Fifth Third Bancorp | Cincinnati | OH | $3,956 | $3,751 | 5.5% | $117,280 |
| 15 | Third Federal Savings and Loan Association of Cleveland, MHC | Cleveland | OH | $3,922 | $3,063 | 28.0% | $15,410 |
| 16 | KeyCorp | Cleveland | OH | $3,778 | $4,165 | -9.3% | $106,676 |
| 17 | Zions Bancorporation, National Association | Salt Lake City | UT | $3,679 | $3,408 | 8.0% | $58,982 |
| 18 | Regions Financial Corporation | Birmingham | AL | $3,661 | $3,634 | 0.7% | $97,305 |
| 19 | First Citizens BancShares, Inc. | Raleigh | NC | $2,861 | $2,343 | 22.1% | $138,760 |
| 20 | Cullen/Frost Bankers, Inc. | San Antonio | TX | $2,339 | $1,986 | 17.7% | $20,055 |
