Banking's Big Sellers
May 17, 2016 11:00 AM
Chatter about a potential sale of Comerica has raised questions about how regulators would vet the sale of a large institution. Here's a look at some of the biggest banks to sell since the financial crisis, ranked by asset size.
ING Bank: $92 billion
ING Bank's 2011 sale to Capital One Financial attracted a host of critics, including consumer groups and small banks , that argued the deal would create a new too-big-to-fail bank. The deal, which gave Capital One a retail banking boost, was eventually approved.
Marshall & Ilsley: $45 billion
Bank of Montreal already had a solid toehold in the U.S. when it agreed to buy Marshall & Ilsely in Milwaukee. The 2011 deal established BMO as a major player in the upper Midwest.
Hudson City Bancorp: $45 billion (at announcement)
Long delays must have tested the patience of CEO Robert Wilmers as M&T Bank sought to buy Hudson City Bancorp. The deal, completed in 2015, was announced three years earlier , but regulators withheld approval until M&T beefed up compliance with anti-money laundering laws.
First Niagara Financial: $39 billion
Investors don't always have an appetite for blockbuster deals. When KeyCorp agreed in October to buy First Niagara, investors drove Key's stock price down 7%. Regulatory approval of the deal is still pending.
City National: $35 billion
Royal Bank of Canada returned to U.S. retail banking last year by scooping up the City National in Los Angeles. Known as the "bank to the stars ," City National has long-standing ties to celebrities and the film industry.
RBC Bank: $27 billion
RBC's first foray into U.S. banking was ill-fated. The Canadian bank in 2012 sold most of its struggling U.S. operations to PNC Financial, after losing millions of dollars on bad loans in markets such as Georgia and Florida.
FirstMerit: $25 billion
In-market deals can make waves. Huntington Bancshares in Columbus, Ohio, will become the biggest bank in its home state by deposit market share once it completes its pending acquisition of FirstMerit in Akron, Ohio. The banks – led by CEOs Steve Steinour (left) and Paul Greig – announced the merger in January.
OneWest: $23 billion
CIT's purchase of OneWest created a new systemically important financial institution. The deal, which helped transform CIT into a retail bank , attracted protests from community groups that questioned each company's efforts to help low-income communities. CIT's performance has lagged since then. John Thain retired as CEO in March; he was replaced by Ellen Alemany .
