The Biggest Banking M&A Deals of the Last Decade

The last year and a half has seen a wave of bank mergers unprecedented since the financial crisis of 2007 to 2009.

In fact, seven of the 10 largest deals of the past decade, measured by target asset size, have been announced since October 2020, according to data from S&P Global Market Intelligence.

In recent months, there have been signs that the wave of mergers and acquisitions may soon be ending. Regulators are under pressure from Biden Administration to apply greater scrutiny to bank mergers, and members of the Democratic-controlled board of directors of the Federal Deposit Insurance Corp. indicated that they agreed with the White House.

Meanwhile, approval times have lengthened. And recent market volatility, which makes deals harder to price, has contributed to a landscape in which bank CEOs say they are much more focused on organic growth than mergers and acquisitions.

But transactions with major banks continued. Late last month, the Toronto-Dominion Bank announced plans to acquire Memphis-based First Horizon, which has $89.1 billion in assets.

Read on to find out how the TD-First Horizon deal ranks among the 10 biggest of the past decade. The combinations are listed in order of target asset size – smallest to largest – based on data from S&P Global.

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