Spanish Bank Acquires Connecticut Institution to Form 19th-Largest U.S. Bank

The Federal Reserve Board approved a Spanish banking organization's acquisition of a Connecticut financial holding company and its national bank subsidiary on August 4, 2026. This approval is the final regulatory clearance needed for the approximately $12.3 billion transaction.

The Office of the Comptroller of the Currency had already approved the related bank merger on June 12, 2026, and the European Central Bank authorized the transaction on July 21, 2026. The parties now expect the transaction to close on August 20, 2026.

Following consummation, the acquirer's U.S. holding company will become the 19th largest insured depository organization in the United States, with consolidated assets of approximately $253.6 billion. The combined bank will become the largest insured depository institution in Connecticut by deposits, controlling approximately $42.3 billion.