Spanish Bank Acquisition Creates New Banking Giant

The Federal Reserve has approved an acquisition that will create the 19th-largest U.S. bank, valued at approximately $12.3 billion.

The deal involves a Spanish banking organization acquiring a Connecticut financial holding company and its national bank subsidiary.

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 expect the deal to close on August 20, 2026, after which the acquirer's U.S. holding company will have consolidated assets of approximately $253.6 billion.