Banking Industry Outlook: U.S. Banking M&A Activity Mid-Year Review

The Ankura U.S. Banking M&A Tracker and Analysis provides of quarterly view of activity and key insights on the trends and developments impacting the U.S. banking mergers and acquisitions market.

The first half of 2025 saw a resurgence in U.S. banking M&A, with 72 transactions totaling $10.39 billion. This puts 2025 on pace for the largest deal count in over five years, signaling a clear return to strategic consolidation and growth. The increase in M&A activity is driven by banks' quest for scale, operating efficiencies, and technology advancements. This healthy pace of M&A in the U.S. banking sector is expected to continue, fueled by ongoing strategic investments (digital capabilities, market share), the evolution of digital banking (acquisitions for tech infrastructure), and a favorable regulatory environment.

Access the insight for a detailed analysis of H1 2025 and a look ahead at the key growth levers which will continue to drive this momentum.

Banking Industry Outlook: U.S. Banking M&A Activity Mid-Year Review