Banking Industry Outlook: U.S. Banking M&A Surge Arrives in Q3

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 U.S. banking M&A market accelerated significantly in Q3 2025, with 46 deals totaling $17.4 billion , pushing year-to-date activity beyond the last three years' levels. We're seeing two dominant geographic strategies: growth-oriented acquisitions in booming states like Texas and scale-driven mergers across the Midwest. A key catalyst for this activity has been a shift in regulatory policy, which has helped shorten the average deal closing time by more than two months compared to 2024.

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