Capital One's $35.3B Discover Acquisition in 2025: A Historic 5th Largest US Bank Merger

Highlights of Capital One's Landmark Acquisition

• Capital One's $35.3 billion deal to acquire Discover ranks as the fifth-largest U.S. bank merger ever.
• JPMorgan Chase's 2004 Bank One acquisition remains the largest at $56.88 billion.
• Bank of America's 2004 FleetBoston Financial purchase valued at $47.69 billion is the second largest.
• The 1998 merger of Citicorp and Travelers Insurance forming Citigroup at $36.03 billion is the fourth largest.

Shares of Discover Financial Services surged over 12% on the announcement of Capital One's plan to acquire Discover for $35.3 billion. Pending regulatory approval, this transaction will become one of the most significant mergers in U.S. banking history, reshaping the credit card industry.

Top U.S. Bank Mergers by Deal Value

1. JPMorgan Chase Acquires Bank One (2004) - $56.88 Billion

This landmark deal made JPMorgan the largest U.S. bank by assets. Jamie Dimon, former Bank One CEO, became JPMorgan's COO and later CEO, a position he holds today.

2. Bank of America Purchases FleetBoston Financial (2004) - $47.69 Billion

Expanding its Northeast footprint, Bank of America rebranded FleetBoston branches, solidifying its position as the second-largest U.S. bank at that time.

3. NationsBank Merges with Bank of America (1998) - $43.09 Billion

This merger created the largest commercial bank in the U.S., combining East Coast and West Coast operations for extensive market reach.

4. Citicorp and Travelers Group Merge to Form Citigroup (1998) - $36.03 Billion

The strategic consolidation of two financial giants led to the creation of Citigroup, a major player in global banking.

5. Capital One to Acquire Discover Financial (2024) - $35.3 Billion

This deal is set to create the largest consumer credit card issuer by outstanding loans. Analysts highlight that despite regulatory scrutiny, the competitive card market supports this merger's rationale.

Additional Notable Bank Mergers

6. Wells Fargo and Norwest Merger (1998) - $31.74 Billion

This merger formed the most extensive financial services network in the Western Hemisphere, with divestitures ensuring competitive balance.

7. BB&T and SunTrust Form Truist Financial (2019) - $31.58 Billion

Truist emerged as the seventh-largest U.S. commercial bank by assets by 2023 following this merger.

8. J.P. Morgan and Chase Manhattan Merger (2000) - $29.49 Billion

Creating JPMorgan Chase, this deal established the largest U.S. bank by assets according to Federal Reserve data.

9. Wachovia Acquires Golden West (2006) - $25.28 Billion

This acquisition expanded Wachovia's Western U.S. presence before its 2008 acquisition by Wells Fargo during the financial crisis.

10. Firstar and U.S. Bancorp Merger (2000) - $22.02 Billion

Forming one of the top five U.S. commercial banks by 2023, this merger strengthened regional banking capabilities.

Capital One's historic acquisition of Discover not only ranks among the largest U.S. bank mergers but also sets the stage for significant shifts in the consumer credit card market. Stay tuned as this transformative deal progresses through regulatory review.

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