Largest US Headquartered Banks by Assets

[Wigs]

I'm not sure if anyone ever checks this but the Federal Reserve releases the list of largest US banks by Assets (quarterly I believe?). The most recent list is June 30, 2022


federalreserve.gov/releases/lbr/current/

For years, forumer Justin (DallasTexan/Sulley/etc) and myself would have a rivalry between Buffalo and Birmingham since both Metros were similar size and regional bank headquarters.
(Petty brag: M&T is now larger than Regions *neener neener* )


Buffalo based M&T Bank is now ranked #16, larger than even juggernaut KeyBank from Cleveland. (KeyBank has naming rights to the arena where Buffalo Sabres play)

A sign that Buffalo is continuing it's rebound the former HSBC tower now rechristened Seneca One Tower has M&T as its anchor tenant. Douglas Development from Washington DC spent about $150M gutting the interior and revamping it into a full mixed use structure with something like 200 apartments, renovated lobby, craft brewery (Other Half brewing) on-site, etc

M&T spent $58M renovating multiple floors into a technology hub for the bank and to collaborate with startups in the Buffalo Niagara region. Their goal is to attract top talent to Buffalo/Western NY.

Before


After


• Video Link

[xzmattzx]

It's about time Wilmington ended up on one of these bank lists. PNC and TD don't have as big of a presence here as Bank of America or JP Morgan Chase, though, so it's a little surprising. But that could be a difference between credit card divisions and banking divisions or something.

This is probably the only time we see Sioux Falls discussed around here, too.

[Yuri]

Are those the real HQs or only the fiscal ones? There are incredibly tiny cities way up on the list.

In Brazil, there a 5 big banks (assets running from R$ 1.7 trillion to R$ 800 bi, 2019, US$ 1 = R$ 5). The 3 private ones HQed in São Paulo and the 2 state-owned, in Brasília (moved from Rio when the capital changed).

São Paulo is now the undisputable financial and banking centre and even though fintechs popped up everywhere, once again bringing more players, when they grow, the first thing they do is to move to São Paulo.

P.S. Nice to know Buffalo got another big bank to their tallest.

[TempleGuy1000]

Originally Posted by xzmattzx

It's about time Wilmington ended up on one of these bank lists. PNC and TD don't have as big of a presence here as Bank of America or JP Morgan Chase, though, so it's a little surprising. But that could be a difference between credit card divisions and banking divisions or something.

This is probably the only time we see Sioux Falls discussed around here, too.

TD NA's HQ is in Cherry Hill. PNC's HQ is obviously Pittsburgh. They probably use a Delaware address for tax purposes. Wilmington does have a substantial amount of banking jobs though.

[Crawford]

Originally Posted by TempleGuy1000

TD NA's HQ is in Cherry Hill. PNC's HQ is obviously Pittsburgh. They probably use a Delaware address for tax purposes. Wilmington does have a substantial amount of banking jobs though.

Right, these are just the tax addresses for the commercial arms of major banks. Not really related to HQ functions or relative job counts.

[WhipperSnapper]

I can't say I do.

In Canada at least, The shareholders only care about themselves. The ever increasing nepotic bosses are so disconnected from the average employee that they also only care about themselves. There's always someone fresh and young willing to work more for less. The Canadian government which protects their chartered asses let's them do whatever they want.

[pj3000]

Title of the thread is misleading. Many of the banks are not "headquartered" in the places listed.

[Wigs]

Originally Posted by xzmattzx

It's about time Wilmington ended up on one of these bank lists. PNC and TD don't have as big of a presence here as Bank of America or JP Morgan Chase, though, so it's a little surprising. But that could be a difference between credit card divisions and banking divisions or something.

This is probably the only time we see Sioux Falls discussed around here, too.

Isn't Wilmington just the fiscal HQ of PNC to take advantage of Delaware's lax err business friendly tax loopholes

Anyone with a brain can see PNC has the large newish, shiny office tower in downtown Pittsburgh and the huge presence in that city.

Sioux Falls must be another HQ for tax write-off state with South Dakota.

Sorry to deflate the homerism bubble, Matt

[Wigs]

Originally Posted by Yuri

Are those the real HQs or only the fiscal ones? There are incredibly tiny cities way up on the list.

...

P.S. Nice to know Buffalo got another big bank to their tallest.

Combination of both! (As another forumer pointed out my title was misleading--my bad)

And yes M&T has been on a big growth spurt the past decade. Their commitment to downtown Buffalo is great for the city and the completely revamped Seneca One tower.

There were rumours years ago either Wachovia or Santander Bank were interested in buying them out. Now M&T is big enough not to have to worry too much.

For shareholders, M&T has always been known as being generous with quarterly dividends and usually high stock price--currently ~$181/share

[Wigs]

Originally Posted by pj3000

Title of the thread is misleading. Many of the banks are not "headquartered" in the places listed.

... My apologies for inserting that word

[TempleGuy1000]

Originally Posted by Wigs

Isn't Wilmington just the fiscal HQ of PNC to take advantage of Delaware's lax err business friendly tax loopholes

Anyone with a brain can see PNC has the large newish, shiny office tower in downtown Pittsburgh and the huge presence in that city.

Sioux Falls must be another HQ for tax write-off state with South Dakota.

Sorry to deflate the homerism bubble, Matt

I mean this whole thread was posted as a bit of Buffalo homerism, so to play devil's advocate, if we were looking at which places are more important to the financial world: the credit card capital of the world while also being at the forefront of financial litigation and corporate law, I would say Wilmington is more important than Buffalo.

[pj3000]

Originally Posted by Wigs

Isn't Wilmington just the fiscal HQ of PNC to take advantage of Delaware's lax err business friendly tax loopholes

Anyone with a brain can see PNC has the large newish, shiny office tower in downtown Pittsburgh and the huge presence in that city.

Basically. PNC Bank is chartered in Delaware to take advantage of the state's beneficial tax structure for retail banking. PNC Bank is the retail banking subsidiary of PNC, which is headquartered in Pittsburgh.

Just like JP Morgan Chase Bank is "headquartered" in Columbus, but JP Morgan Chase is headquartered in NY... and like numerous others on this list.

[pj3000]

I'm probably in the minority, but count me as a fan of the "Before"...

Originally Posted by Wigs

Before


After

[Wigs]

Deleted

Didn't want this to turn into city vs city
My apologies

[dimondpark]

Originally Posted by Yuri

Are those the real HQs or only the fiscal ones? There are incredibly tiny cities way up on the list.

Those are for tax breaks and I think some sort of credit card rate thing in South Dakota.

Otherwise...
JPMorganChase=New York
Bank of America=Charlotte
Citibank=New York
Wells Fargo=San Francisco

[Wigs]

Moved to rust belt thread

[DCReid]

Not sure why this thread has devolved into Buffalo vs Detroit vs Chicago, but bank HQs do not mean much these days. I don 't see any of the big TX cities, Phoenix or Atlanta on the list, and that has not stopped those cities from growing like crazy.

[homebucket]

Originally Posted by dimondpark

Those are for tax breaks and I think some sort of credit card rate thing in South Dakota.

Otherwise...
JPMorganChase=New York
Bank of America=Charlotte
Citibank=New York
Wells Fargo=San Francisco

BofA used to be headquartered in SF as well. At 555 California. SF also has one of the Federal Reserve Banks. It's the second largest by assets held and covers the largest area and population.

The Banker's Heart:


Old Federal Reserve Bank of San Francisco Building:

[Steely Dan]

i moved all of the rust-belt talk over to an old rust-belt thread.

please continue there: https://skyscraperpage.com/forum/sho...ight=rust+belt

[Wigs]

Originally Posted by DCReid

Not sure why this thread has devolved into Buffalo vs Detroit vs Chicago, but bank HQs do not mean much these days. I don 't see any of the big TX cities, Phoenix or Atlanta on the list, and that has not stopped those cities from growing like crazy.

For the large and/or rapidly growing cities/Metro regions it doesn't really matter.

However Buffalo was a city that developed many companies in various industries, but went from being the original HQ to a branch town, or companies left the area entirely, or no longer exist.

Bell Aerospace (the jet pack and plane that broke sound barrier), Trico (windshield wipers invented/once manufactured in Buffalo), Curtiss-Wright (thousands of aircraft for WW2, now an aerospace/defense/nuclear components contractor), Pierce Arrow (luxury cars that Presidents and Clark Gable drove) to name a few. These companies no longer exist in Buffalo. The video below sums up how Buffalo was once an innovator which is why it was once America's 8th largest city
• Video Link

M&T Bank is the outlier in Buffalo.
They started here in 1856, were rumoured in the 2000s to get bought up by larger banks but managed to keep themselves from being bought out and have made a conscious choice to stay and grow in their home region of Buffalo and downtown Buffalo in particular. Now they are a large bank in the mid-Atlantic region.

M&T went from a bank of $150B assets in March to now over $203B and the 16th largest bank in the United States through acquisitions.

Their commitment to downtown Buffalo and $58M investment in a new tech hub in Buffalo's revitalized only true skyscraper (which underwent a $150M transformation into mixed-use) is a BIG deal for Western NY. The tech hub will be 1,000 new jobs, attracting talent from outside the region and State.

M&T's new footprint after acquisition of People's United Bank


Because of M&T's commitment in the Seneca One Tower, Buffalo's tech incubator, 43 North, and numerous tech startups have followed the migration into Buffalo's tallest tower. The clustering of Buffalo's small but growing tech industry

In turn, this has made other startups say "Wow, Buffalo went from dying Rust Belt city to revitalization and resurgence".

Not unlike the cluster of the "Buffalo-Niagara" medical campus on the northern edge of downtown Buffalo.

The regions most important hospitals (Buffalo General, Roswell Park Comprehensive Cancer Center, Oishei Children's Hospital, Gates Vascular Institute), UB Med school, administration, laboratories and medical research are downtown. The clustering and collaboration of Meds downtown has led to strengthening the inner city and overall Buffalo/Western NY's economy and helps Buffalo attract outside talent.