Federal Reserve Approves Acquisition Creating 19th-Largest U.S. Bank

The Federal Reserve Board approved a Spanish banking organization’s acquisition of a Connecticut financial holding company and its national bank subsidiary on August 4, 2026, under Sections 3 and 4 of the Bank Holding Company Act. The transaction will merge the target holding company into the acquirer’s U.S. holding company and the target bank into the acquirer’s national bank subsidiary.

The Federal Reserve approved the acquisition 129 days after receiving the application. The approval was the final regulatory clearance needed for the approximately $12.3 billion transaction. The Office of the Comptroller of the Currency approved the related bank merger on June 12, 2026, and the European Central Bank authorized the transaction on July 21, 2026. The parties now expect the transaction to close on August 20, 2026.