Bank M&A Rebounds as Private Credit Partnerships Gain Momentum

U.S. banks announced 52 mergers and acquisitions in the third quarter of 2025—the most since 2021—with total deal value reaching $16.63 billion, according to S&P Global Market Intelligence. Activity was led by PNC Financial’s $4.04 billion purchase of FirstBank Holding Co., the priciest bank deal since late 2021, and continued into October with Fifth Third Bancorp’s $10.91 billion agreement to buy Comerica.

Another S&P article discusses how banks are deepening ties with private credit funds, which now hold a record $160.3 billion in dry powder. Rating agency Morningstar DBRS claimed these partnerships are expanding as competition for loan origination intensifies and private credit assets take up a larger share of bank balance sheets.