Bank M&A Skews Out of State, Credit Card Losses Ease

While U.S. bank M&A activity increased in 2025, in-state transactions accounted for just 59.6% of all deals, the lowest share since 2014, reflecting a smaller pool of established midsize acquirers and more cross-border deal activity, according to S&P Global Market Intelligence. In-state transactions remain more common among smaller banks, while larger buyers are increasingly pursuing opportunities across multiple states.

Another S&P article discussed how the top five U.S. credit card issuers ended 2025 with improved credit performance, posting an average annualized net loss rate of 1.96% in December, down 28 basis points year over year, and an average 30-plus-day delinquency rate of 1.27% for the full year.