Banking - In 5th Place

Capital One: We're No. 5!

Excerpt:

The credit card bank's planned purchase of online banker ING Direct will make it the fifth-biggest U.S. deposit gatherer.

So says SNL Financial, which notes Thursday that the $9 billion deal will vault Capital One (COF) past PNC Financial (PNC), U.S. Bancorp (USB) and the TD Bank unit of Toronto-Dominion (TD) on the list of the biggest U.S. banks by deposits (see chart, right).

So the deal makes Capital One a lot bigger,

PNC to buy RBC Bank (USA), move up to fifth-largest U.S. bank

Excerpt:

PNC Financial Services Group, parent to the Philadelphia region’s third-largest bank by deposits, said Monday it will acquire RBC Bank (USA), the U.S. retail banking subsidiary of Royal Bank of Canada, for $3.45 billion.

The deal would be for 97 percent of book value, or a $112 million discount of RBC’s tangible book value, and will give Pittsburgh-based PNC a significant footprint in the Southeast.

RBC has roughly $25 billion in assets and 424 branches in North Carolina, Florida, Alabama, Georgia, Virginia and South Carolina. After the deal’s expected close in March 2012, the combined company will have 2,870 branches, ranking it fifth among U.S. banks, up from the No. 7 spot.

Comment: Capital One was last week ... PNC over the weekend. About Royal Bank ... on my potential buy list.

First article ranks the # 1-4 banks as:

1. Bank of America
2. Wells Fargo
3. JPMorgan Chase
4. Citigroup