LC Stats: Comparing 4Q 2019 to 4Q 2023 for US Banks

DCW compares the latest LC issuance stats for the Top 50 US banks for the 4th quarter of 2023 with those for 4th quarter of 2019, the last reported figures prior to the Covid pandemic. Included in this analysis are relevant notes for banks entering or exiting the Top 50 level since 2019.

4Q 2023 Entries into the Top 50 since 4Q 2019:

• From 4Q19 to 4Q23, ten banks moved into the Top 50. They are: FIRST-CITIZENS BK&TC (81^st to 11^th); FLAGSTAR BANK (89^th to 26^th); POPPY BANK (73^rd to 31^st); TEXAS CAPITAL BANK NA (51^st to 35^th); WEBSTER BK NA (62^nd to 38^th); CADENCE BANK (54^th to 40^th); FROST BANK (53^rd to 41^st); PINNACLE BANK (58^th to 46^th); PREFERRED BANK (63^rd to 49^th); and FIRST NB OF PENNSYLVANIA (70^th to 50^th).
• In 4Q19, UBS BANK USA did not report any letter of credit activity. Thereafter, it first reported USD 2,435 in financial standbys in 2Q20 (977^th among US banks).

4Q 2023 Exits from the Top 50 since 4Q 2019:

Those among the Top 50 at year-end 2019 but absent from the Top 50 in 4Q23 include:

• MUFG UNION BANK NA – 10^th in 4Q19, acquired by U.S. Bank in December 2022.
• SILICON VALLEY BANK – 16^th in 4Q19, absorbed by First Citizens Bank & Trust Company in March 2023.
• BANK OF THE WEST – 26^th in 4Q19, merged into BMO Bank N.A. in September 2023.
• BBVA USA – 28^th in 4Q19, acquired by PNC Bank in June 2021.
• FIRST REPUBLIC BANK – 30^th in 4Q19, closed and sold to JPMorgan Chase in May 2023.
• SIGNATURE BANK – 35^th in 4Q19, sold to New York Community Bank in March 2023.
• NEW YORK COMMUNITY BK – 37^th in 4Q19, acquired Flagstar Bank in December 2022.
• PACIFIC WESTERN BANK – 42^nd in 4Q19, acquired by Banc of California in November 2023.
• IBERIABANK – 44^th in 4Q19, merged with First Horizon Bank in July 2020.
• STERLING NATIONAL BANK – 45^th in 4Q19, merged into Webster Bank in February 2022.
• ASSOCIATED BANK NA – dropped from 50^th in 4Q19 to 56^th in 4Q23.