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KeyCorp 20th, M&T Bank 24th on U.S. list

KeyCorp holds 20th place in the most recent rankings of the largest banks and thrifts in the United States based on total assets, as published by SNL Financial.

Although Key’s deal for First Niagara Financial Group is not yet complete, SNL already counts First Niagara’s assets as combined with Key’s. That brought Key’s total to $135 billion, just above Santander Holdings USA.

The rankings were based on banks’ total assets for the fourth quarter of 2015.

Buffalo-based M&T Bank Corp. ranked No. 24 on SNL’s list, down from No. 21 in the previous quarter, with total assets of nearly $123 billion.

M&T’s figures for both quarters included the assets of New Jersey-based Hudson City Bancorp; M&T formally completed that deal last November.

The year-end listings reflect the changing nature of the banking scene in the Buffalo Niagara region. Prior to the planned merger, First Niagara was among the Top 40 on the SNL list, but the Buffalo-based bank’s figures are no longer listed separately. Key plans to complete its deal in the third quarter, but is awaiting approval from federal regulators. Key ranked No. 26 on SNL’s list before First Niagara’s assets were added to its total.

Key, whose headquarters are in Cleveland, expects to become 13th-largest U.S.-based commercial bank after it wraps up its deal for First Niagara, possibly in the third quarter. SNL’s list includes banks that have a U.S. presence but are headquartered elsewhere, as well as banks without a traditional retail presence, which explains why Key ranks lower on SNL’s list.

Buffalo Niagara was well represented on SNL Financial’s rankings, when including banks with and without branches here.

JPMorgan Chase led all banks with $2.3 trillion in assets. Bank of America, which is No. 4 in Buffalo Niagara deposit market share, ranked second overall, with $2.14 billion in assets. Citizens Financial Group, which is fifth in local deposit market share, moved up one spot, to No. 18, with $138 billion in assets.

Two other banks with significant operations in the region also made SNL’s Top 50.

Citigroup was No. 4, falling one place from the previous quarter. HSBC North America Holdings, which has operations in the downtown Atrium and in Depew, was unchanged at No. 9.

SNL used data from S&P Global Market Intelligence to compile the rankings. Among the Top 10, the only change from the third quarter involved Wells Fargo moving up by one position and Citigroup moving down by one.