San Francisco-based Wells Fargo sits atop the rankings of U.S. deposit leaders, according to new research from SNL Financial.
According to SNL, Wells -- at $553.1 billion in deposits -- sits comfortably atop the rankings in large part due to its 2008 acquisition of Wachovia, which was beset by risky lending. Wells Fargo ranked fourth among deposit leaders in 2007, behind Bank of America, Wachovia and JPMorgan Chase, before the acquisition. According to SNL, that acquisition allowed Wells Fargo to greatly expand its footprint and become a true national bank.
Bank of America is second on the list with $465.6 billion in deposits, followed by JPMorgan Chase at $395 billion and PNC at $153.4 billion.
According to SNL, PNC's total deposit number surged after acquiring Royal Bank of Canada's RBC Bank earlier this year and National City Copr. in 2008.