Regulators Are Waving Banks Through — And Fast

The Office of the Comptroller of the Currency has signed off on Santander's plan to absorb Webster Bank, marking a significant step in what will become a $327 billion-asset banking giant in the United States. The OCC issued its approval just 74 days after Santander filed its application — a pace that would have been unthinkable a few years ago.

The deal itself carries a $12.3 billion price tag. Before it can close — expected sometime in the second half of 2026 — Santander still needs green lights from the Federal Reserve and the European Central Bank. The Justice Department's antitrust division is also reviewing the transaction for potential competitive concerns. Webster Bank shareholders had already voted to approve the merger back in May.

What makes this approval noteworthy is not the deal itself, but the speed. Under the current regulatory environment, major bank consolidations are moving through approval channels at a dramatically faster clip than they did just a year or two ago. For comparison: Capital One's $35.3 billion acquisition of Discover — the largest bank deal of the Biden era — waited 424 days for OCC approval. The Santander-Webster deal got it in 74.

Even among recent transactions, the timeline stands out. Fifth Third's $10.9 billion purchase of Comerica received Fed approval 99 days after announcement. The Pinnacle-Synovus merger waited 124 days. Huntington's acquisition of Cadence Bank remains the current speed record at 56 days — but Santander is not far behind.

The broader trend is clear: since President Trump returned to office in January 2025, the regulatory clock on bank M&A has been moving significantly faster. Whether this is a feature or a bug depends on who you ask — but for deal-makers and investors, the message is unambiguous: the window is open, and it's moving quickly.

Source: BankingDive