Assets see significant growth.

After a year that can be described as challenging for US regional banks, with the failures of Silicon Valley Bank, First Republic Bank, and Signature Bank early in 2023, profitability growth has returned to many of the sector’s banks that survived that dark period.

Buoyed by an improving monetary environment, increased dealmaking activity, and a better-than-expected business climate, due to a resilient US economy, our winners this year showed the importance of regional banking to the well-being of the US economy. They also reclaimed significant market share from the behemoth global banks, posting phenomenal assets under management (AUM) and customer growth.

Looking ahead into 2025, as interest rates are expected to continue moving lower, these banks now face the challenge of expanding their offerings, further consolidating their position as the one-stop shop for wealthy clients seeking the perfect mix of specialized local knowledge and global positioning.

Mid-Atlantic Midwest: Fifth Third Private Bank

While having more than 160 years of local knowledge in the two key, highly industrialized US regions, Fifth Third Private Bank’s secret to staying at the top is an intricate mixture of innovative offerings, strategic technology use, and undisputed regional positioning.

Customers are increasingly seeking better, more-tailored offerings. Fifth Third has focused on improving customer satisfaction and retention without losing sight of their tried-and-true historical approach to wealth management, by promoting a problem-solving culture that encompasses human interactions, software improvements, and investment strategy building.

Dubbed the “One Bank” approach, Fifth Third Private’s solution unites its expertise and resources to offer clients seamless wealth management solutions. This approach delivers coordinated services, including private banking, wealth planning, trust and estate planning, insurance, and investment management.

The success of the offering is also evident in the numbers. The bank achieved impressive revenue growth, with earnings soaring to $608.7 million in 2023, up from $516.6 million in 2022. Its AUM reached $36.5 billion in 2023, an increase from $32.2 billion in 2022.

The bank’s robust fee income, totaling $274.2 million, was also one of its primary growth drivers. During that period, wealth strategy engagements increased by 17%.

Northeast: BNY Wealth

America’s oldest private bank, BNY Wealth has excelled by maintaining a significant edge in combining market knowledge with state-of-the-art technology. The bank offers innovative solutions that meet the evolving needs of high net worth clients in the fast-paced financial landscape of the Northeast region.

BNY posted significant growth by offering centralized reporting, allowing clients to monitor and manage their portfolios seamlessly, and offering diverse investment solutions including fixed-income, equity, and multisector strategies.

As of the third quarter of 2024, BNY reported AUM of $2.1 trillion, reflecting a 5% increase from the previous quarter. Furthermore, assets under custody and administration rose by 14%, demonstrating the bank’s ability to attract new business and capitalize on favorable market conditions.

Southeast: Fieldpoint Private

Fieldpoint Private stands out as the leading private bank in the Southeast US region for 2025. This is mainly due to the bank’s strong financial performance, bolstered by its best-in-class integration of wealth planning, personal banking, and bespoke financial services.

The bank’s strategy ensures that clients’ financial strategies align with their values and family legacy. Fieldpoint offers expert guidance on estate and tax planning, philanthropic initiatives, and asset protection, thus taking advantage of the growing demand for more-personalized services with excellence.

As part of its one-stop-shop strategy, Fieldpoint Private offers not only strategic financial advice but also seamless personal banking. Clients enjoy a range of services, including online and mobile banking, credit facilities, international currencies, and high levels of FDIC insurance—exceeding $50 million per tax ID. Thus, Fieldpoint caters to large depositors efficiently and with respect for their time.

Testifying to the success of these strategies, the bank’s assets grew to approximately $1.4 billion as of mid-2024, further underscoring its undisputed leadership in the region.

Southwest: PNC Private Bank

PNC Private Bank excels by combining a comprehensive service model, featuring dedicated teams for each market, with a one-stop digital solution, providing best-in-class services to the highly varied Southwestern US region.

The bank’s flagship Hawthorn division helps PNC Private ride the impressive momentum of family offices in the US. This division provides advanced digital solutions to streamline clients’ account management, attending to these wealthy families’ growing, complex, and individualized needs. These solutions aim to simplify and coordinate complex financial tasks such as trust and estate administration, cash and credit management, and investment strategies, in one specialized digital platform.

Showcasing the strategy’s success, PNC Private achieved an impressive $404 billion in AUM as of mid-2024, with deposits amounting to $416 billion.

West: Wells Fargo

Under the leadership of Wealth and Investment Management division head Barry Sommers, Wells Fargo has made significant strides in revitalizing its wealth management division by investing nearly $1 billion to boost its offerings and tech infrastructure. This renewed focus supports Wells Fargo CEO Charlie Scharf’s ambition to expand services for affluent clients, overcoming previous hurdles.

Key to Wells Fargo’s strategy is the aggressive growth of its independent-adviser platform, FiNet, which now includes over 1,600 advisers. Together with the traditional wire house and branch offerings, this platform offers a variety of choices for clients and advisers. Wells Fargo sets itself apart by providing a well-developed independent-adviser option, a feature not commonly found among its competitors.

In addition to these structural advancements, the bank has streamlined client interactions through digital enhancements, such as digitized account processes. This comprehensive approach has contributed to an 18% increase in AUM, reaching $2.3 trillion by the third quarter of 2024.

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