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Reproduced from S&P Global; Table: Axios Visuals

U.S. banks had a fantastic first quarter in terms of new deposits, with the top 50 banks adding nearly $2 trillion of assets, more than 10 times the average quarterly increase for the entire banking sector.

What happened: The 50 largest U.S. banks added $1.853 trillion in assets during the first quarter, a report from S&P Global Market Intelligence shows.

  • That compares to an average of $142 billion in assets added each quarter dating back to 1999 and an average of $118 billion increase since 2009, according to an Axios analysis of banking data produced by the Fed.

Highlights: All but six of the 50 largest U.S. banks reported an increase in assets during the first quarter.

  • JPMorgan Chase, the country's largest bank by assets, reported a $452.05 billion increase in assets in the first quarter, which was larger than the total assets held at all but nine U.S. banks.
  • Bank of America, Citigroup and Wells Fargo reported increases of $185.88 billion, $268.61 billion and $53.79 billion, respectively.

Between the lines: A separate report from S&P earlier this week found that close to 1,000 credit unions reported a net loss in the first quarter.

  • "Specifically, 982 credit unions representing 18.5% of the industry lost money during this time period, up from 15% in the first quarter of 2019," S&P Global Market Intelligence noted in the report Tuesday.

Go deeper: Central banks load up for a long war against coronavirus

Go deeper

Felix Salmon, author of Capital
Sep 3, 2020 - Economy & Business

A second startup becomes a bank

Illustration: Annelise Capossela/Axios

You wait 10 years for the Office of the Comptroller of Currency to start approving bank charters for startup banks, and then two arrive in less than month.

Driving the news: Thursday morning, a quiet startup named Jiko announced that it had obtained a bank charter by acquiring its partner bank, Mid-Central National Bank of Minnesota.

Updated 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.