Assets of reporting bank holding companies rose $365 billion (3.9 percent) in the second quarter, to $9.65 trillion. Loans accounted for the majority of this overall growth (up $194 billion, or 4.3 percent). Loan growth was primarily in consumer categories, while commercial lending activity remained weak. Reflecting this weakness in business loans, unused commitments to lend grew only $70 billion, or one-third of the growth seen in each of the two previous quarters. The increase in total assets was significantly influenced by the addition of a new insurance-oriented financial holding company (John Hancock) with consolidated assets of $115 billion, mostly in other assets.
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