The study examines the association between merger and acquisition on capital structure, and financial performances of banks in Nigeria. it employed secondary data collected from the sampled banks annual financial report and accounts statement. Relevant literatures were reviewed and panel data model regression was employed in the study’s analysis. Specifically, feasible generalized least square model was used to analyse the study’s hypotheses after the pre- and postestimation diagnosis. The study reveals that merger and acquisition have a strong direct effect on capital structure and performances, but a weak direct impact on survival and growth of the examined banks in Nigeria. The study recommends that weak banks in Nigeria should employ merger and acquisition strategy for their survival and growth, for a viable capital structure and for banks whose performance are below expectations.