The banking industry has experienced significant transformations in recent years, with mergers and acquisitions being a prominent strategic move for banks seeking to enhance their competitiveness and market presence. This study conducts a comprehensive evaluation of the financial performance of Canara Bank, one of Indias leading public sector banks, both before and after a merger event. The research employs the EAGLE (Earnings, Asset quality, Growth, Liquidity, and Efficiency) and CAMEL (Capital Adequacy, Asset Quality, Management Quality, Earnings Quality, and Liquidity) models to assess the impact of the merger on the banks financial health. The analysis spans a five-year period, incorporating pre-merger and post-merger financial data to discern trends and changes in various financial indicators. The study employs a mixed- methods approach, combining quantitative analysis of financial ratios with qualitative assessments of management strategies and operational efficiencies. Our findings reveal that the merger significantly influenced Canara Banks financial performance, particularly in areas of asset quality, capital adequacy, and management quality. While the merger initially posed challenges in terms of integration, the banks subsequent performance improvements suggest successful strategic planning and execution. The study contributes valuable insights for both banking practitioners and policymakers, shedding light on the complexities and dynamics of post-merger financial performance.