Megan Brooks
The United States has more banks than anywhere else in the world. The country's central banking system, the Federal Reserve System, was established in 1913 and is considered the most powerful economic institution in the US and possibly the world. As of 2018, the largest banks in the US were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. The number of financial institutions in the US is difficult to pinpoint due to M&A activity and institution failures reshaping the landscape. However, according to the most recent data, there are 4,001 community banks, 134 regional banks, and 31 large financial institutions in the US.
| Characteristics | Values |
|---|---|
| Total number of financial institutions | 11,652 (as of 2018) |
| Number of FDIC-insured institutions | 5,801 (as of 2018) |
| Number of NCUA-insured credit unions | 5,733 (as of 2018) |
| Number of FDIC-insured commercial banks | 6,799 (as of February 11, 2014) |
| Number of FDIC-insured commercial banks and savings institutions | 4,587 (as of March 2024) |
| Number of community banks | 4,001 (as of December 2022) |
| Number of regional banks | 134 (as of December 2022) |
| Number of large financial institutions | 31 (as of December 2022) |
| Number of credit unions | 4,411 (as of March 2025) |
| Peak number of FDIC-insured financial institutions | 17,900 (in 1984) |
| Peak number of credit unions | 23,866 (in 1969) |
| Number of banks in the 1920s | Nearly 30,000 |
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What You'll Learn
FDIC-insured institutions: 5,801
The United States has more banks than anywhere else in the world. As of 2018, the largest banks in the country included JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. The US banking system is anchored by New York City and Wall Street, with services including private banking, asset management, and deposit security.
The Federal Deposit Insurance Corporation (FDIC) is a US government corporation that was created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank. FDIC-insured financial institutions reached their peak of 17,900 in 1984, while the number of credit unions peaked in 1969 at 23,866. Since then, the landscape has been disproportionately reshaped by the exit of smaller institutions. From 1984 to 2011, more than 10,000 banks left the industry due to mergers, consolidations, or failures.
According to the most recent data from the FDIC and NCUA in 2018, there were 5,801 FDIC-insured institutions and another 5,733 NCUA-insured credit unions nationwide, totalling 11,535 financial institutions. As of February 11, 2014, there were 6,799 FDIC-insured commercial banks in the US. As of November 18, 2010, the FDIC insured deposits at 6,800 institutions.
Large financial institutions dominate the banking industry, managing more than 70% of total assets, compared to 42% in 2003. As of December 2022, there were 4,001 community banks with 27,511 branches and 134 regional banks with 13,109 branches across the US. There were also 31 banks categorized as large financial institutions, with 30,570 branches nationwide.
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NCUA-insured credit unions: 5,733
The United States has more banks than anywhere else in the world. As of 2018, according to one source, there were 5,801 FDIC-insured institutions and 5,733 NCUA-insured credit unions across the country, making a total of 11,534 financial institutions.
NCUA-insured credit unions are National Credit Union Administration-insured credit unions. The NCUA is a US federal agency that insures deposits at credit unions. Credit unions are not-for-profit organisations owned by their customers, who are both the owners and the members. Credit unions tend to offer better savings rates and lower interest rates on loans and credit cards than traditional banks. They also usually have lower fees. However, they may have fewer products available than traditional banks, and they often have strict membership requirements.
The NCUA was established in 1970. It is an independent federal agency that regulates, charters, and supervises federal credit unions. It also provides deposit insurance of up to $250,000 per individual depositor in a federal credit union and $250,000 in a credit union that is insured by a state. As of March 2025, the NCUA listed 4,411 credit unions in the US, down from 4,571 in 2024, and 4,759 in 2023.
The FDIC, or Federal Deposit Insurance Corporation, is a United States government corporation that was created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank. As of November 2010, the FDIC insured deposits at 6,800 institutions.
The number of financial institutions in the US has been in decline. This is due to several factors, including mergers and acquisitions, bank failures, and higher regulatory costs. The landscape has been disproportionately reshaped by the exits of smaller institutions. From 1984 to 2011, more than 10,000 banks left the industry as a result of mergers, consolidations, or failures.
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Large financial institutions: 31
The United States has more banks than anywhere else in the world, and its banking system is anchored by New York City and Wall Street. The country's central banking system, the Federal Reserve System, was established in 1913. The beginnings of the banking industry can be traced back to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War.
The number of financial institutions in the US has changed over time, with 17,900 FDIC-insured institutions at their peak in 1984, and 23,866 credit unions in 1969. More recently, in 2018, there were 5,801 FDIC-insured institutions and 5,733 NCUA-insured credit unions, totalling 11,534. As of March 2024, there were 4,587 FDIC-insured commercial banks and savings institutions.
As of December 2022, there were 31 banks categorized as large financial institutions, with 30,570 branches across the nation. These are defined as any bank with combined assets of $100 billion or more. Large financial institutions dominate the banking industry, managing over 70% of total assets. This shift occurred between 2005 and 2008, with large financial institutions growing from owning 47% of the industry's assets to 66%.
The number of large financial institutions has more than tripled in the past two decades, with community banks in steady decline. This is due to depositors moving their savings to seemingly more stable banks during periods of financial stress, such as the COVID-19 pandemic.
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Community banks: 4,001
The United States has the highest number of banks in the world, and its banking system is anchored by New York City and Wall Street. The country's central banking system, the Federal Reserve System, was established in 1913 in response to a series of financial panics. The Federal Reserve, or the Fed, is the most powerful economic institution in the US, and possibly the world. Its responsibilities include setting interest rates, managing the money supply, and regulating financial markets.
The US banking industry has seen a steady decline in community banks and a simultaneous growth in large financial institutions. As of December 2022, there were 4,001 community banks with 27,511 branches across the US. Community banks serve specific communities, such as a town or county, and tailor their services to meet the needs of local customers. They are mostly privately owned and play a vital role in the US financial system at the local level, helping the public manage their savings, start businesses, or purchase homes.
The decline in community banks can be attributed to several factors, including mergers and acquisitions, bank failures, and higher regulatory costs. During periods of financial stress, depositors tend to shift their savings to seemingly more stable banks, which further contributes to the consolidation of financial assets in large institutions. While large financial institutions offer a wider range of services, their collapse can have heavier repercussions on the economy than the gradual loss of many community banks.
The number of community banks in the US has decreased over time, with a significant drop occurring between 1984 and 2011 when more than 10,000 banks exited the industry due to mergers, consolidations, or failures. This trend has resulted in a concentration of banking power in larger institutions, with the top 200 banks and credit unions comprising about 70% of all US depository accounts.
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Regional banks: 134
The US has more banks than any other country in the world, and its banking sector plays a significant role in shaping the economy. The country's central banking system, the Federal Reserve System, was established in 1913 to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system, and provide financial services.
As of December 2022, there were 134 regional banks in the US, with 13,109 branches across the country. Regional banks serve a larger geographic area than community banks, such as a state or multiple states. They offer a more comprehensive range of services and have more specialized departments. Regional banks may also be publicly traded.
The number of regional banks in the US has been declining, with a steady decrease in community banks. This decline can be attributed to various factors, including mergers and acquisitions, bank failures, and higher regulatory costs. While the number of large financial institutions has more than tripled in the past two decades, the relative size of regional and community banks has declined.
The US banking sector is characterized by a concentration of assets in large financial institutions, with the top 200 banks and credit unions comprising about 70% of all US depository accounts. Large financial institutions manage more than 70% of total assets, while community banks control $3.2 trillion in assets, and regional banks oversee just under $3.1 trillion in total assets.
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Frequently asked questions
Estimates vary depending on the source and the date. As of 2014, there were 6,799 FDIC-insured commercial banks in the US. Research by Plaid in 2018 indicated a total of 11,652 FDIC and NCUA-insured financial institutions. However, it is not uncommon to hear that there are nearly 18,000 financial institutions in the US.
There are retail and commercial banks, credit unions, savings banks, government-backed banks, and internet or online banks.
As of 2024, the largest banks in the US were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs.
