Top 10 Banks in United States
Reader simplesimon asked in a comment to a previous post Too Many Banks:
"I’m interested in seeing some sort of chart laying out what percentage of individuals in the USA bank where."
While I couldn't find any data on the number of accounts, I was able to find the total deposit dollars at the top banks. FDIC publishes a number of reports on banks and savings and loans (not including credit unions). I compiled the following list from their report on Top 50 Commercial Banks and Savings Institutions by Total Domestic Deposits (click on "Summary Tables" then "03"). The latest data from FDIC were as of June 30, 2008, before we had a number of high-profile forced mergers. I added the numbers together for the banks that merged since then.
| Bank | Deposits ($ billions) | Market Share |
| Bank of America [1] | $835.9 | 11.9% |
| JPMorgan Chase [2] | $692.1 | 9.9% |
| Wells Fargo [3] | $680.3 | 9.7% |
| Citibank | $263.8 | 3.8% |
| PNC Bank [4] | $174.6 | 2.5% |
| Top 5 | 37.7% | |
| U.S. Bank | $127.8 | 1.8% |
| SunTrust Bank | $114.3 | 1.6% |
| Citizens Bank | $95.3 | 1.4% |
| Capital One | $88.9 | 1.3% |
| Regions Bank | $86.2 | 1.2% |
| Top 10 | 45.0% | |
| … … | ||
| Total (8,451 banks) | $7,026 | 100% |
[1] Including Countrywide and Merrill Lynch
[2] Including Washington Mutual
[3] Including Wachovia
[4] Including National City
The numbers show that the banking industry in the United States is not as concentrated as in other countries. However, a bank may be a strong regional player even if they are not a big one on the national level. Before I put this list together, I hadn't heard of two banks in the top 10. It means they are regional banks, not national banks.
FDIC also provides market share data by metropolitan area. If you are interested, you can see which banks have the largest share of deposits in your area. For example, I looked up Chicago. The top three banks there are JPMorgan Chase, LaSalle Bank (owned by Bank of America), and Harris Bank. Harris Bank is third in Chicago, but it's outside of top 20 in the country.
Software picked, likely related posts:
- Too Many Banks
- Why the United States Is More Prone to Housing Problems
- Online Savings Accounts and Their Backers
Comments
One Comment on Top 10 Banks in United States
-
Ulysses on January 21, 2009 |
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Interesting and useful. Thank you TFB.
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