Top 10 Banks in United States

By TFB

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.

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Posted on January 21, 2009 under Banking and Credit Cards.

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Comments

7 Comments on Top 10 Banks in United States

  1. Ulysses on January 21, 2009
     

    Interesting and useful. Thank you TFB.

  2. Jolly D on November 25, 2009
     

    Top 5 banks are all rated C- or worse.

    Why would I want to put my money in any bank rated less than A given this environment.

    IMF believes half of bank losses are undisclosed.

    Good Luck,

    JD

  3. Sarah Edwards on March 15, 2010
     

    Just need five largest banks in the U.S.A’s addresses ,then I can apply a giant loan,Thanks! Sarah

  4. Michael Coats on August 20, 2010
     

    And who says that we need government regulation in banking? Just think, in 10 more years, they’ll own 75% of america. Yea, go Reaganomics, thanks for destroying our way of life and making the new way a cutthroat culture, where there is no responsibility, and only the “elite” matter.

  5. Stephen G on October 1, 2010
     

    USAA has five million members, but not even a single branch location. Not sure what number would qualify them to make it into the list, but as far as customer satisfaction, they earned #1 spot with me. Free checking, No minimum required. Deposit your check, from home (via scanner), .. and the perk I’ve found so useful: ever need to make an “emergency” deposit, they let you use any credit card to transfer in money.

    Just an awesome service.
    http://www.usaa.com

  6. Meghann on January 4, 2012
     

    Uh…yeah, but you neglected to mention that USAA is for members of the armed forces and their immediate family only. It’s not a public banking institution. An ex boyfriend of mine had an account with USAA because he’s in the Air Force.

  7. TFB on January 4, 2012
     

    Meghann – Everybody can use USAA’s banking service. Military association is required for their auto insurance but not for banking service. Not all features are available to non-military (for example depositing checks by mobile phone) but most features are available.

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