The current count of banks in the USA

As of 2024, there are approximately 4,500 to 4,700 banks operating in the United States, though the exact number shifts month to month as banks merge, close, or open. The Federal Deposit Insurance Corporation (FDIC) tracks this count and publishes it quarterly. The number has been declining for decades—there were roughly 14,000 banks in 1985—because consolidation and branch closures have reduced the total, even as some new community banks have formed.

The count includes all institutions insured by the FDIC: commercial banks, savings banks, and savings and loan associations. It does not include credit unions, which are a separate category regulated by the National Credit Union Administration (NCUA) and number around 4,800 institutions. The two systems operate in parallel, so when people ask "how many banks," they usually mean FDIC-insured banks, but credit unions serve a similar function for millions of Americans.

Key Takeaways

  • The FDIC insures roughly 4,500 to 4,700 banks as of 2024, a number that has fallen steadily since the 1980s due to mergers and consolidation.
  • Credit unions, regulated separately by the NCUA, number around 4,800 and are not counted in the FDIC bank total.
  • The largest banks by assets—JPMorgan Chase, Bank of America, Wells Fargo, Citigroup—control a much larger share of deposits than the number of institutions suggests.
  • The FDIC publishes updated bank counts quarterly on its website, so the number you find depends on when you look.

Why the number has fallen so sharply

The decline from 14,000 banks to 4,500 reflects decades of consolidation, not a collapse in banking. Large banks have acquired smaller ones, and many community banks have merged to survive rising compliance costs and competition from national chains. The 2008 financial crisis accelerated this trend—some banks failed, and others were forced into mergers to stay solvent. Since then, the pace of decline has slowed but not stopped.

Simultaneously, the number of bank branches has also fallen. Many banks have closed physical locations as customers moved online and mobile banking reduced the need for walk-in service. A bank may have fewer branches but still operate as a single institution, so branch count and bank count are different measures. The FDIC tracks both, and both have declined.

How banks are counted and categorized

The FDIC's count includes three types of institutions: national banks (chartered by the federal government), state-chartered banks that are FDIC-insured, and savings associations. Each type is regulated differently, but all are counted in the total. The FDIC publishes a list of all insured institutions, searchable by name, location, and assets, so you can look up any specific bank's status.

Credit unions are not part of this count because they are member-owned cooperatives regulated by the NCUA, not the FDIC. They operate under different rules and do not have shareholders in the traditional sense. Many people use credit unions instead of banks, and the NCUA publishes its own quarterly count of insured credit unions.

The concentration of assets among the largest banks

Although there are roughly 4,500 banks, a small number control the majority of deposits. The "Big Four"—JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup—hold roughly 40 to 45 percent of all deposits in the U.S. banking system. This concentration has grown over time as large banks have acquired smaller competitors, and regulators monitor it closely to prevent any single institution from becoming too large to fail.

This means that while the number of banks sounds substantial, the actual competition and choice available to consumers is narrower than the count suggests. A person in a small town may have only one or two local banks to choose from, even though thousands exist nationwide. Online banking has expanded options somewhat, but geographic and service-based limitations still apply.

Where to find the current bank count

The FDIC publishes its quarterly bank count on its website under "Statistics at a Glance." The most recent count is always available there, along with historical data going back decades. You can also search the FDIC's database of insured institutions to verify whether a specific bank is FDIC-insured and to see its assets, location, and regulatory status.

If you want to know the credit union count, the NCUA publishes similar data on its website. Both agencies update their numbers quarterly, so the figures you find will depend on which quarter's data you are looking at. The difference between quarters is usually small—a handful of mergers or closures—but over years the trend is clear.

What happened to all the banks that closed

Most of the 10,000 banks that have disappeared since 1985 did not vanish overnight. They were acquired by larger banks in mergers, or they consolidated with other small banks to form a larger entity. A few hundred failed outright, especially during the 2008 crisis and the savings and loan crisis of the late 1980s and early 1990s. When a bank fails, the FDIC steps in, protects depositors up to $250,000 per account, and arranges for another bank to take over the failed bank's deposits and branches.

Consolidation continues today, though at a slower pace than in the 1990s and 2000s. Regulators scrutinize large mergers more closely now to prevent further concentration, so very large banks cannot easily acquire other large banks. Smaller banks still merge with each other or are acquired by regional or national chains, but the overall trend of decline has stabilized somewhat.

Frequently Asked Questions

Is my bank FDIC-insured?

You can search the FDIC's database of insured institutions on its website to verify your bank's status. Look up your bank by name and location. If it appears in the database, your deposits are insured up to $250,000 per account category. If it does not appear, your deposits may not be protected by federal insurance.

What is the difference between a bank and a credit union?

Banks are for-profit institutions owned by shareholders and regulated by the FDIC or other federal agencies. Credit unions are member-owned cooperatives regulated by the NCUA. Credit unions often offer lower fees and better rates on savings, but banks typically have more branches and services. Both are safe if they are federally insured.

Why do so many banks keep closing?

Banks close because of mergers with larger institutions, rising compliance costs, declining profitability, or failure. Most closures are mergers, not failures. Consolidation has been driven by competition from large national banks, the shift to online banking, and regulatory pressure on smaller institutions to meet capital and safety standards.

Does the number of banks affect my choice of where to bank?

The total count matters less than what is available in your area or online. You may have only one or two local banks but access to dozens of online banks and credit unions. The concentration of assets among large banks does affect competition and pricing, but online banking has expanded your options beyond your local market.