The current count of banks in the United States
As of the most recent data, there are approximately 4,600 to 4,800 banks operating in the United States. This number includes all institutions that hold a banking charter — either from the federal government or from a state — and are insured by the Federal Deposit Insurance Corporation (FDIC). The exact count shifts slightly each quarter as banks merge, close, or receive new charters.
This total does not include credit unions, which are separate institutions with their own regulatory structure. Credit unions number around 4,500 in the U.S., so the combined picture of deposit-taking institutions is much larger than banks alone.
The number of banks has declined significantly over the past two decades. In 2000, there were roughly 8,600 banks. The drop reflects a long trend of consolidation — larger banks acquiring smaller ones — and a smaller number of new banks being chartered each year.
Key Takeaways
- The Federal Reserve and the FDIC track the official count of banks, which hovers around 4,600 to 4,800 institutions.
- This number includes only institutions with a federal or state banking charter and FDIC insurance, not credit unions or other financial institutions.
- The U.S. banking system has consolidated dramatically since 2000, when the count was nearly double the current figure.
- The largest banks by asset size control a much larger share of total deposits than the number of banks would suggest.
Why the count matters for your banking choices
The number of banks in your area directly affects your options for where to hold deposits, take out loans, or access in-network ATMs without fees. Rural areas often have fewer banks than cities, which can limit your choices for local service or face-to-face banking.
The consolidation trend also means that many regional and community banks have been absorbed into larger national chains. If you have a relationship with a smaller bank, there is a real possibility it could be acquired and merged into a larger institution, which may change the terms of your accounts, the fees you pay, or the branches you can visit.
How the Federal Reserve and FDIC count banks
The Federal Reserve publishes a list of all bank holding companies and their subsidiaries. The FDIC maintains a separate database of all insured institutions, updated quarterly. These two sources sometimes report slightly different numbers because they use different definitions — the Fed counts holding companies and their affiliates, while the FDIC counts individual insured banks.
For practical purposes, when people refer to "the number of banks in America," they usually mean the FDIC count, which is the most commonly cited figure. You can search the FDIC's database yourself to find which banks operate in your state or to verify whether a specific institution is FDIC-insured.
Both agencies publish their data publicly and update it regularly. The Federal Reserve's data lags by a few months, while the FDIC updates quarterly. Neither number is static — it changes as banks merge, fail, or receive new charters.
The difference between bank count and market concentration
Having 4,600 banks sounds like a lot, but the actual power in the banking system is concentrated in a much smaller group. The ten largest banks by total assets hold roughly 50 percent of all deposits in the U.S. banking system. This means that while you have thousands of banks to choose from, a handful of very large institutions control half the money.
This concentration has grown over time. In 1990, the ten largest banks held about 25 percent of deposits. The shift reflects decades of mergers and acquisitions, particularly after the 2008 financial crisis, when the government encouraged larger banks to absorb failing institutions.
For consumers, this means that even though many banks exist, you may end up using one of the major national chains — Bank of America, Wells Fargo, JPMorgan Chase, Citibank, or similar — simply because they have the most branches and ATMs in most areas.
Regional and community banks versus national chains
Of the roughly 4,600 banks, the vast majority are regional or community banks with assets under $10 billion. These institutions often serve specific geographic areas and may offer more personalized service or different lending practices than national chains.
Community banks have declined in number more sharply than large banks. In 2000, there were roughly 7,000 community banks; today there are around 4,000. The reasons include higher regulatory costs, difficulty competing with national chains on technology and fees, and acquisition by larger institutions.
If you prefer to bank locally or want to support community lending, you can search for banks in your area through the FDIC's database or through organizations that track independent banks. However, the selection available to you depends heavily on where you live.
How bank failures affect the count
When a bank fails, the FDIC takes over and either arranges for another bank to acquire it or pays out deposits up to the insurance limit ($250,000 per account holder per bank). Either way, the number of banks decreases by one.
Bank failures have been rare in recent years. Between 2009 and 2013, roughly 500 banks failed in the aftermath of the financial crisis. Since then, the rate has dropped to near zero in most years. In 2023, there were three notable bank failures — Silicon Valley Bank, Signature Bank, and First Republic Bank — which brought the issue back into public attention but did not significantly change the overall count.
The FDIC's deposit insurance program is funded by premiums paid by banks themselves, not by taxpayers. This system has been in place since 1933 and has prevented widespread panic during banking crises.
Where to find the official bank count
The FDIC publishes its official count on its website under "Statistics at a Glance," updated quarterly. You can also search the FDIC's institution directory to find specific banks, verify insurance coverage, and see which banks operate in your state.
The Federal Reserve publishes similar data through its National Information Center (NIC), which tracks bank holding companies and their structure. Both databases are free and open to the public.
If you are researching a specific bank — whether to open an account, verify insurance, or check its regulatory history — both the FDIC and Federal Reserve databases allow you to search by name, location, or charter number.
Frequently Asked Questions
Is my bank FDIC-insured?
Most banks are FDIC-insured, but not all. You can verify by searching the FDIC's institution directory on its website or by asking your bank directly. The FDIC logo is usually displayed in the bank's lobby or on its website. If your bank is not FDIC-insured, your deposits above certain limits may not be protected if the bank fails.
Why have so many banks closed or merged?
Consolidation has been driven by regulatory costs, competition from larger banks and online-only institutions, and the economics of branch banking. Smaller banks often cannot afford the technology infrastructure or compliance staff that larger banks maintain. Mergers allow smaller banks to survive by joining larger institutions.
Are there more banks now than there were ten years ago?
No. The number of banks has continued to decline. In 2013, there were roughly 6,000 banks; today there are around 4,600. The trend reflects ongoing consolidation and relatively few new bank charters being issued each year.
Can I find a list of all banks in my state?
Yes. The FDIC's institution directory allows you to search by state and see all FDIC-insured banks operating there. You can also filter by asset size, charter type, and other criteria. This is useful if you want to compare local options or verify that a bank you are considering is legitimate and insured.
What is the difference between a bank and a credit union?
Banks are for-profit institutions regulated by the Federal Reserve or the FDIC. Credit unions are member-owned, not-for-profit institutions regulated by the National Credit Union Administration (NCUA). Both can offer checking and savings accounts, but credit unions often have lower fees and may offer better rates to members. There are roughly 4,500 credit unions in the U.S., separate from the bank count.