The current count of banks in the US

As of 2024, there are roughly 4,500 to 5,000 banks operating in the United States, depending on how you count them. The exact number shifts month to month because banks merge, close, or open regularly. The Federal Deposit Insurance Corporation (FDIC), which insures deposits at most banks, tracks this number and publishes updates quarterly.

The count includes commercial banks, savings banks, and savings and loan associations — all institutions that take deposits and make loans. It does not include credit unions, which are separate financial cooperatives, or investment firms that do not take deposits. The number has been declining for decades: in 1985, there were roughly 14,000 banks in the US, so consolidation has been steady and ongoing.

Key Takeaways

  • The FDIC tracks roughly 4,500 to 5,000 banks in the US as of 2024, a number that changes as banks merge or close.
  • The count has dropped from 14,000 banks in 1985 due to mergers and consolidation in the banking industry.
  • Large national banks operate thousands of branches, while community banks may operate just one or two locations.
  • You can search the FDIC's BankFind tool to see which banks operate in your state and whether a specific bank is insured.

Why the number keeps changing

Bank mergers are the main reason the total count shrinks. When one bank buys another, the acquired bank ceases to exist as a separate entity. For example, when JPMorgan Chase acquired Washington Mutual in 2008, that was one fewer bank in the count. These mergers happen because larger banks can operate more cheaply than small ones, and they can absorb smaller banks' customers and branches.

Bank closures also reduce the count, though they are less common now than they were during the 2008 financial crisis. The FDIC closes banks that become insolvent — meaning they cannot pay their depositors. Between 2008 and 2012, the FDIC closed 488 banks. Since then, closures have been rare, averaging fewer than five per year.

New banks open occasionally, but not often enough to offset mergers. Starting a bank requires federal or state approval, substantial capital, and the ability to compete against established institutions. Most new banks are small community banks focused on a specific region or customer base.

How banks are distributed across states

Bank counts vary widely by state. States with larger populations and more economic activity tend to have more banks. Texas, Florida, and California have the most banks because they are the most populous states. Smaller states like Wyoming and Vermont have far fewer banks.

However, the number of banks in a state does not tell you how many branches exist there. A single large national bank like Bank of America or Wells Fargo operates thousands of branches across the country. A community bank might operate only one or two branches in a single town. So a state with fewer banks might still have many places to do banking.

The difference between banks and branches

A bank is a single legal entity — one company with one charter. A branch is a physical location where that bank does business. JPMorgan Chase is one bank, but it operates roughly 4,700 branches across the US. A small community bank might be one bank with one branch.

When people talk about "how many banks" exist, they usually mean the legal entities, not the branches. But when you are looking for a place to do banking near you, what matters is branches. You can have access to hundreds of banks' services through ATM networks and online banking, even if only a few banks have physical locations in your town.

How to find out which banks operate near you

The FDIC maintains BankFind, a free search tool that shows you which banks operate in your state or county. You can search by bank name, location, or routing number. The tool also tells you whether a bank is FDIC-insured, which means your deposits up to $250,000 per account are protected if the bank fails.

You can also search by the type of bank you want — for example, community banks versus national chains. This is useful if you prefer to bank locally or if you want to know which institutions serve your area. The FDIC updates BankFind regularly as banks open, close, or merge.

What happened to all the banks that closed

The decline from 14,000 banks to roughly 4,500 happened over four decades through mergers, not mass closures. Smaller banks found it harder to compete as technology costs rose and regulations became more complex. Larger banks could spread these costs across millions of customers, so they could operate more cheaply. Smaller banks either merged with larger ones or were acquired.

The 2008 financial crisis accelerated this trend. Many banks failed, and the FDIC either closed them or arranged for them to be bought by stronger institutions. Since then, the industry has stabilized, and the rate of consolidation has slowed. The banking landscape is now dominated by a handful of very large national banks and thousands of smaller community banks.

Frequently Asked Questions

How do I know if my bank is FDIC-insured?

Search the FDIC's BankFind tool by your bank's name or location. If your bank appears in the results, it is FDIC-insured. You can also look for the FDIC logo on your bank's website or ask a teller. FDIC insurance covers deposits up to $250,000 per account category at each bank.

Are credit unions included in the bank count?

No. Credit unions are separate from banks and are not counted in the FDIC's total. Credit unions are member-owned cooperatives, while banks are for-profit institutions. The National Credit Union Administration (NCUA) tracks credit unions separately. There are roughly 4,800 credit unions in the US.

Why do big banks have so many branches if there are only 4,500 banks total?

A single bank can operate hundreds or thousands of branches. JPMorgan Chase is one bank with roughly 4,700 branches. Bank of America is one bank with roughly 3,600 branches. So even though there are only 4,500 banks, there are tens of thousands of physical banking locations across the country.

Can I find a list of all banks in the US?

The FDIC publishes a list of all insured banks on its website, updated quarterly. You can download it as a spreadsheet or search it by state, city, or bank name. This is the most complete and current source for bank information. The list includes each bank's charter type, assets, and FDIC insurance status.