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, depending on how you count them. This number includes commercial banks, savings banks, and savings and loan associations that hold federal or state charters. The exact figure shifts slightly each quarter as banks merge, close, or receive new charters, so the count you find today may differ from the count six months from now.

The Federal Deposit Insurance Corporation (FDIC) maintains the official registry of insured banks. If you need the precise current number for a specific purpose—research, investment decisions, or understanding the banking landscape—the FDIC's Bank Find tool and quarterly reports are the authoritative sources. The number has declined significantly over the past two decades; in 2000, there were roughly 8,300 banks in the country.

Key Takeaways

  • The United States has between 4,500 and 4,700 banks as of 2024, a number that changes quarterly as institutions merge or close.
  • The FDIC maintains the official count and publishes updated figures in quarterly reports and through its Bank Find database.
  • The number of banks has fallen by more than half since 2000, driven primarily by consolidation and mergers rather than failures.
  • Large national banks operate thousands of branches, while community banks and credit unions serve specific regions or membership groups.
  • The banking structure varies by state, with some states hosting far more banks than others based on population and regulation.

Why the number has dropped so sharply

The decline from 8,300 banks to roughly 4,500 reflects decades of consolidation. When two banks merge, the number of separate institutions decreases even though the combined entity may operate more branches than either one did alone. Major mergers—such as Bank of America acquiring Merrill Lynch and Countrywide, or Wells Fargo acquiring Wachovia—removed entire institutions from the count.

Bank failures also contributed, though less dramatically than mergers. During the 2008 financial crisis, roughly 140 banks failed over several years. In the decades before that, failures were rare. Today, bank failures are uncommon; the FDIC closed only a handful per year in recent years.

Regulatory changes and rising compliance costs have also made it harder for small banks to operate independently. Many community banks have chosen to sell rather than compete with larger institutions that can spread compliance expenses across millions of customers.

How banks are counted and classified

The FDIC count includes only institutions that hold federal or state charters and carry FDIC insurance. This excludes credit unions (which are insured by the National Credit Union Administration instead), non-bank financial institutions, and online-only lenders that do not hold traditional bank charters.

Banks fall into three broad categories: commercial banks, savings banks, and savings and loan associations. A commercial bank accepts deposits and makes loans to businesses and individuals. A savings bank focuses more heavily on residential mortgages and consumer savings products. A savings and loan association, also called a thrift, traditionally specialized in mortgages but now operates much like a commercial bank.

The distinction matters less to customers than it once did—most offer similar products—but it affects regulation and charter requirements. A bank's charter determines whether it answers to federal regulators (the Office of the Comptroller of the Currency) or state regulators, or both.

The difference between banks and branches

The number of banks (4,500 to 4,700) is not the same as the number of bank branches. A single bank can operate hundreds or thousands of branches. Bank of America, for example, is one bank but operates roughly 4,300 branches across the country. Wells Fargo is one bank with roughly 4,700 branches.

The total number of bank branches in the United States is roughly 70,000 to 75,000, though this number has also declined as banks close physical locations and shift customers to online and mobile banking. Conversely, some community banks have grown their branch networks by acquiring smaller competitors.

When you search for "banks near me," you are searching for branches, not separate bank institutions. A branch is a physical or digital location where you can conduct banking business, but it belongs to a single bank holding company.

Which banks are largest and most common

The "Big Four" banks—Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup—hold roughly 45% of all deposits in the United States. These four institutions alone dwarf most other banks in size and reach. Below them sit regional banks like U.S. Bancorp, PNC Financial, and Truist, which operate across multiple states but are smaller than the Big Four.

Community banks and credit unions make up the majority of the 4,500-plus institutions. A community bank typically operates in a single state or region and serves local businesses and residents. Credit unions, while not counted in the bank total, serve roughly 130 million members and operate as member-owned cooperatives rather than shareholder-owned institutions.

The distribution is highly uneven. California, Texas, and New York host the most banks because of their size and population. Smaller states may have only a few dozen banks, though branches of larger banks serve those areas.

How to find the official current count

The FDIC publishes the official count quarterly in its "Quarterly Banking Profile" report. This report breaks down the number of banks by state, by asset size, and by type. You can download it from the FDIC website at fdic.gov.

The FDIC's Bank Find tool allows you to search for any specific bank, see its charter type, its regulator, and its branch locations. This tool is useful if you want to verify whether an institution is FDIC-insured or to find contact information for a particular bank.

The Federal Reserve also publishes data on the banking system, though its reports focus more on financial stability and economic trends than on raw institution counts. For the most straightforward answer to "how many banks," the FDIC is the authoritative source.

Frequently Asked Questions

Does the number of banks include online banks?

Yes, if they hold a federal or state charter and carry FDIC insurance. Many online banks are subsidiaries of larger institutions or operate under their own charters. The FDIC count includes them regardless of whether they operate physical branches.

Why do some states have more banks than others?

Population and state regulation drive the difference. Large states like California and Texas naturally host more banks. Some states also have more lenient branching rules or lower capital requirements, which can encourage more independent banks to operate there.

Is my money safe if I bank at a smaller institution?

FDIC insurance protects deposits up to $250,000 per account holder per bank, regardless of the bank's size. Verify that your bank carries FDIC insurance by checking the FDIC Bank Find tool or looking for the FDIC logo in the bank's lobby or website.

How many credit unions are there in the USA?

There are roughly 4,800 credit unions in the United States, insured by the National Credit Union Administration (NCUA) rather than the FDIC. Credit unions are member-owned and typically serve specific groups—employees of a company, members of a profession, or residents of a geographic area.

Will the number of banks continue to decline?

Consolidation has slowed in recent years, but mergers still occur. The trend toward online banking and the high cost of compliance suggest that the number of independent institutions may continue to decline gradually, though the pace is uncertain.