The 20 largest banks in the United States include some names you’ve probably heard before, like Bank of America and Wells Fargo. 20 Largest Banks in the U.S.
The list also includes banks that aren’t as well-known across the country, like Truist, TD Bank, and State Street.
The ranks change every year as upstart banks with better online banking features and higher savings yields poach customers from tradition-bound institutions that don’t innovate as quickly.
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These are the 20 largest banks in the United States by total assets.
Each entry includes some additional information: 20 Largest Banks in the U.S.
- Headquarters. Some banks have two headquarters, one for their official charter location and one for their executive offices. Charter locations tend to be in states with favourable tax and regulatory environments, like South Dakota. Executive headquarters tend to be in traditional financial centres, like New York City.
- Domestic Asset Percentage. This is the percentage of U.S.-based assets as a share of total assets. U.S. assets make up a majority of assets for every bank on this list.
- Branch Count. This is the number of bank branches the bank has in the United States. Banks that cater more to consumers and small businesses may have thousands of branches. Banks that cater mostly to big businesses and investment clients may have only a handful.
- Founding Date. Some banks trace their lineage back to the 18th or 19th century. Others rose within the past few decades. Some, like JPMorgan Chase and Truist, have long histories, but their modern structure is the product of a recent merger.
- Current CEO. This is the person who currently leads the bank’s day-to-day operations. All of these banks are governed by boards of directors, and many are publicly traded.
20 Largest Banks in the U.S. by Total Assets
Where Did We Get This Data?
Asset value, domestic asset share, and headquarters location all come from the Federal Reserve. Specifically, from the Federal Reserve’s list of large commercial banks with more than $300 million in consolidated assets as of June 30, 2022.
The Federal Reserve updates this list periodically. Currently, there are 2,116 U.S.-based commercial banks with more than $300 million in assets.
Founding date and CEO name come from other public domain sources, like bank websites.
Final Word
The biggest 15 U.S.-based banks hold a disproportionate share of the country’s total bank deposits, but they’re not the only places to stash your hard-earned dollars. 20 Largest Banks in the U.S.
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There are more than 2,000 banks in the United States with $300 million or more in assets. Thousands of smaller community banks and credit unions are worth checking out too.
In fact, while the biggest banks might offer unusually wide ranges of banking products, they tend to charge higher account fees and pay lower interest rates on deposits than smaller banks and credit unions. 20 Largest Banks in the U.S.
Those lesser-known institutions need to stand out to earn your business. They can’t trade on name alone.
So before you rush out to open an account with JPMorgan Chase or Citibank, see what your local community bank or credit union can do for you. You might be pleasantly surprised.
