The current count of banks in the US

As of 2024, there are roughly 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 month to month as banks merge, fail, or receive new charters, so no single number is permanently correct.

The Federal Deposit Insurance Corporation (FDIC) maintains the official registry of insured banks. When you look at their data, you are seeing banks that have passed regulatory approval and carry deposit insurance. Banks that operate without FDIC insurance exist but are rare and typically serve specialized purposes.

This count is much smaller than it was decades ago. In 1985, the US had roughly 14,000 banks. The decline reflects consolidation—larger banks acquiring smaller ones—rather than a collapse in the banking system. A bank failure today is uncommon; most disappearances are mergers where one institution absorbs another.

Key Takeaways

  • The US has approximately 4,500 to 4,700 banks as of 2024, a number that changes as institutions merge or receive new charters.
  • The FDIC maintains the official list of insured banks, which is the standard source for the count.
  • The number of banks has fallen from roughly 14,000 in 1985 due to mergers and consolidation, not widespread failure.
  • Banks can be chartered at the federal level (by the Office of the Comptroller of the Currency) or at the state level (by individual state regulators).
  • The largest banks by asset size control a significant share of deposits, but thousands of smaller regional and community banks still operate.

Federal versus state-chartered banks

Banks in the US receive their charter from one of two sources: the federal government or a state government. A federal charter comes from the Office of the Comptroller of the Currency (OCC), which is part of the Treasury Department. A state charter comes from the banking regulator in that state—usually called the Department of Banking or Division of Financial Institutions, though the name varies.

Both types are counted in the total. A state-chartered bank can also choose to be insured by the FDIC, which most do. The charter type affects which regulator examines the bank and which rules it must follow, but from a customer's perspective, both federal and state banks offer the same basic services and carry the same deposit insurance protection.

The split between federal and state charters is roughly even. As of recent FDIC data, there are slightly more state-chartered banks than federally chartered ones, though the largest banks by asset size tend to be federally chartered.

Why the number keeps changing

The bank count is not static because the industry consolidates continuously. When two banks merge, the number drops by one. When a new bank receives a charter—which happens occasionally but not frequently—the number rises. Bank failures also reduce the count, though these are now rare; the last major wave of failures was during the 2008 financial crisis.

Mergers happen for several reasons: a smaller bank may struggle to meet regulatory costs, a larger bank may want to expand into a new region, or two banks may combine to achieve economies of scale. The FDIC tracks these changes and updates its count regularly. If you need the precise current number for a specific purpose, the FDIC's Bank Find tool on their website shows the exact count of insured institutions at any given moment.

The concentration of deposits among the largest banks

While there are thousands of banks, deposits are concentrated in a relatively small number of very large institutions. The ten largest banks by asset size hold roughly 50 percent of all deposits in the US banking system. This means that even though you have thousands of banks to choose from, a handful of institutions—JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and others—control a substantial portion of the money in the system.

This concentration matters for stability and competition. Regulators monitor the largest banks more closely because their failure would have systemic consequences. It also means that smaller regional and community banks operate in a landscape where they compete against institutions with far greater resources and reach.

Community banks and credit unions are separate from this count

The 4,500 to 4,700 figure counts banks only. Credit unions are not banks—they are member-owned cooperatives regulated by a different agency, the National Credit Union Administration (NCUA). There are roughly 4,800 credit unions in the US, so the total number of deposit-taking institutions is actually much larger than the bank count alone suggests.

Community banks—smaller institutions that serve a specific region or community—are included in the bank count. They are not a separate category; they are straightforward banks with fewer assets and a more limited geographic footprint. Many of the 4,500 banks are community banks, and they remain a significant part of the banking landscape despite the trend toward consolidation.

How the count is measured and reported

The FDIC publishes bank count data quarterly in its Quarterly Banking Profile. This report breaks down the number of banks by charter type, asset size, and state. The data comes from regulatory filings that banks submit to their chartering authority and to the FDIC.

When you see different numbers cited in different sources, the difference usually comes from how the source defines "bank." Some sources may exclude certain types of institutions or use data from different time periods. The FDIC's count is the most widely used and most reliable because it is based on actual regulatory records rather than estimates.

Frequently Asked Questions

Is the number of banks still declining?

Yes, but slowly. The rate of decline has slowed compared to the 1980s and 1990s, when consolidation was rapid. In recent years, the number of banks has remained relatively stable, with mergers roughly balanced by new charters. The trend is toward fewer, larger institutions, but the pace has moderated.

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

Banks are for-profit institutions owned by shareholders; credit unions are nonprofit cooperatives owned by their members. Both hold deposits and make loans, and both are insured (banks by the FDIC, credit unions by the NCUA). Credit unions are not counted in the bank total because they are regulated separately.

Can I find out which banks operate in my state?

Yes. The FDIC's Bank Find tool lets you search by state, city, or bank name and shows all insured institutions in that area. Your state's banking regulator also maintains a list of state-chartered banks. These resources show you every bank that holds a charter in your state.

Do all banks have FDIC insurance?

Most do, but not all. The vast majority of banks carry FDIC insurance because it is required for membership in the Federal Reserve and because customers expect it. A few banks operate without FDIC insurance, but they are rare and typically serve specialized purposes. You can check whether a specific bank is insured using the FDIC's Bank Find tool.

Why did the number of banks drop so much since 1985?

Consolidation and mergers are the main reason. Regulatory costs, technology investment, and competition from larger institutions made it harder for small banks to operate independently. Many were acquired by larger banks rather than failing outright. This trend reflects the economics of modern banking, not a crisis in the system.