The current count of banks in the USA

As of the most recent data available, there are approximately 4,500 to 5,000 banks operating in the United States. This number fluctuates year to year because banks merge, close, or open regularly. The exact count depends on how you define "bank" — whether you include only traditional commercial banks, or also count savings banks, credit unions, and other deposit-taking institutions.

The Federal Deposit Insurance Corporation (FDIC) tracks insured banks and publishes quarterly reports. Their count includes all institutions with FDIC insurance, which covers most traditional banks. The Office of the Comptroller of the Currency (OCC) separately tracks national banks, which is a subset of the total. If you add credit unions (tracked by the National Credit Union Administration), the number of deposit-taking institutions in the country rises to around 10,000.

Key Takeaways

  • The FDIC counts roughly 4,500 to 5,000 insured banks, though this number changes as institutions merge or close.
  • Credit unions are separate from banks but serve similar functions; there are approximately 4,800 federally insured credit unions.
  • The number of banks has declined significantly since 2008 due to consolidation and stricter regulation.
  • Large national banks operate thousands of branches, while community banks typically serve a single region or state.

Why the number has shrunk over the past 15 years

In 2008, before the financial crisis, there were roughly 8,500 FDIC-insured banks in the United States. The number has fallen by more than half since then. The primary reason is consolidation — larger banks have acquired smaller ones, and many community banks have merged to survive rising compliance costs and competition from digital banking.

Regulatory changes after 2008 also raised the bar for operating as a bank. Stress testing, capital requirements, and anti-money-laundering compliance became more expensive. Smaller institutions found it harder to absorb these costs alone, which accelerated mergers. At the same time, some banks failed during the crisis itself, and the FDIC managed their orderly closure.

The difference between national banks and state banks

A national bank is chartered by the federal government through the OCC and must follow federal banking law. A state bank is chartered by an individual state and follows that state's banking law, though it may also carry FDIC insurance. Both types are counted in the FDIC's total, but they answer to different regulators.

National banks are typically larger and more standardized across the country. State banks include many community banks that operate in a single state or region. The distinction matters if you need to file a complaint or understand which regulator oversees a particular institution, but from a customer perspective, both types offer similar deposit insurance protection.

How many branches these banks operate

The number of bank branches is different from the number of banks. A single bank holding company may operate hundreds or thousands of branches. For example, JPMorgan Chase operates roughly 4,700 branches across the United States, while a community bank might operate two or three.

The total number of bank branches in the country has also declined, from a peak of around 100,000 in the mid-2000s to approximately 70,000 today. This shift reflects the move toward online banking and mobile apps. Customers increasingly conduct transactions without visiting a physical location, so banks have closed branches in less profitable areas.

Credit unions as an alternative to banks

Credit unions are not banks, but they offer many of the same services — checking accounts, savings accounts, loans, and deposit insurance. There are approximately 4,800 federally insured credit unions in the United States, serving roughly 130 million members. Credit unions are member-owned cooperatives, not shareholder-owned corporations, which affects how they operate and distribute profits.

If you count both banks and credit unions, the total number of deposit-taking institutions in the country is around 9,500 to 10,000. Many people use both — a bank for everyday checking and a credit union for loans or savings products that offer better rates.

Where to find information about a specific bank

If you want to verify whether a bank is insured or check its regulatory history, the FDIC maintains a searchable database called BankFind. You can search by bank name, location, or FDIC certificate number. The OCC also publishes a list of national banks it charters.

For credit unions, the National Credit Union Administration (NCUA) maintains a similar database. These tools are useful if you are considering opening an account and want to confirm the institution is legitimate and insured, or if you need to file a complaint and want to know which regulator to contact.

Frequently Asked Questions

How many of the largest banks control most of the deposits?

The top four banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup — hold roughly 40 percent of all deposits in the country. The concentration has grown as smaller banks have merged into larger ones. This is why regulators monitor these institutions closely for systemic risk.

Are online banks included in the count of 4,500 to 5,000?

Yes. Online banks like Ally, Charles Schwab Bank, and others are chartered institutions with FDIC insurance and are counted in the total. They operate fewer or no physical branches, but they are regulated the same way as traditional banks.

What happens when a bank fails?

The FDIC steps in and either arranges for another bank to take over the failed bank's deposits, or it pays out insured deposits directly to customers (up to $250,000 per account). The process is designed to protect depositors and minimize disruption to the financial system.

Do all banks have FDIC insurance?

Most do, but not all. Some banks choose not to carry FDIC insurance, and some very large institutions may self-insure. Before opening an account, you can check BankFind to confirm the bank is FDIC-insured. If it is not, your deposits above a certain amount may not be protected.