When it comes to selecting the largest banks in the United States, you have a plethora of possibilities. However, if you’re searching for a bank with comprehensive offers and a broad presence, starting with one of the country’s largest banks can be beneficial. Read on to see our special list and learn more about the best largest banks in the United States and the world. We will also list a couple of the best local banks in the USA. Let’s get to it.
How Is Bank Size Measured?
There are numerous methods for determining the size of a bank:
- number of customers
- number of branches
- number of employees
…all of these are valid measurements. Still, none of these are used to determine the size of a bank.
Assets Under Management in Total
One widely accepted indicator for measuring a bank’s size is total assets under management – how much money the bank handles. We may use this parameter to determine the true size of the bank, regardless of how many staff, branches, or ATMs it has.
This list includes various bank holding companies, which are the corporations that own the actual banks. Then, in turn. Commercial banks, retail banks, and investment banks are all examples of banks.
Investment banks are distinct from the ordinary bank where we open our checking and savings accounts. These huge financial institutions, for the most part, provide services focusing on complex asset management, with their primary customers being other banks and large institutions.
Investment banks’ services are typically available to high-net-worth individuals. For the bank, this means that with fewer consumers, the size of their total assets grows significantly.
List of Largest Banks in the United States
This list includes the top ten largest banks in the United States, as well as crucial insights on how they got there, where they aim to go in the future, and how smaller banks can differentiate themselves in a competitive business. They include:
#1. JPMorgan Chase – $3.31 Trillion
JPMorgan Chase has outperformed its competitors by targeting technologically aware consumers and using artificial intelligence (AI) in its offerings. This JPMorgan is playing the long game by collecting millennials through digital channels with the hopes of converting them into higher-value clients in the future.
Furthermore, JPMorgan is substantially investing in banking technology, having the largest IT budget of any bank in 2019 at $11.4 billion. These funds are particularly interested in identifying use cases for AI techniques, such as using voice assistants to provide investment banking clients with access to analyst reports and stock exchange data.
- Assets: $3.2 trillion.
- ATMs: More than 16,000.
- Branches: More than 4,700 in all of the lower 48 states and Washington, D.C.
#2. Bank of America
Bank of America is also on our list of the largest banks in the United States and it serves over 67 million consumers and small business clients globally. It, like many of the largest banks, has extensive digital capabilities, including a versatile mobile app. Following an industry trend, Bank of America abolished its nonsufficient funds (NSF) fee and cut its overdraft fee in early 2022.
- Assets: $2.4 trillion.
- ATMs: Approximately 16,000.
- Branches: More than 3,800 in 37 states and Washington, D.C., with the highest concentration in California.
#3. Citibank
Citibank is a subsidiary of Citigroup, a financial services business headquartered in New York that was formed in 1812. Deposit accounts, credit cards, home loans, personal loans, business banking, financial planning, and wealth management products are among the many goods and services provided by the bank.
- Assets: $1.7 trillion.
- ATMs: Approximately 2,300, plus access to over 60,000 surcharge-free ATMs through the MoneyPass network.
- Branches: More than 600 across 13 states and Washington, D.C.
#4. Wells Fargo
Wells Fargo was established in 1852. Also, Wells Fargo has created a savings app and a mobile banking app oriented toward millennials in addition to its main app. Following a series of blunders, the bank has rebranded and is working on mending its strained connection with consumers.
- Assets: $1.7 trillion.
- ATMs: More than 12,000.
- Branches: More than 4,600 in 37 states and Washington, D.C.
#5. U.S. Bancorp
U.S. Bancorp is the parent business and bank holding company of U.S. Bank. The First National Bank of Cincinnati, which is today the fifth-largest commercial bank by assets, was founded in 1863 as the First National Bank of Cincinnati. Several mergers resulted in the development of the bank which is now noted for its wide branch network and investment in strengthening its digital offerings.
- Assets: $590.46 billion
- Headquarters: Minneapolis
#6. Truist
Truist was formed in 2019 by the combination of BB&T and SunTrust banks. Its headquarters are in Charlotte, North Carolina, and it provides a wide range of goods and services, including deposit accounts, credit cards, mortgages, home equity loans and lines of credit, auto loans, personal loans, and business banking.
- Assets: $546.2 billion.
- ATMs: Approximately 3,000.
- Branches: More than 2,100 in 15 states and Washington, D.C.
#7. PNC Bank
PNC Bank is also on our list as one of the largest banks in the United States and also a subsidiary of the Pittsburgh-based PNC Financial Services Group. In 1983, Pittsburgh National Bank and Provident Bank merged to form PNC. Several other banks, notably Flagstar and BBVA, were bought.
- Assets: $552.3 billion.
- ATMs: 60,000 PNC Bank and PNC partner ATMs.
- Branches: More than 2,600 in 28 states and Washington, D.C.
#8. Goldman Sachs
Goldman Sachs is a multinational investment banking, asset management, and securities corporation. Its customers have access to a wide range of financial services, including banking products through Marcus, its online banking arm, which debuted in the fall of 2016 and began issuing personal loans.
- Assets: $487 billion.
- ATMs: None.
- Branches: None.
#9. Capital One Financial
Capital One is a Fortune 500 firm with several subsidiaries, one of which is Capital One Bank. It has branches in Texas and Louisiana, in addition to the East Coast. Customers of Capital One Bank have access to Capital One Cafes and coffee shops with free Wi-Fi in select cities, where visitors can open accounts and attend financial workshops.
- Assets: $453.3 billion.
- ATMs: More than 70,000 Capital One, MoneyPass, and Allpoint ATMs.
- Branches: Approximately 300 located primarily in New York, Louisiana, Maryland, New Jersey, and Washington, D.C.
#10. TD Bank
TD Bank, which was founded more than 150 years ago, is a subsidiary of Toronto-Dominion Bank. It is headquartered in Cherry Hill, New Jersey, and provides a wide range of banking services, including checking and savings accounts, credit cards, mortgages, vehicle loans, and personal loans.
- Assets: $386.8 billion.
- ATMs: Approximately 2,600.
- Branches: More than 1,100 along the East Coast.
#11. Citizens Bank
Citizens, headquartered in Providence, Rhode Island, provides a wide range of retail and business banking products and services. Deposit accounts, prepaid cards, credit cards, mortgages, student loans, vehicle loans, personal loans, financial planning services, and other services are available to customers.
- Assets: $226.4 billion.
- ATMs: 3,200, plus thousands more in the MoneyPass network.
- Branches: Approximately 1,100 branches in 14 states in the New England, Mid-Atlantic, and Midwest regions, plus Washington, D.C.
#12. First Republic Bank.
First Republic Bank, founded in 1985 and located in San Francisco, provided private banking, business banking, and wealth management services. Federal officials took control of First Republic on May 1, 2023, and sold it to JPMorgan Chase. After rival institutions Silicon Valley Bank and Signature Bank failed, 11 of the top banks, including Chase, deposited $30 billion at First Republic in March to sustain the bank. Customers withdrew $102 billion in deposits in the following weeks, notwithstanding the cash injection.
- Assets: $212.6 billion.
- ATMs: Any ATM accepting Visa cards is open to First Republic customers, but fees may apply.
- Branches: 84 located primarily in California, Oregon, Massachusetts, Florida, Connecticut, New York, Wyoming, and Washington.
#13. State Street
State Street Corp., founded in 1792, is a financial services and asset management firm with around 40,000 employees and a global presence in over 100 locations. Investment research and trading, as well as investment management, are examples of services. Among its clientele are asset owners, insurance firms, and pension funds.
Assets: $287.07 billion
- Headquarters: Boston
#14. Bank of New York Mellon
The Bank of New York was the first corporation to trade on the New York Stock Exchange when it debuted in 1792. Bank of New York Mellon is now an investment firm that serves a variety of corporations and institutions, as well as individual investors. For rich clients, private banking services are provided.
- Assets: $341.46 billion
- Headquarters: New York
#15. Morgan Stanley Private Bank
The last on our list of the largest banks in the United States is Morgan Stanley Private Bank, which provides savings and checking accounts previously available through E-Trade Bank. Morgan Stanley bought it in October 2020. The bank provides a high-APY savings account as well as free and interest-bearing checking accounts.
- Assets: $209.6 billion.
- ATMs: You can access cash at more than 2 million ATMs worldwide that display the Mastercard, Maestro, and STAR network logos.
- Branches: Morgan Stanley Private Bank does not have any physical branch locations.
Best Local Banks in the USA
Let us now look at the greatest local banks in the USA. They are as follows:
#1. 1st Source Bank Limited
For more than 140 years, 1st Source, founded in 1863 in South Bend, Indiana, has provided clients with a quick and friendly method to bank.
The bank is still the largest locally held banking organization based in northern Indiana and southwestern Michigan. 1st Source Bank has $4.37 billion in assets and operates 75 banking centers in 17 counties, 23 1st Source Bank Specialty Finance Group sites across the country, eight Trust and Wealth Management offices, and eight 1st Source Insurance offices.
#2. Adams Bank & Trust Limited
Being one of the best local banks in the USA, Adams Bank & Trust is a rapidly expanding full-service financial company with offices in Nebraska and Colorado. The bank, which was founded in 1916, has grown to $500 million in assets with 15 facilities, 10 in Nebraska and 5 in Colorado. Todd Adams serves as CEO, and Chad Adams serves as President. The bank takes pleasure in developing long-term relationships with its customers.
#3. Alliance Bank Limited
Alliance Bank, Culver City’s only privately owned bank, was created in 1980 with one goal in mind: to give small-to-medium-sized businesses, executives, and professionals in Southern California the kind of personal “relationship banking” they deserve.
This Alliance has since expanded to become one of California’s leading construction loan syndicators, one of the top 12% of Southern California SBA lenders, and one of the region’s fastest-growing commercial banks.
What Are the 4 Largest Banks in The US?
The four most prevalent major banks are as follows:
- JPMorgan Chase
- Bank of America
- Citigroup
- Wells Fargo
What Is the Largest Us Bank by Branches?
JPMorgan Chase & Co. It currently has over 4,700 branches and over 16,000 ATMs. Chase has more branches in the United States than any other bank, with branches in all 48 contiguous states. Read Bankrate’s analysis of Chase Bank.
Is Pnc a Large Bank?
With $562 billion in assets as of March 31, 2023, PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services firms in the United States.
Which Bank Is Bigger Chase or PNC?
With over 4,700 locations and over 16,000 ATMs, Chase is one of the largest banks in the country. They provide a wide range of banking, lending, and investing services. PNC Bank has 2,600 branches in 28 states, most of which are in the East.
Is Pnc the 5th Largest Bank?
PNC is now the fifth-largest commercial banking organization in the United States, with over $560 billion in assets and a coast-to-coast national franchise that will provide a full range of products and services to retail customers and business clients in 29 of the country’s top 30 largest markets.
What Banks Do the 1% Use?
The top 1% of income had a median balance of $1.13 million in various banking and retirement savings accounts. When you look at the average account balance, the figure jumps to $2.5 million.
What Is the Most Trusted Bank in America?
JPMorgan Chase is the most trusted bank, following one of the most successful years in United’s lengthy history.
Which Bank Has Most Complaints?
The year 2023 may go down in history as the year America lost faith in its banks. Multiple high-profile regional banks abruptly failed during the span of a few weeks in the spring of 2023. You can conduct additional research for specifics.
Conclusion
When it comes to your banking needs, there is certainly no shortage of options. The above list includes ten or more of the major banks in the United States. However, when it comes to picking a financial institution, we firmly believe that size should not be the only consideration.
While it is true that larger banks frequently provide more goods and services, have more branches to serve you, and are, of course, less likely to collapse, total assets alone is an inadequate criterion to use when selecting your next bank.
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