The current number of banks in the US

As of the most recent data from the Federal Deposit Insurance Corporation (FDIC), there are roughly 4,500 to 4,700 banks operating in the United States. This number changes throughout the year as banks merge, close, or open new charters. The exact count depends on the date you check and whether you are counting only FDIC-insured institutions or including other types of financial institutions.

The FDIC publishes updated bank counts quarterly on its website, so if you need the precise number for a specific month or quarter, that is the most reliable source. The number has been declining steadily over the past two decades due to consolidation in the banking industry.

Key Takeaways

  • The FDIC tracks approximately 4,500 to 4,700 banks in the US, with the exact number changing as institutions merge or close.
  • The number of banks has fallen significantly since the 1980s, when there were over 14,000 banks operating.
  • The FDIC publishes updated bank counts every quarter, so you can find the current number on their official website.
  • Bank consolidation has accelerated since the 2008 financial crisis, with larger institutions acquiring smaller regional and community banks.
  • Credit unions and online banks operate separately from traditional FDIC-insured banks and are not included in this count.

Why the number of banks has declined so sharply

In 1985, there were over 14,000 banks in the United States. Today that number is less than one-third of what it was. The decline happened for several reasons, but the biggest driver is bank mergers and acquisitions. When one bank buys another, the FDIC count goes down by one.

The 2008 financial crisis accelerated this trend dramatically. Hundreds of banks failed or were forced to merge with stronger institutions to avoid collapse. Regulatory changes after 2008 also made it more expensive and complicated for smaller banks to operate, which pushed many to sell rather than stay independent.

Larger banks have advantages in meeting regulatory requirements, investing in technology, and competing with online banks. Community banks and regional banks have had the hardest time keeping up, so many have been absorbed into larger networks.

What counts as a bank in the FDIC statistics

The FDIC counts commercial banks and savings institutions that carry FDIC insurance. This includes national banks chartered by the federal government, state banks chartered by individual states, and savings banks. All of these institutions must carry FDIC deposit insurance to protect customer accounts up to $250,000 per depositor per bank.

The count does not include credit unions, which are member-owned cooperatives regulated by the National Credit Union Administration (NCUA) instead. Credit unions operate under different rules and are not part of the FDIC bank count. Similarly, online-only banks that are FDIC-insured are counted, but the count separates them from traditional brick-and-mortar institutions in some reports.

How the FDIC tracks and reports bank numbers

The FDIC publishes its official bank count in a quarterly report called the Quarterly Banking Profile. This report breaks down the number of banks by type (national, state, savings), by size, and by region. You can download the full report or just the summary from the FDIC's website at fdic.gov.

The report also tracks other useful information, such as how many banks failed in that quarter, how many mergers occurred, and overall industry health metrics like profitability and loan performance. If you are researching a specific bank or want to know how many banks operate in your state, the FDIC website has searchable databases for that too.

Regional variation in bank density

The number of banks per capita varies widely by state. States like South Dakota, Iowa, and Nebraska have historically had more banks relative to their population, partly because of agricultural lending traditions and state laws that historically limited branch banking. States like California and New York have fewer banks overall but much larger institutions.

Rural areas tend to have more community banks because they serve local agricultural and small-business lending needs. Urban areas are dominated by large national and regional banks with many branches. This geographic split has been narrowing as consolidation continues and as online banking reduces the need for physical branch networks.

The difference between bank count and branch count

It is important not to confuse the number of banks with the number of bank branches. A single bank can operate hundreds of branches across multiple states. For example, Bank of America is one bank but operates thousands of branches nationwide. When the FDIC reports 4,500 banks, it is counting each separate charter, not each physical location.

The total number of bank branches in the US is much higher—somewhere around 70,000 to 75,000 branches. This number has also been declining as banks close underperforming branches and shift customers to online and mobile banking. The branch count matters if you care about physical access to banking services in your area, but the bank count matters more for understanding industry structure and competition.

Where to find the most current bank count

The FDIC's official website (fdic.gov) is the authoritative source for the current number of banks in the US. Look for the "Quarterly Banking Profile" under their research and statistics section. The report is released a few weeks after each quarter ends, so the most recent data is usually available by mid-month following the end of a quarter.

If you need historical data going back decades, the FDIC also maintains a searchable database of all banks and their characteristics. You can look up individual banks by name, location, or charter number. This database is useful if you are trying to verify whether a bank is FDIC-insured or if you want to see how long a particular bank has been operating.

Frequently Asked Questions

How many banks were there in the US in 2000?

In 2000, there were approximately 8,300 FDIC-insured banks operating in the United States. The decline from 8,300 to today's 4,500 reflects decades of consolidation, with the pace accelerating after the 2008 financial crisis.

Is the number of banks still declining?

Yes, the number of banks continues to decline, though the rate has slowed in recent years. Most years see a net loss of 50 to 150 banks due to mergers and closures. The trend is expected to continue as larger institutions acquire smaller ones and as technology reduces the need for traditional banking infrastructure.

Does the bank count include online banks?

Yes, if an online bank carries FDIC insurance, it is included in the official count. However, some reports break out online banks separately to show how many are traditional brick-and-mortar institutions versus digital-only operations.

Why do some states have way more banks than others?

States with agricultural economies and historical restrictions on branch banking developed more independent community banks. States like South Dakota and Iowa have more banks per capita than urban states like New York. Consolidation has been narrowing these differences over time.

What happens to my deposits if my bank is one of the ones that closes?

If your bank fails and is FDIC-insured, your deposits up to $250,000 per account category are protected. The FDIC either arranges for another bank to take over your accounts or pays you directly. You should not lose money as long as your balance is within the insurance limit.