The current count of banks in the US

As of 2024, there are roughly 4,600 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, close, or receive new charters, so no single number is ever final.

The Federal Deposit Insurance Corporation (FDIC) tracks every insured bank and publishes updated counts quarterly. If you need the most current number for a specific purpose—research, investment, or understanding market structure—the FDIC's Statistics on Depository Institutions is the authoritative source.

This count does not include credit unions, which operate under a different charter system and are tracked separately by the National Credit Union Administration (NCUA). Credit unions number around 4,800 institutions, so the total number of deposit-taking institutions in the US is roughly double the bank count alone.

Key Takeaways

  • The FDIC reports approximately 4,600 to 4,700 insured banks in the United States as of 2024, with the exact number changing as institutions merge or close.
  • This count includes only banks with federal or state charters, not credit unions or other non-bank financial institutions.
  • The number of banks has declined significantly since 2008, when there were over 8,000 banks, mostly due to consolidation and mergers.
  • The FDIC publishes updated bank counts quarterly on its website, so the figure you find today may differ from last quarter's report.
  • Large national banks operate thousands of branches across the country, but each branch belongs to one of these roughly 4,600 parent institutions.

Why the number has shrunk so much

In 2008, before the financial crisis, the US had over 8,000 banks. Today that number is less than 5,800. The drop reflects two decades of consolidation: larger banks have acquired smaller ones, regional banks have merged with national chains, and some community banks have closed or been absorbed.

The 2008 financial crisis accelerated this trend. Hundreds of banks failed or were forced to merge to survive. Stricter capital requirements and compliance costs that followed also made it harder for small banks to operate independently, pushing more toward consolidation.

At the same time, the number of bank branches has also declined. Many banks closed physical locations as customers shifted to online banking and mobile apps. A single bank holding company might operate hundreds of branches, but it counts as one institution in the FDIC's tally.

The difference between banks and branches

A bank is a single institution with a charter—a legal permission to operate as a bank. A branch is a physical or digital location where that bank serves customers. JPMorgan Chase, for example, is one bank but operates roughly 4,700 branches across the US.

When you walk into a Bank of America branch, you are dealing with one of roughly 4,300 branches owned by Bank of America Corporation. But Bank of America Corporation itself is one of the 4,600 banks counted by the FDIC. This distinction matters if you are researching market concentration or trying to understand how many separate institutions actually control US banking.

How the FDIC counts and tracks banks

The FDIC maintains a database called the Statistics on Depository Institutions, updated quarterly. This database includes every bank that carries FDIC insurance—which is nearly all commercial banks and savings institutions in the US. You can search it by state, asset size, or institution name.

The count includes banks chartered by the federal government (through the Office of the Comptroller of the Currency) and banks chartered by individual states. It does not include banks that operate without FDIC insurance, though these are rare and typically very small.

The FDIC also publishes an annual report on bank failures and mergers, so if you want to understand why the count dropped in a particular year, that report shows which institutions closed or consolidated.

Regional variation in bank density

The number of banks varies dramatically by state. States with large rural populations and strong community banking traditions—like South Dakota, Iowa, and Nebraska—have hundreds of small independent banks. States with major financial centers like New York and California have fewer total banks but much larger institutions.

South Dakota, for example, has over 80 state-chartered banks despite a population of about 880,000. New York has roughly 150 banks but includes some of the largest financial institutions in the world. This variation reflects both history and regulation: some states have always favored community banking, while others consolidated earlier.

Banks versus other financial institutions

The 4,600 figure counts only banks. The US financial system also includes credit unions (about 4,800), which are member-owned and often smaller; investment banks and brokerage firms, which do not take deposits; and fintech companies, which offer banking-like services without holding a bank charter.

If you are looking for a place to deposit money or get a loan, you have options beyond the 4,600 traditional banks. Credit unions often offer similar services and may have lower fees. Online banks—which are usually subsidiaries of existing banks—have grown rapidly but do not add to the total bank count because they operate under a parent institution's charter.

Where to find the current bank count

The FDIC's Statistics on Depository Institutions database is the official source for current bank numbers. You can access it free at fdic.gov. The data updates quarterly, usually within a few weeks of the end of each quarter.

If you need the count for a specific state or want to search by asset size or location, the FDIC's search tool lets you filter by those criteria. The Federal Reserve also publishes banking data, though the FDIC count is the standard reference for total number of institutions.

Frequently Asked Questions

Does the number of banks include online banks?

Online banks are counted as part of their parent institution. For example, Charles Schwab Bank is counted as one bank, not separately from its parent company. So the 4,600 figure includes all banks that take deposits, whether they operate physical branches or only online.

Why do some states have so many more banks than others?

States with strong agricultural or rural economies historically supported many small community banks. States like South Dakota also have favorable banking regulations that attract bank charters. Larger states with major cities tend to have fewer total banks because consolidation happened earlier and more aggressively.

Is the number of banks still declining?

Yes, but more slowly than after 2008. The trend continues as larger banks acquire smaller ones and some community banks close. However, the rate of decline has slowed in recent years compared to the rapid consolidation of the 2010s.

How many banks failed during the 2008 financial crisis?

Between 2008 and 2012, roughly 500 banks failed or were forced to merge. This was the largest wave of bank failures since the Great Depression. The FDIC's annual reports document each failure and the year it occurred.

What counts as a bank for FDIC purposes?

Any institution that accepts deposits and makes loans and holds a federal or state charter counts as a bank for FDIC statistics. Credit unions, investment firms, and fintech companies that do not hold traditional bank charters are not included in the 4,600 count.