America’s Banks play a critical role in the U.S. economy. From supporting the recovery by providing unprecedented relief to individual and business customers affected by the pandemic, to making transactions safe, accessible and convenient, and expanding financial inclusion, banks of all sizes make a difference in their communities every day.
- 5,033 banks of different sizes, types and charters
- $21.2 trillion assets held by banks
- 94% of banks are classified as small business using SBA guidelines
- 2.07 million people are employed by banks in the U.S.
- 84,350 branches serve customers across the U.S. from large urban city-centers to small rural communities
- 9 out of 10 consumers are happy with their bank
Banks Support the Economy and Help Individuals and Families Secure a Brighter Future
Bank Loans Help Consumers Achieve Their Goals
Banks provide many different types of consumer loans allowing their customers to reach important milestones in their lives.
- 68% mortgages
- 3% home equity revolving
- 11% student loans
- 9% auto loans
- 6% credit card
- 3% other
Business Lending Supports Economic Growth
Banks help businesses of all shapes and sizes operate successfully, grow and invest — creating jobs for Americans.
Lending a Hand to Small Businesses
Berlin, Maryland’s Taylor Bank helped its small business customer, Eastern Shore Rural Health, secure a Paycheck Protection Program loan for $3 million to help support the health center’s 300+ employees who work in nearby Virginia. The center serves the needs of the rural community by providing accessible, comprehensive and affordable medical, dental and health services in a caring, professional and safe environment.
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Bank Capital Remains at an All-Time High and Asset Quality is Healthy
Banks Are In a Healthy Capital Position
Banks maintain strong capital levels — a solid foundation to support loan growth and a buffer for the significant economic downturn caused by the pandemic.
Banks Key to Success of Paycheck Protection Program
Working collaboratively with the government, banks of all sizes facilitated 89% of all PPP loans in the first round, totaling 95% of PPP dollars for small businesses across the U.S. This assistance directly supported nearly 50M jobs according to U.S. Treasury.
- 5.2 million PPP loans — 89% from banks
- $108,235 average PPP loan
- $523 billion PPP dollars — 95% from banks
- 50 million jobs supported — 94% from banks
Banking Fast Facts
Deposits
- $17.1 trillion in deposits are held by banks
- 94.6% of households have either a checking or savings account
- $83.1 billion in FDIC assessments paid by banks over last 10 years
- 251 million retail customers and 55 million small business customers
Loans
- $454.9 billion in business loans have been added over the last two years
- $10.9 trillion in loans are held by banks
- 24 million in small business loans have been made by banks in 2020
- $2.24 trillion are held on banks' books in mortgage loans
Safety and Convenience
- 99% of consumers rate their bank's online and mobile app experience as excellent, very good or good
- 84% of Americans say tech improvements by banks are making it easier to access financial services
- $22.3 billion in attempted deposit account fraud is stopped annually by banks
America's Economy Needs Banks of All Sizes
Small Banks Play a Big Role in a Diverse Industry
Most banks are small, serving the unique needs of their local communities.
But Maintaining the Industry's Diversity Has Become Harder
Competitive pressures, regulatory compliance costs, and historically low interest rates are all contributing to the loss of smaller community banks through consolidation and have made it harder for new banks to enter the market. Since 2010, only 32 new banks have been chartered.
Support Policies that Permit Banks to Serve Their Communities and Their Customers
FAQs
The first institutions that took on the storage of money and valuables, were the temples. For example, the inhabitants of ancient Athens kept their savings in the temples of the Acropolis and the medieval Europeans often save money in the monasteries. The word “Bank” is of Italian origin.
What are some interesting facts about banks? ›
The first institutions that took on the storage of money and valuables, were the temples. For example, the inhabitants of ancient Athens kept their savings in the temples of the Acropolis and the medieval Europeans often save money in the monasteries. The word “Bank” is of Italian origin.
What is special about Bank of America? ›
What we offer. Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
What is the oldest bank in America? ›
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon.
When did banking start in America? ›
On January 4, 1782, the first commercial bank in the U.S., Bank of North America, opened. In 1791, U.S. Treasury Secretary Alexander Hamilton created the Bank of the United States, a national bank intended to maintain American taxes and pay off foreign debt.
What is unique about US bank? ›
Our best-in-class ratings and dedication to making ethical decisions mean we're a bank you can trust regardless of economic fluctuations.
What are 5 good things about banking? ›
- Your money is safe. ...
- Your money is protected against error and fraud. ...
- You get your money faster with no check-cashing.
- You can make online purchases with ease and peace.
- You have access to other products from the bank. ...
- You can transfer money to family and friends with.
- You have proof of payment.
Bank of America Advantage Plus Banking
Digital banking with the choice to pay using a variety of payment options. Multiple ways to waive your monthly maintenance fee, including direct deposit. Option to enroll in Balance Connect for Overdraft Protection. Peace of mind with our $0 Liability Guarantee.
What is the most known bank in America? ›
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
What are Bank of America's core values? ›
Values and purpose
Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team.
Biggest Banks in the U.S.
| Rank by Asset Size | Bank Name | Total Assets |
|---|
| 1. | Chase Bank | $3.38 trillion |
| 2. | Bank of America | $2.45 trillion |
| 3. | Wells Fargo | $1.7 trillion |
| 4. | Citibank | $1.68 trillion |
6 more rowsMay 14, 2024
Congress gave the Bank of the United States, now commonly known as the First Bank, a 20-year charter that started in December 1791. The bank did not dictate fiscal policy, but it still wielded great influence over the country's finances due to its size.
What was the first US bank failure? ›
Key Takeaways. Fulton Financial acquired the debt and deposits of Republic First Bank after the first bank failure of 2024. Republic was seized by state regulators Friday after a deal for $35 million in funding reportedly fell apart earlier this year.
Who owns US Bank? ›
U.S. Bancorp is a publicly traded company owned by its shareholders. Four of its five top shareholders in early 2024 were large asset management companies (Vanguard Group, BlackRock, State Street, and JPMorgan).
How many banks exist in the US? ›
How Many Banks are There in the U.S.? In December 2022, the FDIC listed 4,715 banks in total in the United States. That's more than 250 fewer than 2021 (4,983 banks). The average asset size across the top 250 banks listed is approximately $83 billion.
What was Wells Fargo originally called? ›
Wells Fargo was originally called Northwestern National Bank. Around 1980, they changed their name to Norwest. They eventually merged with Wells Fargo, which had been around since the 19th century. It was officially called a Merger, but in actuality, Norwest bought Wells Fargo and took their name.
What makes banks unique? ›
Historically, banks have had a comparative advantage in certain functions-such as providing liquidity and payment services and supplying credit and information-which competition, technological change, and institutional development have increasingly eroded.
What is so special about banks? ›
Banks create money when they lend the rest of the money depositors give them. This money can be used to purchase goods and services and can find its way back into the banking system as a deposit in another bank, which then can lend a fraction of it.
What are 3 things a bank does? ›
Although banks do many things, their primary role is to take in funds—called deposits—from those with money, pool them, and lend them to those who need funds.
Why is banking interesting? ›
Benefits of a Banking Career
Banking is a profession that offers a huge variety of opportunities, as well as the possibility of rapid career progression, all with good pay and benefits. For those willing to accept the challenge, the rewards can be great.
