Top 10 Largest Banks In The US – America

JPMorgan Chase & Co.

Chase Bank is the consumer banking division of JPMorgan Chase. Unlike its competitors, Chase is taking steps to expand its branch network in key markets. The bank currently has nearly 5,000 branches and 16,000 ATMs. According to the bank, nearly half of the country’s households are Chase customers.

Assets: $2.88 trillion

Deposits: $2.108 trillion

Headquarters: New York

Bank of America Corp.

Bank of America serves about 66 million consumers and small business clients worldwide. Like many of the biggest banks, Bank of America is known for its digital innovation. It has more than 37 million digital clients and is experiencing success after introducing its virtual assistant, Erica, that assists account holders with various tasks.

Bank of America has 4,265 branches in the country, only about 700 fewer than Chase. It started as a small institution serving immigrants in San Francisco at the beginning of the 1900s, that was, oddly enough, called the Bank of Italy. Bank of America briefly ventured into finance in China with acquisition of a stake in Chinese Construction Bank, which it later sold off.

Assets: $2.16 trillion

Deposits: $1.81 trillion

Headquarters: Charlotte, North Carolina

Wells Fargo & Co.

Wells Fargo was founded in 1852. Although the bank has focused on consolidating and eliminating branches, it still has the most branches of any bank in the country. In addition to its main app, Wells Fargo has introduced a savings app and a mobile banking app geared toward millennials. The bank has rebranded and is focusing on repairing its relationship with customers after a series of missteps.

Wells Fargo holds the oldest continuously operating bank charter in the United States. Acquired through Wachovia, it was originally granted to the First National Bank of Philadelphia. In 2016, the bank gained some notoriety after news came out about a corporate culture where employees felt pressured to create 2 million bank accounts without customers’ permission. After a series of charges involving wrongful home foreclosures and violations of consumer protection laws, CEO Tim Sloan stepped down in 2019. The bank reported a fourth-quarter profit in 2019 of $2.87 billion, down more than 50% from the previous year.

Assets: $1.75 trillion

Deposits: $1.47 trillion

Headquarters: San Francisco

Citigroup Inc.

Citigroup is a global financial services corporation. Its retail banking division, Citibank, is based in Sioux Falls, South Dakota. Citibank has approximately 700 branches in the U.S. and more than 1,800 branches outside of the country. U.S. customers can also access more than 65,000 fee-free ATMs.

Today, the bank has 700 branches in the U.S. and 170 in the rest of the world. The bank posted a full-year profit in 2019 of $8.04 per share. As a result, it was the best year for its stock since 1998.

Assets: $1.65 trillion

Deposits: $1.27 trillion

Headquarters: New York

U.S. Bancorp

U.S. Bancorp is the bank holding company and parent company of U.S. Bank. What we’ve come to know as the fifth-largest commercial bank by assets began in 1863 as the First National Bank of Cincinnati. Multiple mergers led to the formation of the bank known today for its extensive branch network and investment in improving its digital offerings.

The current bank is the result of many mergers and acquisitions of major regional banks, including Old National Bank, Heritage Bank, People’s National Bank, Northwestern Commercial Bank, Heart Federal Savings and Loan and West One Bancorp. In 1997, First Bank System acquired and renamed what is now U.S. Bancorp, only to be taken over by Firstar Corporation in 2000. The newly consolidated bank kept the U.S. Bancorp name (since 1933, the law has prohibited banks from using “United States” in their names). It has since acquired many more banks such as Pacific Century Bank, Bay View Bank, Vail Banks, Downey Savings and Loan and Charter One Bank.

Assets: $530.50 billion

Deposits: $426.77 billion

Headquarters: Minneapolis

Truist Financial Corporation

Truist is the bank formed by the merger of equals of BB&T and SunTrust. Truist provides financial services to around 10 million consumer households. The new company brings BB&T and SunTrust, which were respectively ranked 11th and 12th in bank assets as of Sept. 30, 2019, together to form the sixth-largest bank.

Assets: $488.02 billion

Deposits: $385.45 billion

Headquarters: Charlotte, North Carolina

PNC Financial Services Group Inc.

PNC is a regional bank operating in parts of the Northeast, South and Midwest. It was founded as Pittsburgh Trust and Savings Co., and in 2008 it acquired the troubled Cleveland-based National City Corp. That transaction roughly doubled the bank’s size. Today, the bank has around 2,300 branches.

On Nov. 16, PNC agreed to acquire BBVA USA for $11.6 billion. This acquisition is projected to make PNC Bank a top-five bank based on assets once the deal closes.

Back in 2018, PNC started to expand outside of its traditional market of 19 states, mostly east of the Mississippi River, and Washington D.C. This deal would accelerate that expansion.

An acronym for two different banks, PNC stands for both Pittsburgh National Corporation and Providence National Corporation. When the two Pennsylvania banks merged to form the beginnings of the current company, they decided to use just the acronym because of the coincidence of their acronyms. PNC was an early adopter of “virtual wallet” services among traditional banks, and is known for its yearly index of the prices of items from the Christmas carol, “The Twelve Days of Christmas.”

Assets: $457.45 billion

Deposits: $370.41 billion

Headquarters: Pittsburgh

TD Group US Holdings LLC

TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. Customers have access to mortgages, deposit accounts, credit cards and products for commercial and small business clients. The bank has about 1,300 branches along the East Coast and is known as “America’s Most Convenient Bank” for its flexible hours. Read Bankrate’s review of TD Bank.

Assets: $388.34 billion

Deposits: $338.97 billion

Headquarters: Cherry Hill, New Jersey

Capital One Financial Corp.

Capital One is a Fortune 500 company with subsidiaries, including Capital One Bank. In addition to branches on the East Coast and in Texas and Louisiana, bank customers in select cities have access to Capital One Cafes, coffee shops with free WiFi where visitors can open accounts and attend financial workshops. Read Bankrate’s review of Capital One and its online banking products.

Assets: $360.26 billion

Deposits: $300.76 billion

Headquarters: McLean, Virginia

Bank of New York Mellon Corp.

When the New York Stock Exchange opened in 1792, the Bank of New York was the first company traded. Today, Bank of New York Mellon is an investments company that serves different corporations and institutions as well as individual investors. Private banking services are available for its wealthy clients.

Assets: $349.43 billion

Deposits: $25.37 billion

Headquarters: New York

Here are the 10 largest banks in the U.S. by assets, according to the latest numbers from the Federal Reserve. Deposits information is from the Federal Deposit Insurance Corp. (FDIC).

RankBank nameTotal assets
1JPMorgan Chase & Co.$2.87 trillion
2Bank of America Corp.$2.16 trillion
3Wells Fargo & Co.$1.75 trillion
4Citigroup Inc.$1.65 trillion
5U.S. Bancorp$530.50 billion
6Truist Bank$488.02 billion
7PNC Financial Services Group Inc.$457.45 billion
8TD Group US Holdings LLC$388.34 billion
9Capital One Financial Corp.$360.26 billion
10Bank of New York Mellon Corp.$349.43 billion

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