In the year 1985, there were more than 14000 banks in the United States. Later on the number of banks gets decreased and in the year 2018, the number of banks available in the United States is 4718. Although, the number of banks in the US have been decreased but the number of branches has drastically increased. Yes, the number of branches has been jumped from 43792 to 78014. On one hand, it can be seen that due to being in fewer numbers, there is less competition between the banks that is not good for consumers but on the other hand, the major banks are having lower costs that they can easily pass on the customers. No matter where you are living, you can easily open up your account with a big bank. Considering all such information, here in this article we are providing you details about the list of 10 biggest banks in America. The list has been created on the basis of the total assets.
It is one of the top and Largest Banks in The United States has almost 2.4 trillion dollar assets. JPMorgan-Chase is actually the largest bank in the country and the sixth-largest bank worldwide. This bank is basically as a result of the merger of Chase Manhattan Corporation and JP Morgan and company.
Bank of America
It is also one of the largest banks in America with around 1.8 trillion dollar consolidating assets. The headquarter of this bank is in North Carolina. Bank of America is undoubtedly one of the biggest financial centers in the country and having more than 4000 branches.
This is also the result of the merger of Norwest Corporation in 1998 and an acquisition of Wachovia National Bank in 2008. It is undoubtedly the fourth largest bank in the country. There are more than 5000 branches of this Wells FargoBank located all over in the country. Its headquarter is in San Francisco. It holds the oldest continuously operating Bank charter in the United States.
It is a pioneer of both the credit card industry and ATM. Citibank is also famous as the city Bank of New York. Citibank is the first united state bank to open a banking office in a foreign company. There are more than 700 branches of this Bank in the US and globally there are around 170 branches available.
U.S. Bank/U.S. Bancorp
The US bank is the part of U.S. Bancorp; it is having more than 475 billion dollar consolidated assets. Additionally, there are more than 2900 branches of this Bank available. This bank is the result of several mergers and acquisitions. There are several banks that have been merged including the old national Bank, heritage Bank, people national Bank, and several others.
PNC is a Pittsburgh based regional financial institution that is operating on the north coast. There are more than 2300 branches in 19 states and it is having the consolidated asset worth of 397 billion dollars. It is also providing the best services to consumers.
Capital one is also one of the best names that have been taken into consideration whenever we discuss the top 10 banks in America in 2020. This bank is popular for providing credit cards, home loans, and auto loans as well. It is originally up your credit card company and then gets extended into banking in the year 2005. Early in the year 2014, it was criticized for changing the customer terms and services. Today it is having more than 318 billion dollars in asset and also there are more than 470 branches of this Bank available in the country.
Also Read: Capital one Online Banking
This is also a combination of several regional banks. It is having the asset count of more than 311 trillion dollars. Earlier it was popular as the name portal and saving bank and in now TD Bank. It was acquired by commerce bank and then it was merged with the Canadian TD Bank north.
Bank of New York Mellon
This is also one of the biggest banks in America. It was founded in the year 1784 and it is a result of merging the form of secretary of the treasury Alexander Hamilton and T.Mellon and sons. Bank of New York Mellon is holding a total asset of 304 trillion dollars and it is operating to offices in the United States and there are 15 offices available overseas.
Last but not the least it is also one of the top banks in America that focuses on global banking services and investment management. State Street is having more than 241 billion dollars of consolidated assets.
Finally, These are the details about the Largest Banks in America. You can easily consider any one of them for opening your account in the country.