The U.S. banking system is considered to be among the best in the world, and the country is home to some of the biggest banks globally. When it comes to the biggest banks in the U.S., the list may change slightly based on the parameter considered, such as revenue, asset size, deposits and more. In this article, we will talk about the top ten biggest U.S. banks on the basis of deposits.
Ten biggest US banks by deposits
We have used the data from the FDIC (as of July 2020) to come up with our list of the biggest U.S. banks on the basis of deposits. FDIC lists 5,083 banks in its report and the average deposits for banks is $3.1 billion. Following are the top ten biggest U.S. banks on the basis of deposits:
Capital One ($266 billion)
Capital One was originally a credit card company, and it entered into the banking space in 2005. This bank primarily provides retail banking services, such as credit cards, auto loans, home loans, as well as checking and savings services. The bank has more than 450 branches and over $318 billion in assets. It has its headquarters in McLean, Virginia.
TD Bank ($305 billion)
The term TD in TD Bank stands for Toronto-Dominion. TD Bank has changed its name several times over the years, including Portland Savings Bank, Banknorth and then TD Bank. In 2008, the bank acquired Commerce Bank and then merged with Canadian TD Banknorth. TD Bank has about 22 million customers and 85,000 employees globally. In the U.S., the bank has its headquarters in Cherry Hill, New Jersey.
PNC Bank ($313 billion)
Headquartered in Pittsburgh, PNC is a regional bank that operates largely on the East Coast. The bank has more than 2,300 branches in 19 states and Washington, DC. PNC Bank is the result of a merger between Pittsburgh National Corporation and Providence National Corporation. Both the institutions had PNC as their acronyms, and thus, they decided to use the same acronym with the new company.
The Bank of New York Mellon ($337 billion)
It is the oldest banking corporation in the country, and was co-founded in 1784 by the first Secretary of the Treasury, Alexander Hamilton. Basically, BNY Mellon is the result of a merger of Bank of New York and T. Mellon and Sons. The bank is headquartered in New York and operates across 35 countries. BNY Mellon had $41.1 trillion in assets under custody and $2.2 trillion in assets under management as of December 31, 2020.
Truist ($362 billion)
Truist was formed in December 2019 with the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Headquartered in Charlotte, this financial institution serves around 12 million households. Its subsidiary, McGriff Insurance Services, earlier known as BB&T Insurance Services, is one of the biggest insurance brokers in the world. Truist offers a range of services, including retail, small business and commercial banking.
US Bank ($405 billion)
US Bank has its headquarters in Minneapolis, and operates primarily in the Midwest and West. The bank has close to 3,000 branches. This bank owes its size to numerous mergers and acquisitions with regional banks, such as Northwestern Commercial Bank, Heritage Bank, People’s National Bank and more. US Bank is always striving to better its technology, especially after tech giants revealed their desire to enter the banking industry.
Citi ($1.2 trillion)
Citi is a pioneer of both the credit card industry and automated teller machines. It was formerly known as the City Bank of New York, and was purely a regional bank. In 1914, Citi expanded to Argentina, becoming the first U.S. bank to open a banking office in a foreign country. Presently, the bank has around 700 branches in the U.S. and 170 in the rest of the world. It is regarded as the best bank for High-Net-Worth Families.
Wells Fargo ($1.4 trillion)
Wells Fargo's merger with Norwest Corporation in 1998 and the acquisition of Wachovia National Bank in 2008, helped it to grow its presence significantly. In terms of asset size, it is the fourth biggest bank, while it is the biggest bank on the basis of the number of branches. The bank is headquartered in San Francisco, while its main office is in Sioux Falls, South Dakota.
Bank of America ($1.7 trillion)
It is also the world’s biggest wealth management firm because it owns Merrill Lynch. Bank of America is headquartered in Charlotte, making the region among the biggest financial centers in the country. It started as a small business offering services to immigrants in San Francisco at the start of the 1900s. Bank of America focuses big on providing digital services. Its digital-only services, called Zelle and Erica, have been immensely successful in attracting young crowds.
JPMorgan Chase ($1.9 trillion)
JPMorgan is the biggest American bank, not just on the basis of deposits, but in terms of asset size as well. Globally, it is the sixth biggest bank in terms of asset size. JPMorgan Chase was the result of the merger in 2000 of J.P. Morgan & Company and Chase Manhattan Corporation. Now, JPMorgan offers investment banking and private wealth management services, while Chase provides retail and commercial bank services.