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Whether you’re looking to make a deposit, withdrawal, or cash a check, you’ve likely interacted with a commercial bank at some point in your life. These financial institutions can include both private and public sector banks.
A commercial bank is where most individuals do their banking. They make money by providing and earning interest from the loans they’ve provided to others, like mortgages, auto loans, business loans, and personal loans. When a customer deposits money, it is used to provide the bank with the capital to make the loans.
Commercial banks are a very important part of our economy. They provide consumers with a service but also help to create capital and liquidity in the marketplace.
Additionally, they play an important role in the creation of credit, which helps to boost production, employment, and consumer spending. This leads to positive changes in the economy.
While commercial banks are a significant part of our lives, we may not be aware of how many are actually out there. The top 15 largest commercial banks are:
The Top 15 Largest Commercial Banks in the United States
Let’s take a closer look at the companies that hold the top 15 ranks as the largest commercial banks in the country.
Total Assets (as of 2020): $2.87 trillion
JPMorgan Chase Co. is an American-owned global investment bank and financial services holding company. Headquartered in New York City, this bank is ranked as the largest bank in the United States and the seventh-largest bank in the world, based on total assets.
Chase Bank is the operating consumer bank division of this company and has recently expanded its branch networks in important markets. As of December 2020, this organization had nearly 5,000 branches with over 16,000 ATMs in service. Amazingly enough, almost half of the United States are Chase Bank customers.
Total Assets (as of 2020): $2.16 trillion
Bank of America Corporation, often referred to as Bank of America or BoA, is headquartered in Charlotte, North Carolina.
The company boasts central hubs in New York City, Dallas, Toronto, London, and Hong Kong and services approximately 10.73% of all American bank deposits which translates to about 66 million consumers and small business clients worldwide.
Bank of America is known for its digital innovation with over 37 million digital clients using their virtual assistant with success.
Total Assets (as of 2020): $1.75 trillion
Wells Fargo is another American-owned multinational financial services company, headquartered in San Francisco, California with its operational headquarters in New York City.
In July of 2015, Wells Fargo became the world’s largest bank-based on market capitalization, but slipped downward in rank over the years after some unfortunate PR nightmares.
Wells Fargo has the most branches of any bank in the country. It offers clients a saving and mobile banking app, making it easy to deposit checks and access bank information.
Total Assets (as of 2020): $1.65 trillion
Citigroup Inc., often referred to as Citi, is an American-owned global investment bank and financial services corporation that has headquarters in New York City. This company was formed by a merger between Citicorp and Travelers Group in 1998.
The retail banking division, Citibank, is headquartered in Sioux Falls, South Dakota. With over 700 branches across the United States and 1,800 globally, Citibank customers can access over 65,000 ATMs.
Total Assets (as of 2020): $530.50 billion
U.S. Bancorp is a bank holding company headquartered out of Minneapolis, Minnesota and incorporated in Delaware. The bank boasts over 3,000 branches and close to 5,000 automated teller machines, primarily in the Western and Midwestern states.
Founded in 1863 as the First National Bank of Cincinnati, U.S. Bancorp participated in multiple mergers to become the fifth-largest commercial bank by assets.
Truist Financial Corporation
Total Assets (as of 2020): $488.02 billion
Truist Financial Corporation is an American-owned bank holding company that operates out of Charlotte, North Carolina. The organization was formed in December 2019 when BBT and SunTrust Banks settled on a merger.
The bank boasts over 2,000 branches across 15 states. Truist provides financial support and services to 10 million consumer households.
Total Assets (as of 2020): $457.45 billion
PNC Financial Services Group or PNC, is a bank holding company and financial services corporation headquartered out of Pittsburgh, Pennsylvania. PNC Bank, its banking subsidiary, operates in 21 states, with 3,000 branches and over 9,000 ATMs across the country.
Founded as Pittsburgh Trust and Savings Co., it acquired Cleveland-based National City Corp in 2008 which doubled its size. In November of 2020, PNC acquired BBVA USA for $11.6 billion, which may impact its standing on this list of largest commercial banks in future lists.
Total Assets (as of 2020): $388.34 billion
TD Bank is the U.S. commercial banking arm of the Toronto-Dominion Bank, a Canadian multinational banking and financial services corporation, operating out of Toronto, Ontario. Its U.S. headquarters is based out of Cherry Hill, New Jersey.
TD Bank serves over 6.5 million customers with over 1,300 branches in the Eastern region of the United States. TD Bank is referred to as “American’s Most Convenient Bank” for its flexible hours that include weekends.
Total Assets (as of 2020): $360.26 billion
Capital One Financial Corporation, or Capital One, is an American-owned bank holding company specializing in credit cards, auto loans, banking, and saving accounts. Its headquarters are in McLean, Virginia.
This organization primarily operates in the United States and is a technology-focused bank. In addition to typical bank branches, bank customers in select cities can access Capital One Cafes, or coffee shops with free Wifi, where you can open an account or attend financial workshops.
Total Assets (as of 2020): $349.43 billion
The Bank of New York Mellon Corporation, more commonly referred to as BNY Mellon, is an American investment banking services holding company. Headquartered in New York City, BNY was the result of a merger between The Bank of New York and the Mellon Financial Corporation in 2007.
The Bank of New York is one of the oldest banking corporations in the country and among the oldest banks in the world. In 1792, the Bank of New York was the first company ever traded.
Total Assets (as of 2020): $277.94 billion
The Goldman Sachs Group is an American-owned global investment bank and financial services company. Also headquartered in New York City, it specializes in investment management, securities, asset management, brokerage, and securities underwriting.
Clients have access to a variety of financial services including banking products through an online baking arm called Marcus, after Goldman Sachs founded Marcus Goldman.
Total Assets (as of 2020): $268.78 billion
This American-owned financial services and bank holding company is headquartered in Boston with operations that span across the globe. It is officially the second-oldest continually operating bank in the United States. Union Bank, its predecessor, was founded in 1792.
The company employs around 40,000 employees with a presence in over 100 global markets. They provide services such as investment research and trading and investment management.
Total Assets (as of 2020): $202.54 billion
HSBC Bank, USA, National Association is an American subsidiary of the UK-based bank HSBC.
The head office in the US is based in New York City with 160 branch locations across the United States, in cities like Los Angeles, Chicago, Atlanta, Houston, Miami, San Francisco, Seattle, and Washington D.C.
Total Assets (as of 2020): $200.46 billion
Total Assets (as of 2020): $179.16 billion
Citizens Financial Group is an American bank headquartered in Providence, Rhode Island. It operates primarily up and down the east coast. Between 1988 and 2015, Citizens was a subsidiary owned by The Royal Bank of Scotland Group.
With over 1,000 branches and over 3,100 ATMs, Citizens has a large presence across 11 states.