Americans are known for their love of capitalism and free markets. So it’s no surprise that the U.S. has some of the best banks in the world. If you’re looking for a safe place to park your money, look no further than one of America’s top 10 banks. Whether you’re a foreigner or a student, an immigrant or a resident, there’s a bank for you in this list. Read on to find out which ones made the cut!
Bank consolidation has been a trend in the United States for the past 35 years. In actuality, there were 14,427 banks insured by the Federal Deposit Insurance Corporation in 1985. (FDIC). However, there were just 4,718 in 2018. In the meantime, the number of these financial institution branches has increased from 43,790 to 78,014. On the one hand, fewer banks means less competition for customers.
However, large banks have cheaper costs that they can pass on to their consumers due to the type of assets they control. Furthermore, regardless of where you live, you can open an online account with one of these large bank.
The following is a summary of the top ten largest banks in the United States, as measured by assets.
10 BEST BANKS IN THE U.S (2023)
Are you looking for the best bank in the United States? You’ve come to the right place. In this blog post, we will outline the top 10 banks in the U.S. based on a variety of factors, such as customer satisfaction, account fees, and location. Whether you are a traveler, foreigner, student, immigrant, or resident, we hope this blog post will help you find the best bank for your needs. So without further ado, let’s get started!
JPMORGAN CHASE & CO.
JPMorgan-Chase is the number one bank in America with $3.19 trillion in assets. As a result, it is the largest bank in the country and one of the largest in the world. J.P. Morgan and Corporation and Chase Manhattan Corporation merged to become the company in 2000. While the J.P. Morgan name is utilized for investment banking and private wealth management, the bank operates as Chase for retail and commercial banking.
John Pierpont Morgan, a financial titan of the nineteenth century, is the company’s namesake and the founder of the original J.P. Morgan Bank. Aaron Burr, an early American statesman and legendary duelist, was one of the architects of Chase Manhattan. Today, the bank is led by CEO Jamie Dimon. They offer a wide range of financial services, including investment banking, commercial banking, and asset management.
BANK OF AMERICA
Bank of America ranks second on the list with $2.35 trillion in consolidated assets. Its headquarters in Charlotte, North Carolina, alone makes the city one of the country’s largest financial centers. Despite not being the largest bank, this company is the world’s largest wealth management organization because it controls Merrill Lynch, a monster in that industry.
Bank of America is regarded as one of the safest financial institutions to bank with and has approximately 5,000 branches in the United States, trailing only Chase. It began as a modest organization serving immigrants in San Francisco at the turn of the century, bizarrely named the Bank of Italy. Bank of America briefly entered the Chinese financial market by acquiring a share in Chinese Construction Bank, which it eventually sold.
Bank of America is one of the best banks in the U.S that offer a wide variety of banking services, including online and mobile banking, as well as investment services. They also have over five thousand branches across the country.
WELLS FARGO BANK
Wells Fargo is the third-largest bank in the United States, with $1.78 trillion in assets, following a merger with Norwest Corporation in 1998 and the acquisition of Wachovia National Bank in 2008. However, according to Statista, it has the most branches, with 5,039 in total. The financial services firm’s headquarters are in San Francisco. They offer a wide variety of banking services for small businesses, including online and mobile banking, as well as investment services.
Wells Fargo has the country’s oldest continually operating bank charter. It was originally granted to the First National Bank of Philadelphia and then acquired by Wachovia. In 2016, the bank acquired notoriety after it was revealed that workers were under pressure to open 2 million bank accounts without the authorization of consumers. CEO Tim Sloan stepped down in 2019 following a series of allegations involving illegal house foreclosures and violations of consumer protection legislation.
Citibank (originally the City Bank of New York) comes as the fourth largest U.S bank with assets totaling $1.69 trillion. Citibank, a pioneer in both the credit card industry and automated teller machines, was viewed as the East Coast equal of Wells Fargo throughout the nineteenth century, when both banks were solely regional.
Citibank was also the first U.S. bank to create a banking office in a foreign country when it expanded to Argentina in 1914. Today, the bank has approximately 1,000 branches in the United States and a few hundred elsewhere in the world. They offer a wide variety of financial services, including credit cards, auto loans and insurance
UNITED STATES BANK/UNITED STATES BANCORP
Fifth on the list, U.S. Bank, a subsidiary of U.S. Bancorp, with consolidated assets of more than $547 billion. With its headquarters in Minneapolis, the bank primarily serves the Midwest and West. It has 2,352 domestic locations and is the best customer-friendly bank in America.
Many mergers and acquisitions of large regional banks have resulted in the current bank, which includes Old National Bank, Heritage Bank, People’s National Bank, Northwestern Commercial Bank, Heart Federal Savings and Loan, and West One Bancorp. First Bank System bought and rebranded what is now U.S. Bancorp in 1997, only to be taken over by Firstar Corporation in 2000.
The newly combined bank retained the name U.S. Bancorp (since 1933, banks have been forbidden from using the word “United States” in their names). Since then, it has bought other banks, including Pacific Century Bank, Bay View Bank, Vail Banks, Downey Savings & Loan, and Charter One Bank.
THE TRUIST BANK
When compared to the other banks on this list, Truist Bank is the most recent addition. Truist, in fact, was founded in September of 2019. It was founded by the union of two other major banks, SunTrust and BB&T. (Branch Banking and Trust Company). The bank now has $510 billion in total assets.
The bank’s interests are highly diverse, with numerous arms covering insurance, investing, wealth management, and other areas. It also has one of the most extensive networks of branch offices, with 2,590 offices now in operation.
PNC, headquartered in Pittsburgh, is a regional banking company that mostly serves the East Coast. The bank has $453 billion in total assets and 2,202 branches in a few eastern states and Washington, D.C.
PNC is an abbreviation for two different banks: Pittsburgh National Corporation and Providence National Corporation. Because of the coincidence of their acronyms, when the two Pennsylvania banks joined to establish the foundation of the current corporation, they decided to utilize only the acronym. Among traditional banks, PNC was an early adopter of “virtual wallet” services.
TD Bank, with $415 trillion in assets, is similarly a merger of numerous banks. It has been known as Portland Savings Bank, Banknorth, and now TD Bank over the years. It bought Commerce Bank in 2008 and later merged with Canadian TD Banknorth.
The TD in TD Bank is an abbreviation for Toronto-Dominion. Despite its Canadian parent firm, the US affiliate maintains headquarters in Cherry Hill, New Jersey, and 1,156 branches across the country.
MELLON BANK OF NEW YORK
Alexander Hamilton, the first Secretary of the Treasury, co-founded the Bank of New York in 1784. The Bank of New York Mellon (BNY Mellon) was formed by the merger of that company with T. Mellon and Sons, a Pittsburgh institution that supported the steel and petroleum industries. Because of its extensive history, BNY Mellon is the country’s oldest banking corporation.
Its total assets are $384 trillion, and it has branches in 29 U.S. cities, Washington, D.C., and three countries (Dubai, Grand Cayman and England). BNY Mellon Wealth Management, a subsidiary, offers investment management services.
CAPITAL ONE 10
Capital One is largely a retail bank, offering credit cards, auto loans, and house loans, as well as checking and savings accounts. Capital One began its foray into banking in 2005, after being mostly a credit card company.
Capital One was chastised in early 2014 for modifying its customer terms of service to allow the bank to contact consumers in any way it saw fit, including misleading them with false phone caller IDs. Capital One now boasts more over $369 billion in assets, despite having one of the fewest branches on our list.
While there are many banks in the United States, not all of them are created equal. Some banks are better than others, and some are more customer friendly than others. We provided the 10 best banks in the U.S, discussing which banks have the largest assets, as well as which banks offer the best banking services. So if you are looking for a new bank to switch to, or if you are just curious about which banks rank at the top, this information should help in making your decision.