Number of FDIC-insured commercial banks in the U.S. 2002-2018

In 2018, there were 4,708 FDIC-insured commercial banks in the United States. The FDIC, of Federal Deposit Insurance Corporation, is an agency that insures the banking system in the U.S. The number of such registered banks has been declining since 2002, when it there were over 7,800 FDIC-insured banks in the country.

Why do banks need insurance?

The number of banks is shrinking, but the value of deposits in these banks is growing, amounting to trillions of U.S. dollars. The primary function of the FDIC is to insure these deposits up to 250,000 U.S. dollars. In good times, this is no issue. However, during the Financial Crisis, hundreds of FDIC-insured banks declared insolvency. Account holders were then eligible for compensation for the portion of their accounts that the FDIC insured.

Financial figures of the FDIC-insured banks

Except in times of deep recession, U.S. banks have a positive net operating income. It amounted to over 240 billion U.S. dollars in 2017. The value of funds borrowed by the U.S. FDIC-insured banks reached 1.27 trillion U.S. dollars in that year.

Number of FDIC-insured commercial banks in the United States from 2002 to 2018

Number of banks
20184,708
20174,909
20165,102
20155,330
20145,596
20135,836
20126,061
20116,263
20106,506
20096,813
20087,061
20077,262
20067,380
20057,507
20047,612
20037,750
20027,870
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Source

Release date

October 2019

Region

United States

Survey time period

2002 to 2018

Supplementary notes

FDIC stands for Federal Deposit Insurance Corporation.
FDIC-insured commercial banks include the following categories of depository institutions insured by the FDIC: national banks, state chartered banks and trust companies (except savings banks), commercial banks, either national or state chartered, insured by the FDIC, other financial institutions which operate under general banking codes, or are specifically authorized by law to accept deposits and in practice do so or the obligations of which are regarded as deposits for deposit insurance.
The statistic does not include figures for Guam, Puerto Rico, Virgin Islands, and all other United States territories and possessions.

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Statistics on "Commercial banks in the United States"

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