The Move Your Money campaign  peaked a few weeks ago but in our household we still haven’t yet made the change from a large bank to a local community bank or credit union. Part of the reason is inertia, the center spoke in our financial network map  if our Bank of America account, but we’re working on it! 🙂
As I was doing some research for some unrelated projects, I discovered a useful resource at the FDIC. I’m always a fan of mostly useless trivia (this certainly falls in that category) so I was delighted to find a list of the largest banks in the United States. The FDIC captures all of this data for FDIC insured institutions, which is great, but it’s only updated annually, so this data is from June 30, 2011.
I bet you can name most of the banks on this list but I’d be surprised if you could name them all.
Ten Largest Banks in the U.S.
So which are the ten largest banks by deposits?
- Bank of America: $1,066.6b in deposits, TARP participant.
- Wells Fargo: $793.6b in deposits, TARP participant.
- JPMorgan Chase: $768.9b in deposits, TARP participant.
- Citibank: $320.1b in deposits, TARP participant.
- US Bancorp: $198.4b in deposits, TARP participant.
- PNC Bank: $180.7b in deposits, TARP participant.
- Toronto-Dominion (TD) Bank: $151.4b in deposits, as a Canadian bank it was not eligible for TARP funds.
- Capital One Financial: $129.2b in deposits, TARP participant.
- Sun Trust: $126.7b in deposits, TARP participant.
- Bank of New York Mellon: $114.2b in deposits, TARP participant.
- BB&T: $111.3b in deposits, TARP participant. (11th!)
With respect to the TARP, participation in the program isn’t an indication of bank health as many banks were forced to participate even if they didn’t want to.
This deposits information is available in the FDIC’s Share of Deposits report , which ” contains deposit data for branches and offices of all FDIC-insured institutions. The Federal Deposit Insurance Corporation (FDIC) collects deposit balances for commercial and savings banks as of June 30 of each year, and the Office of Thrift Supervision (OTS) collects the same data for savings institutions.” Here the results for the top 50 bank holding companies by total domestic deposits  as of June 2011.
TARP information was taken from Wikipedia .
How many did you get right? I only got the first four banks (and not in the correct order… though I did know BoA was #1).