The 10 Best Bank of America by Assets Held

Over the past 35 years, there has been a tendency in the United States toward bank consolidation. In actuality, the Federal Deposit Insurance Corporation insured 14,427 banks in 1985. (FDIC). However, there were just 4,951 in 2021. On the one hand, less competition, which is harmful for consumers, results from fewer banks. However, big banks may pass through cheaper expenses to their clients since they have lower overhead. According to the amount of assets they hold, the top 10 banks in the United States are listed below. Consider consulting a financial counselor if you have concerns about how your banking decisions may impact your long-term financial plan.

1. JPMorgan-Chase

JPMorgan-Chase is at the top of the list with $3.95 trillion in assets. It is now the biggest bank in the nation and among the biggest banks worldwide. The corporation was formed in 2000 as a result of the merger of Chase Manhattan Corporation and J.P. Morgan & Company. The J.P. Morgan name is associated with investment banking and private wealth management, although the bank also offers consumer and business banking services under the Chase brand.

The corporation and the original J.P. Morgan Bank were both founded by the 19th-century financial tycoon John Pierpont Morgan. Aaron Burr, a famed duelist and early American statesman, was one of the architects of Chase Manhattan. CEO Jamie Dimon currently oversees the bank.

2. Citibank/Citigroup

With $2.394 trillion, Citibank (previously the City Bank of New York) is ranked second. During the 19th century, when both banks were purely regional, Citibank was viewed as an East Coast equal to Wells Fargo since it was a pioneer of both the credit card industry and automated teller machines. In 1914, when it expanded to Argentina, Citibank became the first American bank to establish a branch abroad. The bank currently operates close to 1,000 branches in the United States and a few hundred elsewhere in the world.

3. Bank of America

Bank of America is ranked second with consolidated assets of $2.43 trillion. One of the largest financial centers in the nation is Charlotte, North Carolina, home to its headquarters. This organization, which owns Merrill Lynch, a titan in wealth management, is actually the largest wealth management firm in the world even if it is not the largest bank.

While Chase has more than 5,000 locations nationwide, Bank of America isn't far behind. It began as a modest organization named the Bank of Italy that provided services to immigrants in San Francisco around the turn of the 20th century. With the purchase of a share in a Chinese Construction Bank, which it eventually sold off, Bank of America made a brief foray into China's financial sector.

4. Wells Fargo

Wells Fargo is the third-largest bank in the US with $1.88 trillion in assets after merging with Norwest Corporation in 1998 and purchasing Wachovia National Bank in 2008. However, according to Statista, it has the most branches, 4,874, making it the largest. The headquarters of the financial services provider are in San Francisco.

The oldest continually functioning bank charter in the country is held by Wells Fargo. It was initially given to the First National Bank of Philadelphia and acquired through Wachovia. After information about a corporate culture where workers were under pressure to open 2 million bank accounts without clients' consent surfaced in 2016, the bank started to garner some recognition. CEO Tim Sloan resigned in 2019 following a string of allegations involving unlawful home foreclosures and contraventions of consumer protection legislation.

5. U.S. Bank/U.S. Bancorp

U.S. Bank, a division of U.S. Bancorp, ranks fifth on the list and has consolidated assets worth more than $564 billion. The bank, which has its headquarters in Minneapolis, primarily serves the Midwest and West. 2,352 domestic branches exist.

The current bank is the result of many mergers and acquisitions of major regional banks, including Old National Bank, Heritage Bank, People’s National Bank, Northwestern Commercial Bank, Heart Federal Savings and Loan and West One Bancorp. In 1997, First Bank System acquired and renamed what is now U.S. Bancorp, only to come under the control of Firstar Corporation in 2000. The newly consolidated bank kept the U.S. Bancorp name (since 1933, the law has prohibited banks from using “United States” in their names). It has since acquired many more banks such as Pacific Century Bank, Bay View Bank, Vail Banks, Downey Savings and Loan and Charter One Bank.

6. PNC

PNC, a local banking company founded in Pittsburgh, mostly serves the East Coast. The bank has $557 billion in total assets and 2,629 locations in a few eastern states and Washington, D.C.

PNC is an acronym that stands for both Pittsburgh National Corporation and Providence National Corporation, two different banks. Due to the similarity of their acronyms, the two Pennsylvania banks that combined to form the foundation of the current business decided to utilize merely the acronym. Among traditional banks, PNC was a pioneer in the use of "virtual wallet" services.

7. Truist Bank

Truist Bank is the most recent addition to this list of banks. In actuality, Truist was only founded in September of this year. It was created by the union of SunTrust and BB&T, two other big banks (Branch Banking and Trust Company). The bank now boasts total assets of $528 billion.

The bank owns a variety of arms that deal with insurance, investing, wealth management, and other things, thus its interests are fairly diverse. Due to the fact that it presently has 2,781 offices, it also boasts one of the largest networks of branch sites.

8. Bank of New York Mellon

Alexander Hamilton, the first Secretary of the Treasury, was a co-founder of the Bank of New York in 1784. The consequence of the union of that company with T. Mellon and Sons, a Pittsburgh-based organization that provided financing for the steel and petroleum sectors, is Bank of New York Mellon (BNY Mellon). BNY Mellon is the oldest banking organization in the nation thanks to its lengthy history. Its assets amount $444 billion, and it has branches in 29 American cities, Washington, D.C., and three other countries (Dubai, Grand Cayman and England). Services for investment management are offered by its subsidiary BNY Mellon Wealth Management.

9. TD Bank

TD Bank, which has $434 billion in assets, is also a conglomerate of other banks. It has variously been known as Portland Savings Bank, Banknorth, and presently TD Bank over the years. It bought Commerce Bank in 2008 and afterwards amalgamated with TD Banknorth in Canada.

Toronto-Dominion is what the TD in TD Bank actually stands for. Despite having a Canadian parent corporation, the American division has 1,220 locations across the nation and its headquarters are in Cherry Hill, New Jersey.

10. Capital One

In addition to offering checking and savings accounts, Capital One also offers credit cards, auto loans, and mortgages. Capital One began to seriously enter the banking industry in 2005 after initially focusing solely on credit cards. Capital One received criticism at the beginning of 2014 for altering its customer terms of service to permit the bank to contact consumers anyway it saw fit, including purposefully misleading them with phony caller IDs. Despite having one among the fewest branch networks on this list, Capital One currently has assets worth more than $432 billion.

The Largest Banks' Frequently Asked Questions (FAQs)

Below are the answers to the frequently asked questions we've accumulated about the top banks in America:

What American bank has the best reputation? Because everyone will relate their banking experience with the people they deal with on a daily basis, the most reputable bank may vary by state or even branch location. The overall customer service experience and the costs customers are charged grow more significant as banking moves more and more online. Customers give JP Morgan-Chase high marks for brand recognition and net trust, and the bank is ranked first on our ranking of the biggest banks in America.

Which bank operates in all 50 states? The bank that is closest to having locations in every state is JP Morgan-Chase. There isn't a bank that has a branch in every state, but Chase does—with the exception of Alaska and Hawaii—in all 48 lower states. However, Wells Fargo has more branch locations. Remember that you might not need a physical location to use the bank of your choosing given the popularity of internet banking.

Which bank is the best to use for banking? It is up to you to decide which bank is the best for your money and for developing a banking relationship. Each bank on our list has branches in at least half the nation and is big enough to protect your assets. The difference between these banks could be found in selecting the appropriate bank account or lending opportunity. For instance, you can pick the bank with the best rates.

Top 10 Banks

Over the past 35 years, there has been a tendency in the United States toward bank consolidation. In actuality, the Federal Deposit Insurance Corporation insured 14,427 banks in 1985. (FDIC). However, there were just 4,951 in 2021. On the one hand, less competition, which is harmful for consumers, results from fewer banks. However, big banks may pass through cheaper expenses to their clients since they have lower overhead. According to the amount of assets they hold, the top 10 banks in the United States are listed below. Consider consulting a financial counselor if you have concerns about how your banking decisions may impact your long-term financial plan.

1. JPMorgan-Chase

JPMorgan-Chase is at the top of the list with $3.95 trillion in assets. It is now the biggest bank in the nation and among the biggest banks worldwide. The corporation was formed in 2000 as a result of the merger of Chase Manhattan Corporation and J.P. Morgan & Company. The J.P. Morgan name is associated with investment banking and private wealth management, although the bank also offers consumer and business banking services under the Chase brand.

The corporation and the original J.P. Morgan Bank were both founded by the 19th-century financial tycoon John Pierpont Morgan. Aaron Burr, a famed duelist and early American statesman, was one of the architects of Chase Manhattan. CEO Jamie Dimon currently oversees the bank.

2. Citibank/Citigroup

With $2.394 trillion, Citibank (previously the City Bank of New York) is ranked second. During the 19th century, when both banks were purely regional, Citibank was viewed as an East Coast equal to Wells Fargo since it was a pioneer of both the credit card industry and automated teller machines. In 1914, when it expanded to Argentina, Citibank became the first American bank to establish a branch abroad. The bank currently operates close to 1,000 branches in the United States and a few hundred elsewhere in the world.

3. Bank of America

Bank of America is ranked second with consolidated assets of $2.43 trillion. One of the largest financial centers in the nation is Charlotte, North Carolina, home to its headquarters. This organization, which owns Merrill Lynch, a titan in wealth management, is actually the largest wealth management firm in the world even if it is not the largest bank.

While Chase has more than 5,000 locations nationwide, Bank of America isn't far behind. It began as a modest organization named the Bank of Italy that provided services to immigrants in San Francisco around the turn of the 20th century. With the purchase of a share in a Chinese Construction Bank, which it eventually sold off, Bank of America made a brief foray into China's financial sector.

4. Wells Fargo

Wells Fargo is the third-largest bank in the US with $1.88 trillion in assets after merging with Norwest Corporation in 1998 and purchasing Wachovia National Bank in 2008. However, according to Statista, it has the most branches, 4,874, making it the largest. The headquarters of the financial services provider are in San Francisco.

The oldest continually functioning bank charter in the country is held by Wells Fargo. It was initially given to the First National Bank of Philadelphia and acquired through Wachovia. After information about a corporate culture where workers were under pressure to open 2 million bank accounts without clients' consent surfaced in 2016, the bank started to garner some recognition. CEO Tim Sloan resigned in 2019 following a string of allegations involving unlawful home foreclosures and contraventions of consumer protection legislation.

5. U.S. Bank/U.S. Bancorp

U.S. Bank, a division of U.S. Bancorp, ranks fifth on the list and has consolidated assets worth more than $564 billion. The bank, which has its headquarters in Minneapolis, primarily serves the Midwest and West. 2,352 domestic branches exist.

Old National Bank, Heritage Bank, People's National Bank, Northwestern Commercial Bank, Heart Federal Savings and Loan, and West One Bancorp are just a few of the notable regional banks that have been merged or acquired to create the current bank. First Bank System bought and rebranded what is now known as U.S. Bancorp in 1997, but in 2000 Firstar Corporation took over ownership of the company. Since 1933, it has been against the law for banks to include the word "United States" in their names; the newly combined bank retained the name U.S. Bancorp. Many additional banks, including Pacific Century Bank, Bay View Bank, Vail Banks, Downey Savings & Loan, and Charter One Bank, have subsequently been added to its collection.

6. PNC

PNC, a local banking company founded in Pittsburgh, mostly serves the East Coast. The bank has $557 billion in total assets and 2,629 locations in a few eastern states and Washington, D.C.

PNC is an acronym that stands for both Pittsburgh National Corporation and Providence National Corporation, two different banks. Due to the similarity of their acronyms, the two Pennsylvania banks that combined to form the foundation of the current business decided to utilize merely the acronym. Among traditional banks, PNC was a pioneer in the use of "virtual wallet" services.

7. Truist Bank

Truist Bank is the most recent addition to this list of banks. In actuality, Truist was only founded in September of this year. It was created by the union of SunTrust and BB&T, two other big banks (Branch Banking and Trust Company). The bank now boasts total assets of $528 billion.

The bank owns a variety of arms that deal with insurance, investing, wealth management, and other things, thus its interests are fairly diverse. Due to the fact that it presently has 2,781 offices, it also boasts one of the largest networks of branch sites.

8. Bank of New York Mellon

Alexander Hamilton, the first Secretary of the Treasury, was a co-founder of the Bank of New York in 1784. The consequence of the union of that company with T. Mellon and Sons, a Pittsburgh-based organization that provided financing for the steel and petroleum sectors, is Bank of New York Mellon (BNY Mellon). BNY Mellon is the oldest banking organization in the nation thanks to its lengthy history. Its assets amount $444 billion, and it has branches in 29 American cities, Washington, D.C., and three other countries (Dubai, Grand Cayman and England). Services for investment management are offered by its subsidiary BNY Mellon Wealth Management.

9. TD Bank

TD Bank, which has $434 billion in assets, is also a conglomerate of other banks. It has variously been known as Portland Savings Bank, Banknorth, and presently TD Bank over the years. It bought Commerce Bank in 2008 and afterwards amalgamated with TD Banknorth in Canada.

Toronto-Dominion is what the TD in TD Bank actually stands for. Despite having a Canadian parent corporation, the American division has 1,220 locations across the nation and its headquarters are in Cherry Hill, New Jersey.

10. Capital One

In addition to checking and savings accounts, Capital One also offers credit cards, house loans, vehicle loans, and other types of loans. In 2005, Capital One began to seriously diversify into banking after beginning as a purely credit card company. Early in 2014, Capital One came under fire for altering its customer terms of service to let the bank contact consumers anyway it saw fit, including purposefully tricking them with phony caller IDs. Capital One currently has assets of more than $432 billion, despite having one of the fewest branch locations on this list.

The Largest Banks' Frequently Asked Questions (FAQs)

Below are the answers to the frequently asked questions we've accumulated about the top banks in America:

What American bank has the best reputation? Because everyone will relate their banking experience with the people they deal with on a daily basis, the most reputable bank may vary by state or even branch location. The overall customer service experience and the costs customers are charged grow more significant as banking moves more and more online. Customers give JP Morgan-Chase high marks for brand recognition and net trust, and the bank is ranked first on our ranking of the biggest banks in America.

Which bank operates in all 50 states? The bank that is closest to having locations in every state is JP Morgan-Chase. There isn't a bank that has a branch in every state, but Chase does—with the exception of Alaska and Hawaii—in all 48 lower states. However, Wells Fargo has more branch locations. Remember that you might not need a physical location to use the bank of your choosing given the popularity of internet banking.

Which bank is the best to use for banking? It is up to you to decide which bank is the best for your money and for developing a banking relationship. Each bank on our list has branches in at least half the nation and is big enough to protect your assets. The difference between these banks could be found in selecting the appropriate bank account or lending opportunity. For instance, you can pick the bank with the best rates.

Advice on Selecting a Bank Account

Your total financial strategy may be significantly influenced by your checking, savings, and other bank accounts. You can check to see if your banking decisions are in accordance with your overall objectives by consulting a financial counselor. Finding a competent financial advisor need not be difficult. You can interview your advisor matches for free to choose which one is best for you using SmartAsset's free tool, which matches you with up to three local financial advisors. Start your search for a financial advisor right away if you're prepared to do so.

Try a national bank that offers online accounts or an internet bank without physical branches if your local bank's costs seem excessive. These banks frequently have less restrictions to avoid costs and provide greater interest rates on savings in an effort to boost their customer base.