Top 10 Banks in the United States
By Keren P. —
Published February 25, 2018
If you’re a resident of the United States, you’ve probably wondered where all your money should be kept. Well, we’ve made your decision-making process a little easier by listing out the top ten banks in America. So, if you’re looking for the best bank to open a bank account in, these United States banks should meet your expectations. 1. JP Morgan-Chase
This is the largest bank in the US and the world’s 6th largest. According to reports from the Federal Reserve, Chase holds about $2 trillion in global assets. JP-Morgan-Chase was the result of a merger between Chase Manhattan Corporation and J.P. Morgan, which were big names in the industry even before the merger took place. 2. Bank of America
Bank of America is located in Charlotte, North Carolina, which is one of the US’s key financial centers. BoA is one of the larger banks and the largest in terms of wealth management. It earned the title of largest wealth management firm mainly due to the fact that it owns Merrill Lynch, which is a leader in that area. 3. Wells Fargo
Headquartered in San Francisco, Wells Fargo was initially formed to make the most of the Gold Rush. The bank is considered to be the biggest bank in the world. However, that’s only relevant if measured purely on the basis of market capitalization.
But, that doesn’t change the fact that this is one of the most significant names in American banking. 4. Citi
Citi is a pioneer of ATMs (Automated Teller Machines) and Credit Cards. Formerly referred to as City Bank and City Bank of New York prior to that, the company established itself as a direct rival to Wells Fargo. In fact, it was casually referred to as the Wells Fargo of the East Coast.
Citi also became the first American bank to start operations outside of the US. It set up a branch in Argentina in 1914.
Today, only 26% of its branches are within the US. 5. U.S. Bank
U.S. Bank or US Bancorp is basically made up of several regional banks from the Midwestern and Western regions. As far as total assets go, the company is worth about $389 billion. In deposits, it is worth about $250 billion.
An interesting fact: it is also the only bank to have “United States” in the name after the usage was banned in 1913. 6. PNC
PNC is a Pittsburgh-based bank that mainly focuses on the East Coast market. However, it does have around 19 branches across the US in locations including Washington DC. PNC interestingly stands for two names - Providence National Corporation and Pittsburgh National Corporation.
Both these banks were independent entities that eventually merged to form PNC. PNC is one of the first banks to adopt the virtual wallet service. Other than that, it is famous for publishing its annual price index of goods. 7. Bank of New York Mellon
The Bank of New York Mellon is a direct successor to the Bank of New York, which was established in 1784 by the US’s first Secretary of Treasury, Alexander Hamilton. The bank came into being after a merger occurred with T. Mellon and Sons.
Essentially, this is the oldest banking corporation in the US. 8. State Street
State Street Corporation, located in Boston, started as financing firm for the shipping sector. In fact, it still covers that sector apart from investment management and global banking. 9. Capital One
Capital One functions mainly as a retail banking institution that specializes in home loans, auto loans, and credit cards. Apart from that, it offers savings and checking services. Though it started as a credit card firm, it eventually expanded into proper banking in 2005. 10. TD Bank
The Toronto-Dominion Bank isn’t an American bank. It’s Canadian. However, it has operations in America and caters to millions of Americans, making it one of the bigger banks in the country.