The number of FDIC-insured commercial bank branches increased in 2023 for the first time since 2012. At the end of the year, there were 69,996 branches in the country, up from 69,905 a year earlier. After a period of growth from 2000 to 2008, the number of bank branches has been slowly diminishing. In 2023, JPMorgan Chase led the ranking of banks with the highest number of branches.
What does the FDIC do?
The FDIC (Federal Deposit Insurance Corporation) is an agency created by the United States Congress that guarantees the deposits in commercial banks up to 250,000 U.S. dollars. This protects depositors if the bank becomes insolvent. It also enables banks to issue more loans, since depositors may prefer banks that are insured by the FDIC.
Trends in the banking industry
While the number of branches has stayed relatively stable, the number of FDIC-insured commercial banks has declined in recent years. As younger generations become more accustomed to online and digital banking, the need for bank branches may also wane.
Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023
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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FDIC. (April 3, 2024). Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/
FDIC. "Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023." Chart. April 3, 2024. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/
FDIC. (2024). Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/
FDIC. "Number of Fdic-insured Commercial Bank Branches in The United States from 2000 to 2023." Statista, Statista Inc., 3 Apr 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/
FDIC, Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/ (last visited November 10, 2024)
Number of FDIC-insured commercial bank branches in the United States from 2000 to 2023 [Graph], FDIC, April 3, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/193041/number-of-fdic-insured-us-commercial-bank-branches/
