Banks With the Most Branches

As of June, there were 94,725 bank branches in the United States, according to recently released data from the Federal Deposit Insurance Corporation (FDIC). This represents the lowest reported figure since 2005, as banks have been closing branches across the U.S. in recent years.

Still, there are many banks with a truly massive, nationwide presence. The 10 banks with the most branches together accounted for almost one-third of all locations in the U.S. Wells Fargo (NYSE: WFC) leads the nation, with 6,314 branches. JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) also have more than 5,000 branches each. Based on figures from the FDIC, these are the 10 banks with the most U.S. branches.

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Not only do these banks have a huge physical presence across the United States, but they are also among the largest by a number of metrics. For instance, seven of these 10 banks are also among the 10 largest by total deposits. Three of the banks with the most branches — Bank of America, JPMorgan Chase, and Wells Fargo — had more than $1 trillion in deposits.

A number of these banks are very large in part because of decisions made during the height of the financial crisis. Thomas Crosson, spokesman for the Consumer Bankers Association, which represents the retail operations of the largest banks in the country, told 24/7 Wall St., “The largest banks are the ones who had the ability to make those acquisitions during a tough period of time.” Notable examples include JPMorgan Chase’s acquisition of Washington Mutual from FDIC receivership, and Wells Fargo’s deal to buy Wachovia.

Still, even these big institutions are predominantly cutting branches. In an interview with 24/7 Wall St., Mike Mayo, banking analyst at CLSA Americas, pointed out that banks are both cutting down on risks and growing slowly post-crisis. “The balance sheets and the health of the banks are much stronger, but that comes with the cost of lackluster growth,” he said. Mayo highlighted that “revenues this decade have grown at the slowest pace since the decade of the Great Depression.”

CBA’s Crosson noted that future consolidation may involve more than just shutting branches. Crosson explained that some banks may consolidate due to rising regulatory costs. A recent study by Federal Financial Analytics, a financial policy analytics group, found that measurable regulatory costs at the six global systemically-important banks more than doubled between 2007 and 2013, rising to $70.2 billion last year.

However, banks are not just shrinking their physical presence due to industry headwinds. They are also eliminating bank branches because of the increasing use of mobile banking. Crosson noted that while banks used to compete over who could have the most convenient branch locations, today consumers’ top concern is which bank has the best mobile application.

CLSA’s Mayo also said that the growth of mobile banking has lowered banks’ branch count. And when banks do open facilities, they are often not building traditional 4,000 square foot branches. Today, “touch points include many more downsized branches, one =-half or one third the prior size,” Mayo said.

Mayo added that several trends have contributed to these changes. “Ongoing sluggish topline growth forces banks to become more efficient,” Mayo said. Additionally, it is now “easier for banks to capitalize on new technology to deliver services.” To illustrate, a March study from the Board of Governors of the Federal Reserve noted that more than half of smartphone owners had used mobile banking services in the past 12 months.

Based on figures from the FDIC’s Survey of Deposits, an annual study of all deposits at FDIC-insured financial institutions, 24/7 Wall St. determined the 10 banks with the most branches in the United States. The FDIC is an independent government agency responsible for insuring deposits for up to $250,000, as well as for supervising financial institutions and managing receiverships when banks fail. Figures on bank deposits are also from the FDIC and are current as of June 30, 2014. Data on total bank assets is from the Federal Financial Institutions Examination Council. We utilized figures at bank holding company level because financial firms often own multiple chartered banks.

These are the 10 banks with the most U.S. branches.

10. The Toronto-Dominion Bank (NYSE: TD)
> Total branches: 1,329
> Total deposits: $199.5 billion (8th highest)
> Total assets: $236.0 billion (15th highest)

TD Bank, based in Toronto, has rapidly expanded its footprint in the United States in recent years. Between mid-year 2009 and mid-year 2014, TD increased its branch count from 1,045 to 1,329, a greater growth than nearly all of the top banks. In that time, deposits nearly doubled as well, rising from slightly less than $105 billion to nearly $200 billion. As a result of its expansion, TD has more U.S. offices than any other foreign bank. In the past, the company grew by acquiring U.S. bank branches, although CEO Mike Pederson told Bloomberg last year the firm was shifting strategy to emphasizing internal growth. TD Bank has also distinguished itself by offering Sunday banking, a service most U.S. banks have traditionally not provided.

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9. Fifth Third Bancorp (NASDAQ: FITB)
> Total branches: 1,348
> Total deposits: $97.7 billion (15th highest)
> Total assets: $132.6 billion (22nd highest)

Fifth Third is based in Cincinnati and has a long history in Ohio. The bank was mostly concentrated in Ohio through the 1980s and expanded into Kentucky and Indiana later in the decade, both of which are just miles from Cincinnati. Today, Fifth Third is still somewhat concentrated in the Midwest, with 362 branches in Ohio and 248 in Michigan. The bank expanded to Florida in the 1990s, outside its traditional footprint. According to the company, this “addressed a gap in service affecting Midwest customers who traveled to Florida for the winter.” Today, Fifth Third has more than 1,300 offices nationwide.

8. SunTrust Banks, Inc. (NYSE: STI)
> Total branches: 1,514
> Total deposits: $136.9 billion (11th highest)
> Total assets: $182.6 billion (17th highest)

SunTrust Banks is one of just eight financial institutions with more than 1,500 branches in the United States. The bank has deep ties to Atlanta, where it is headquartered. For instance, SunTrust was an initial underwriter for the Coca-Cola Company’s 1919 IPO and held a sizeable stake in the business for 93 years. Recently, the bank acquired the naming rights for the Atlanta Braves’ new ballpark, currently being built. SunTrust’s consumer banking is still primarily concentrated in the Southeast. It has more than 250 branches in Georgia alone, although this is far less than in Florida, where it has more than 500 branches.

7. Regions Financial Corporation (NYSE: RF)
> Total branches: 1,673
> Total deposits: $96.1 billion (16th highest)
> Total assets: $119.0 billion (25th highest)

According to its website, Regions serves “some 5 million households throughout the South, Midwest and Texas.” It was founded in Alabama in 1971 as First Alabama Bancshares, a holding company of three banks based in different parts of the state. Since then, the firm has expanded sizably. While it is still headquartered in Alabama, it now has its largest number of branches in Florida and in Tennessee. Much of its current size may be attributable to its 2004 acquisition of Memphis-based Union Planters Corporation, which operated more than 760 branches at the time.

6. BB&T Corporation  (NYSE: BBT)
> Total branches: 1,843
> Total deposits: $137.8 billion (10th highest)
> Total assets: $188.0 billion (16th highest)

BB&T has grown quite quickly in recent years, increasing its branch count from 1,506 in mid-2009 to 1,843 in mid-2014. And the company is hardly done growing. This month, BB&T announced plans to acquire 41 Texas bank branches from Citigroup and the acquisition of Bank of Kentucky, which has 32 offices. BB&T looks poised for further growth. The North Carolina bank’s long-stated goal has been to achieve a top-five market share in each of the 12 states it operates in.

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5. The PNC Financial Service Group, Inc.  (NYSE: PNC)
> Total branches: 2,821
> Total deposits: $221.1 billion (7th highest)
> Total assets: $327.3 billion (10th highest)

PNC was created in 1983 by the merger of two firms, Pittsburgh National Corporation and Philadelphia’s Provident National Corporation. In the 1990s, the bank began a major expansion outside the state and across the nation. By June 2014, PNC was the nation’s fifth largest bank holding company by branch count, with 2,821, and the seventh largest by total deposits, totalling more than $221 billion. In addition to its consumer banking, PNC used to own investment management giant BlackRock as a direct subsidiary. Today, PNC still owns 21% of BlackRock’s common stock.

4. U.S. Bancorp (NYSE: USB)
> Total branches: 3,238
> Total deposits: $263.7 billion (5th highest)
> Total assets: $389.1 billion (9th highest)

Although nowhere nearly as large as America’s money center banks — Bank of America, JPMorgan Chase, Citigroup, and Wells Fargo — U.S. Bancorp is still among the largest financial companies in the U.S. The company’s subsidiary, U.S. Bank, is the fourth-largest commercial bank in the U.S. by branch count, with 3,238 branches. As of December 2013, U.S. Bank was also the nation’s fifth-largest bank by deposits, at more than $263 billion. The company, based in Minnesota, has a massive presence in a number of states.U.S. Bank has 666 branches in California, 301 in Ohio, and 244 in Illinois.

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3. Bank of America Corporation
> Total branches: 5,096
> Total deposits: $1.17 trillion (the highest)
> Total assets: $2.17 trillion (2nd highest)

Perhaps no company signifies the consolidation of the U.S. financial sector more than Bank of America. In 1998, North Carolina’s Nation’s Bank acquired California’s BankAmerica Corp. and took on the name Bank of America. Subsequent acquisitions included FleetBoston Financial in 2004, card issuer MBNA in 2006, housing lender Countrywide Financial in 2008, and brokerage and investment banking giant Merrill Lynch in 2009. In large part due to its expansions, Bank of America had 5,096 branches across the U.S. as of June. However, this figure was down by more than 18% from the June 2009 branch count. One reason may be the company’s need to cut costs in the face of massive legal expenses — Bank of America paid $65 billion in legal costs in the aftermath of the financial crisis. The growing popularity of low-cost mobile banking services also likely contributed to the decline in branches.

2. JPMorgan Chase & Co.
> Total branches: 5,682
> Total deposits: $1.08 trillion (2nd highest)
> Total assets: $2.52 trillion (the highest)

In 2008, JPMorgan Chase made two major acquisitions in the midst of the financial crisis — it bought the rapidly failing investment bank Bear Stearns and most of lender Washington Mutual’s operations. Washington Mutual had collapsed after suffering huge loan losses during the crisis. As a result of the acquisitions, JPMorgan Chase grew dramatically. Between 2008 and 2009, deposits rose from slightly less than $500 billion to more than $900 billion, and branch count grew from 3,195 in 2008 to more than 6,200 the next year. Today, JPMorgan Chase is one of just three bank holding companies with more than $1 trillion in deposits as of June as well as more than 5,000 branches.

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1. Wells Fargo & Company
> Total branches: 6,314
> Total deposits: $1.07 trillion (third highest)
> Total assets: $1.60 trillion (4th highest)

Wells Fargo is the nation’s largest bank by branch count, with more than 6,000 offices as of June. It is also the nation’s third largest bank by deposits, totalling more than $1 trillion. As recently as June 2008, Wells Fargo was a much smaller firm, with less than $300 billion in deposits. However, that October, Wells Fargo agreed to acquire Wachovia, which had suffered deep losses from its massive portfolio of adjustable-rate mortgages. The acquisition grew Wells Fargo’s retail banking network considerably. In 2008, Wachovia was one of America’s largest banks by assets. It also had more than $422 billion in deposits on its books, and more than 3,300 branches nationwide.