Market dynamics and stakeholders

Examining major US retail banks and their branch networks

U.S. total commercial banks and branches count

Like any other mature industry, the retail banking sector has experienced decades of consolidation, with major players increasing their scale while smaller institutions exit, merge, or are acquired.

Over the past 40 years, the number of FDIC‑insured commercial banks has declined steadily, from more than 14,000 in the 1980s to roughly 3,900 today. This steady reduction reflects how the sector now operates with fewer players, larger balance sheets, and increasingly concentrated branch networks.

Source: FDIC

The physical branch network has also undergone a parallel contraction. After reaching its peak in 2009, the total number of retail bank branches has steadily declined as institutions streamline their footprints, shift routine transactions to digital channels, and reallocate capital toward higher-value advisory formats. Despite this reduction, banks continue to maintain broad national coverage, operating approximately 68,000 retail branches across the U.S..

Source: FDIC

Top 100 Commercial Banks in the U.S.

Listed here are the top 100 insured chartered commercial banks, ranked by consolidated assets (minimum $300+ MM).

1	JPMorgan Chase Bank, National Association	26	Regions Bank	51	Deutsche Bank Trust Company Americas	76	Renasant Bank
2	Bank of America, National Association	27	Santander Bank, N.A.	52	Raymond James Bank	77	Ameris Bank
3	Citibank, National Association	28	City National Bank	53	Bank OZK	78	Eastern Bank
4	Wells Fargo Bank, National Association	29	Flagstar Bank, National Association	54	Prosperity Bank	79	First Hawaiian Bank
5	U.S. Bank National Association	30	Zions Bancorporation, N.A.	55	Atlantic Union Bank	80	Cathay Bank
6	Capital One, National Association	31	Western Alliance Bank	56	SoFi Bank, National Association	81	Bank of Hawaii
7	Goldman Sachs Bank USA	32	Webster Bank, National Association	57	BankUnited, National Association	82	Centennial Bank
8	PNC Bank, National Association	33	First Horizon Bank	58	Hancock Whitney Bank	83	Customers Bank
9	Truist Bank	34	Comerica Bank	59	TD Bank USA, National Association	84	Tristate Capital Bank
10	The Bank of New York Mellon	35	East West Bank	60	Banc of California	85	Rockland Trust Company
11	State Street Bank and Trust Company	36	UMB Bank, National Association	61	United Bank	86	Merchants Bank of Indiana
12	TD Bank, National Association	37	Old National Bank	62	Commerce Bank	87	The Central Trust Bank
13	BMO Bank National Association	38	SouthState Bank, National Association	63	Fulton Bank, National Association	88	Busey Bank
14	Morgan Stanley Bank, National Association	39	Valley National Bank	64	Texas Capital Bank	89	Trustmark National Bank
15	Morgan Stanley Private Bank, National Association	40	Synovus Bank	65	First National Bank of Omaha	90	First Merchants Bank
16	First-Citizens Bank & Trust Company	41	CIBC Bank USA	66	BNY Mellon, National Association	91	Bank of Hope
17	Citizens Bank, National Association	42	Pinnacle Bank	67	Glacier Bank	92	First Financial Bank
18	American Express National Bank	43	Umpqua Bank	68	United Community Bank	93	Stifel Bank and Trust
19	Manufacturers and Traders Trust Company	44	Frost Bank	69	First Interstate Bank	94	TowneBank
20	Fifth Third Bank, National Association	45	BOKF, National Association	70	WesBanco Bank, Inc.	95	Pacific Premier Bank, National Association
21	The Huntington National Bank	46	Cadence Bank	71	Arvest Bank	96	ServisFirst Bank
22	KeyBank National Association	47	First National Bank of Pennsylvania	72	City National Bank of Florida	97	Mechanics Bank
23	Ally Bank	48	EverBank, National Association	73	FirstBank	98	First United Bank and Trust Company
24	The Northern Trust Company	49	Barclays Bank Delaware	74	Washington Federal Bank	99	Banner Bank
25	HSBC Bank USA, National Association	50	Associated Bank, National Association	75	Simmons Bank	100	Community Bank, National Association

Source: The Federal Reserve Statistical Report

portfolio

Retail banking portfolio

A retail banking portfolio is inherently dynamic, continuously evolving through the addition or reduction of branch locations.

A bank is considered to be in a growth phase when the number of new branches (encompassing both ‘relocations’ and ‘new builds’) surpasses the number of branch closures.

New branch (NB): Bank ‘relocation’ and ‘new build’ are terms used in the banking industry to describe two distinct ways a bank can establish a new branch.
- Bank relocations: A bank relocation is the closing of one or more nearby branches and the opening of a new, single branch to replace them. The new branch typically receives the deposits from the closed location(s).
- New build (de novo branch): A new build, is the establishment of a brand-new branch in a new market or location, independent of any existing branches. It is not tied to the closing of a nearby branch and represents a true expansion of the bank's physical footprint.

Branch closing (decommission)
- Permanently shutting down a branch and ceasing its operations.

Changes in net branch count (5 year)

Net retail change reflects the difference between the number of new branches and branches closed.

Figure 3:

Top 6 expanding & shrinking retail portfolios

Expansion Rank	Federal Reserve Rank	Bank	Net Retail Change* (5 yr)
1	44	Frost	+58
2	42	Pinnacle	+42
3	82	Centennial Bank	+29
4	20	Fifth Third	+28
5	3	Citibank	+26
6	1	JPMC	+21
95	21	Huntington National Bank	-307
96	2	Bank of America	-551
97	8	PNC	-553
98	9	Truist	-869
99	5	U.S. Bank	-881
100	4	Wells Fargo	-1096

Source: FDIC

Recent data indicate that, on average, U.S. banks are closing more branches than they are opening, resulting in a net retail change of approximately -13 branches per year. This negative delta highlights an ongoing contraction in the physical branch network across the country.

Source: FDIC

Branch openings activity

The top 100 U.S. commercial banks built 3,701 FDIC-insured branches over the past five years (9/18/2020 to 9/18/2025). On an annualized basis, this equates to approximately seven new branches per bank per year across the full peer group. However, when excluding the top two leading banks—whose new branch activity materially skews the average, the adjusted rate is approximately five new branches per bank per year.

Source: FDIC

Branch openings activity is highly concentrated within a small subset of institutions. Over the past five-year period:

Only 14 banks maintained an active program exceeding 10+ new branches annually (equivalent to 50+ branches over five years).
At the opposite end of the spectrum, 11 banks recorded no branch openings during the same period.

Source: FDIC

Branch closings activity

While a subset of banks continues to pursue branch expansion, the industry as a whole is equally active in branch rationalization and decommissioning efforts. Over the past five years (9/18/2020 to 9/18/2025), the top 100 U.S. commercial banks closed 10,262 FDIC insured branches. On an annualized basis, this equates to approximately 21 branch closures per bank per year. When excluding the top five banks leading, which account for a disproportionate share of closures, the adjusted rate is approximately 11 branch closures per bank per year.

Source: FDIC

Branch closure activity is similarly concentrated within a subset of institutions. Over the past five-year period:

Only 32 banks maintained an active program exceeding 10+ branch closures annually (equivalent to 50+ closures over five years).
At the opposite end of the spectrum, 9 banks recorded no branch closures during the same period.

Source: FDIC

Top 10 branch growth leaders

Over the past five years, the ten most active banks in branch expansion have collectively opened 2,356 new locations (FDIC insured branches in the period of 9/18/2020 to 9/18/2025). This accounts for approximately 64% of all the new branches by the entire top 100 banks.

Figure 9:

Bank ranking by new branch activity

Program Activity	Federal Reserve Rank	Bank	New Branch # (5 yr)	Avg. New Branch/Yr
1	1	JPMC	969	194
2	2	Bank of America	310	62
3	8	PNC Bank	212	42
4	20	Fifth Third	192	38
5	4	Wells Fargo	187	37
6	9	Truist	119	24
7	17	Citizens	101	20
8	21	Huntington National Bank	94	19
9	3	Citibank	87	17
10	5	U.S. Bank	85	17

Source: FDIC

Top 10 branch decommission leaders

Over the past five years, the 10 most active banks in branch closure have collectively closed 6,920 locations (FDIC insured branches in the period of 9/18/2020 to 9/18/2025). This accounts for approximately 67% of all the branch closures by the entire top 100 banks.

Figure 11:

Bank ranking by branch closure activity

Program Activity	Federal Reserve Rank	Bank	Branch Closure # (5 yr)	Avg. Branch Closure/Yr
1	4	Wells Fargo	1283	257
2	9	Truist	988	198
3	5	U.S. Bank	966	193
4	1	JPMC	948	190
5	2	Bank of America	861	172
6	8	PNC Bank	765	153
7	17	Huntington National Bank	401	80
8	21	Citizens	313	63
9	27	Santander	203	41
10	6	Capital One	192	38