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Largest banks in the US in 2024

If the Capital One and Discover merger goes ahead, it will be the 6th biggest bank in the US.

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Richard Laycock

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We’ve all heard the term “too big to fail” when people talk about banks, but just how big is big? Well, the largest bank in the US in terms of consolidated assets, JP Morgan Chase, is holding close to $3.4 trillion.

To put that in the context of the recent news about the Capital One and Discover merger, their combined consolidated assets only amount to about $625 billion, roughly 5.4 times smaller than JP Morgan Chase.

Obviously, the $625 billion is nothing to sneeze at. The merger will take Capital One from the 9th largest bank in the US (currently holding roughly $476 billion in consolidated assets) to the 6th largest bank with Discover’s $149 billion, which is currently the 27th largest bank.

What are the largest banks in the US?

At about $3.4 trillion, JP Morgan Chase is currently the biggest bank in the US, followed by Bank of America at $2.5 trillion and Wells Fargo at $1.7 trillion. The other largest banks in the US by assets are:

Graphic source

Which bank has the most branches

If you still like going into a bank, then JP Morgan Chase is your best bet, with 4,905 locations nationwide. Chase is followed by Wells Fargo (4,358 branches) and Bank of America (3,781 branches).Graphic source

States with the most chartered banks

Texas is the banking capital of the US, with 204 having their bank chartered in the state. They’re followed by Illinois (145) and Missouri (95). States that are least likely to have banks chartered in them include New Hampshire, Rhode Island and DC — all of which are home to only three banks.Graphic source

States with the most valuable banks

While Texas might have the most banks, Ohio — which JP Morgan calls home — is the state with the most consolidated assets at roughly $4.7 trillion. That means the other 12 banks chartered in the state contribute roughly an additional $1.3 trillion.

Other states with asset rich banks include South Dakota at $3.5 trillion (home of Wells Fargo) and North Carolina at $3.3 trillion (Bank of America).

Graphic source

What are the smallest banks in the US?

At the other end of the spectrum, we have the Bank Of Little Rock with $300 million in consolidated assets, followed by Glenwood St Bank, Carthage Savings and Loans, Fahey Banking and National Iron Band, all with $301 million in consolidated assets.Graphic source

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Lead Editor & Insights Editor

Richard Laycock is Finder’s NYC-based lead editor & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU). See full bio

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