The US is a diversified banking market that includes very large national banks, regional banks, state banks and local banks with a significant amount of competition in some markets. In addition their also include credit unions and alternative P2P lending providers.
Largest Banks in the US
In the US market overall, the banking sector is dominated by major banks such as Citibank (15 States), Chase (26 States), Bank of America (35 States), Wells Fargo (42 States) and PNC Bank (21 States) with these banks containing a significant amount of assets and deposits as well as ATMs and Branches for the US market.
Regional and Local banks in the US
While the above 5 banks dominate the US market overall, they are not present in every state and the US banking market in general tends to be diversified and more regionally focused with other banks dominating specific states.
For example the following states are branch dominated by:
Regions bank (Alabama and Mississippi, Tennessee)
Arvast Bank (Arkansas and Oklahoma)
People's United Bank (Connecticut and Vermont)
Bank of Hawaii (Hawaii)
US Bank (Idaho, Iowa, Kentucky, Missouri, Oregon)
Commerce Bank (Kansas)
Bangor Savings Bank( Maine
Citizens Bank in Massachusetts and New Hampshire, Rhode Island
The Huntington National Bank in Michigan and Ohio
Glacier Bank Montana
Pinnacle Bank Nebraska
BB&T North Carolina, Virginia, West Virginia
Gate City Bank in North Dakota
First-Citizens Bank & Trust South Carolina
BMO Harris Bank Wisconsin
HSBC and TD Bank are the most well known foreign bank subsidiaries in the US serving the East Coast.
While individually the approximately 7,000 credit unions can vary from being small to large, in aggregate credit unions in the United States serve about 100 million members. Examples include the NFCU (Navy Federal Credit Union) and the SECU (State Employees’ Credit Union). Some Credit Unions are part of a CU Service Center network, which can allow its members to perform transactions at a credit union within the network and which could have access to nearly 5,000 branches across the country.
In the US, P2P lending providers such as Prosper and Lending Club provide an additional opportunity for the personal loans segment of the market.
In the US regulators include the Federal Reserve System, FDIC ( Federal Deposit Insurance Corporation), Office of the Comptroller of the Currency and the federal credit unions by the NCUA (National Credit Union Administration)