Number of FDIC-insured commercial bank branches in the U.S. 2000-2023
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.