These Are the 8 Biggest Local Banks in America

When looking for banking services in the United States, you have plenty of choices. The bigger banks tend to have larger loan packages and offer much more in the way of solutions, but smaller ones tend to be a little bit more personal. When looking for a larger bank, there are eight that top the list for size in the United States.

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J.P. Morgan Chase

By far the largest bank in the United States is J.P. Morgan Chase. With over $2.5 trillion in assets, it’s one of the true behemoths internationally. It’s located and headquartered in New York City, and has been one of the largest providers of credit to American consumers for the last century. You would be pretty hard-pressed to find a city that doesn’t have a J.P. Morgan Chase branch nearby.

Bank of America

Bank of America, headquartered in Charlotte North Carolina, has $2.3 trillion in assets,making it almost as big as J.P. Morgan Chase. It is a bit of an outlier as most of the larger banks are found in New York City, and has been a major driver of economic development in Charlotte, one of America’s faster growing cities. In fact, Bank ofAmerica has been one of the more aggressive acquirers of other financial institutions,buying such well-known brands as ABN AMRO, Countrywide Financial, and Merrill Lynch. Bank of America is known for providing a lot of consumer credit, especially in the private loan and credit card divisions.

Wells Fargo

Embroiled in several scandals lately, Wells Fargo has been in the headlines for all of the wrong reasons. Based in San Francisco and controlling $1.95 trillion, Wells Fargo has long been a consumer focus bank, offering credit cards, car loans, home loans, and many other services. It has been an aggressive lender over the last couple of years, but unfortunately that typically comes with higher interest rates.


Citigroup is based out of New York City, as so many of the other larger banks are.Citigroup is known around the world for its derivative trading, but in the US is focused mainly on consumer debt, and of course mortgages. The bank has branches all over the United States, and you would be hard-pressed to find a city that doesn’t have Citigroup represented. In fact, they have over 200 million customer accounts.

Goldman Sachs

Goldman Sachs is a bit of an outlier in this list, as although it is one of the top eight banks by size in the United States, consumer lending only accounts for 16% of its revenue. Most of the work that Goldman Sachs does is more dedicated to institutional trading than anything else. Because of this, I think that the average consumer will be hard-pressed to find dealings with Goldman Sachs, unless of course they are a high net worth individual. However, it is being noted as of late that they are trying to expand their retail business.

Morgan Stanley

Based out of New York City, Morgan Stanley has $851 billion in assets under its control.Morgan Stanley has more to do with your portfolio than consumer credit. If you are looking for investment, Morgan Stanley does a lot with personal wealth management.However, if you’re looking for credit or loans, Morgan Stanley will not be a place for you.Morgan Stanley is quite often thought of as a place for retirement, or perhaps wealth preservation and legacy finance.

U.S. Bancorp

U.S. Bancorp, based out of Minneapolis Minnesota is the parent company of US Bank National Association, known as U.S. Bank. This company has $470 billion worth of assets under control, offering payment services, mortgages, loans, investments, and general banking to individuals across the United States. There are over 3100 branches,but it should be pointed out that the true focus of the company seems to be in the Midwest. U.S. Bancorp, or U.S. Bank, is easily found and is heavily involved in various types of consumer products.

PNC Financial Services

PNC Financial Services, or PNC Bank, is based out of Pittsburgh Pennsylvania,operating in 19 states and the District of Columbia. There are over 2400 branches,focusing on asset management, wealth management, estate planning, loans, and more. PNC is aggressive with lending for consumers, as the credit card division has exploded over the last several years. With over $380 billion of assets, PNC rounds out the list.

In Conclusion

These are all banks that you should be able to find chapters of in your local community.While there will be the occasional outlier, the reality is that you should be able to find at least five on this list in your local town, if it is of decent size. The rise of online banking means you can find the right savings account to fit your lifestyle and needs. 

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