Commercial banks are a cornerstone of business and finance in the United States. They primarily serve businesses rather than individuals and offer a range of services, including accepting deposits, providing loans to businesses, and offering treasury management solutions, among others. One of the leading commercial banks in the United States is JPMorgan Chase, which
in 2022. JPMorgan Chase was also
in 2021, taking the lead over Bank of America.
The development of FDIC-insured commercial banks
The
number of commercial banks insured with the Federal Deposit Insurance Corporation (FDIC) decreased steadily over the last decade: as of 2022, there were 4,135, about 100 fewer than in the previous year. 2023, however, marked the first year since 2000 when the number of such banks increased. The
number of new banks charters dropped steeply as well in the last decade. Since 2011, less than 70 new FDIC-insured commercially chartered banks have opened. Despite the decline in the number of banks, the impact of the 2008 financial crisis, and the 2020 economic crisis caused by the coronavirus pandemic, the
pre-tax net operating income of U.S. commercial banks increased in recent years, though there was a slight drop in 2022 and 2023.
The role of commercial banks
As with any bank, one of the most important services offered by commercial banks are loans. As the U.S. economy continues to grow, so does the demand for loans to start new businesses or expand an existing business. In March 2024, the
value of loans from U.S. commercial banks amounted to over 17.5 trillion U.S. dollars, notably more than in the same month of the previous year. Commercial banks also issued about
2.5 trillion U.S. dollars in mortgages to individuals in the same period.
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