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Ranking the Largest Banks and Credit Unions


Ranking the Largest Banks and Credit Unions

We’ve added a new table that allows you to view and sort based on asset size and a few other size metrics of the largest banks and credit unions, on either a national level or a state level. Here’s the direct link to the table of the largest banks and credit unions in the U.S. A link to this table can also be found at the bottom of our Banking Calculators & Tools page.

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If you have ever wondered about the relative sizes of the largest banks and credit unions, this table will be useful. It allows you to see how institutions compare to others. By default, the ranking is done by asset size. You can also sort by other size metrics that include the number of branches, geographic coverage area, number of employees, and number of deposit accounts. To sort based on these other measurements, just click on the respective column titles. This size data is updated each quarter soon after the FDIC and NCUA publish their quarterly reports.

By default, the rankings cover both banks and credit unions for all of the country. The top filter controls can be used to filter down to only credit unions or only banks. Also, you can limit the scope to include only specific states. State-based rankings can be limited to either institutions with headquarters in the state or all institutions with branches in the state.

To examine the details of any institution listed in the table, just click the name of the institution. That will take you to our information page for that institution that includes financial details, branch locations and deposit account rates.

You might notice a few institutions have “N/A” for the number of branches and number of states. These are internet banks.

The Largest U.S. Banks

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From the FDIC 2016 Q2 reports, the four largest institutions are still the four mega banks (Chase, Wells Fargo, Bank of America, and Citibank). Each of these megabanks has over $1 trillion in assets. That’s a thousand billion dollars, for all of the math averse out there!

Out of the four mega banks, Chase has the most assets ($2.05 trillion). However, if you sort by all other measures in the table, Wells Fargo ranks number one. It has over 6,000 branches in 40 states. Wells Fargo also has seen the largest asset growth in the last year with an increase of 8.57%. We’ll have to see how recent events and the resulting bad publicity will affect its growth numbers.

Below these four mega banks are 20 large banks, each with assets over $100 billion. The largest is US Bank with $433.5 billion in assets and 3,211 branches in 26 states. The smallest of the $100-billion banks is BMO Harris bank with $107.5 billion in assets. BMO Harris just crossed the $100-billion mark in the last year.

Out of these 20 large banks, three have had asset growth of over 20% in the last year. Out of the three, Goldman Sachs Bank USA had the largest growth (23.64%). It’s now the 14th largest bank in the country with assets of $160.7 billion. With its April acquisition of the online deposit platform of GE Capital Bank, it now has an internet bank division operating under the name GS Bank.

M&T Bank ranks second in asset growth (21.70%). It’s now the 19th largest bank in the country with $123.1 billion in assets. In November 2015, M&T Bank completed the acquisition of Hudson City Savings Bank, which had assets of $35.1 billion.

Close behind M&T Bank is Charles Schwab Bank with asset growth of 20.44%. The linking of banking products with brokerage products has been popular. The bank was established just 13 years ago, and now with $153.9 billion in assets, it’s the 15th largest bank in the country.

The Largest U.S. Credit Unions

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As you can see from the table, the largest credit unions are much smaller than the largest banks. No credit unions have assets over $100 billion. As mentioned above, 24 banks have assets over $100 billion, and four have assets over one trillion. In this previous article we looked at the total assets of banks and credit unions. Banks own 93% of the total assets compared to 7% owned by credit unions. Those percentages have held steady since 2007.

Based on the NCUA 2016 Q2 reports, Navy Federal Credit Union is by far the largest credit union in the nation. Its asset count of $77.8 billion is more than double its nearest competitor, State Employees' Credit Union in North Carolina ($33.8 billion). Only six credit unions have assets of over $10 billion. The tenth largest credit union (Star One Credit Union in California) has assets of $8.2 billion.

Out of the ten largest credit unions, Navy Federal grew the second most in the last year with a growth rate of 10.22%. The fastest growth was at First Technology Federal Credit Union in California, which grew by 12.67%. It’s the ninth largest credit union with assets of $9.1 billion.

Largest Banks and Credit Unions in Your State

You might be surprised by the largest banks and credit unions with headquarters in your state. Many of the largest institutions have chosen business-friendly states for their headquarters. A good example is South Dakota which is known for its low taxes and lenient lending regulations. This small state is home to the headquarters of Wells Fargo, Citibank and TCF National Bank.

Please give our bank and credit union size table a try. If you find anything interesting about the banks or credit unions in your state or if you find anything else noteworthy about the table, please leave a comment.

Anonymous   |     |   Comment #1
Lots of good info on the size table. Thanks Ken.
Anonymous   |     |   Comment #2
Thanks Ken, good information to have.
cactus   |     |   Comment #3
Very interesting. Have been member of giant, large, and medium-size CUs. Have had very good and not-so-good experiences with all sizes. As long a CU is big enough to have solid procedures and enough competent people in proportion with the number of members, the size of an institution doesn't make much difference to savers. Where you run into complications is with a place so small that, for example, the one and only person who handles wire transfers is out and there is no backup person. 
Anonymous   |     |   Comment #4
Really interesting info!! Thank Ken
NYCDoug   |     |   Comment #5
It's nice to be able to observe and comment on asset growth, but it might be more prudent and pragmatic to monitor asset shrinkage, e.g., Melrose Credit Union. Too bad at this point that we cannot sort by this category, for an easier overview, grasp, and ranking. [Perhaps even have a tallied "average" with which to run relative comparisons.] Coming soon?
Anon314314314 (anonymous)   |     |   Comment #6
Am a member of multiple credit unions (including 4 OF THE TOP 8 credit unions).
My thoughts on the "Top CU list"

Like Alliant the best by far, all around. Low fees, policies that favor the customer, high savings rates, easy to use, good cust service.

Like NavyFed the least (terrible anti-customer policies and inept, though if you can stand dealing with them and their policies, they do have occasional specials and let you add onto IRA CDs).

PenFed so-so. Nothing fantastic, nothing terrible. They offer good low-cost credit card options (Promise Visa) and occasional CD deals, but the CD deals have been rare to non-existent lately.

(The fourth one of the Top 8 I'm a member of has a closed FOM).

I'm also a member of other CUs, but those are my thoughts on the "biggie" CUs...
Anonymous   |     |   Comment #7
Gee, I wonder if Wells Fargo would maybe be #8 or #13 instead of #2, if you don't count the hundreds of thousands of fake, false, and fraudulent accounts opened illegally by their employees over the last few years. Thank goodness for the CFPB.
Anonymous   |     |   Comment #12
We don't know but the tip of the iceberg as to the fraud and corruption of this bank.  When there are so many phony accounts, you know the asset growth is phony.
RJM   |     |   Comment #8
Legacy Credit Union in Bham,AL seems to be missing from the list.  Should be one of the largest credit unions in AL.
Anonymous   |     |   Comment #10
I used to work for an accounting firm and can attest to anyone reading this that those number posted by the banks are bogus and made up to please the stock holders and satisfy the SEC requirement.
There is no profit at any of the banks in USA (except for very few small banks). They intermingle assets with loans, derivatives, stocks, sweep accounts, credit cards and savings account into one big pot and if anyone wants to find the real numbers, it will take you a decade to unmingle the mess created on purpose.
They still pledge worthless paper as security to FED's QEs and that is how they stay afloat.
Do not be fooled, the QE is still active and went underground and to pretend all is OK with the banks.