The year 2023 has been a tough one on the banking sector. First, Silicon Valley Bank failed in March 2023, only to be followed in due course by Signature Bank
SBNY
and the seizure of First Republic Bank
FRC
in May 2023. For the majority of depositors, whose deposits are typically less than $250,000, their money is insured by the FDIC, so these bank failures didn’t wipe them out completely. But for those depositors who did have amounts in these banks of more than $250,000, their collapse has been devastating.
Although these banks had large amounts in deposits, they do not rank among the biggest banks in the United States. In order to identify the largest banks in the U.S., we sourced data from the FDIC to zero-in on the bank in each state that has the greatest amount in deposits from “inside of market,” meaning, inside the state.
Largest Bank in Every State of 2023
Not surprisingly, some of the bigger, well-known names like Wells Fargo
WFC
, Chase, or Bank of America
BAC
rank as the No. 1 biggest bank in the state. But many other states sometimes have unique and lesser-known banks as their largest.
The bank that proved to be the biggest bank in the most states was Bank of America, with 11 states. Wells Fargo was the largest bank in seven states, followed by Chase Bank in six states. In New England, TD Bank was very prominent, being the largest bank in Maine and New Hampshire. In the Midwest, U.S. Bank was one of the most dominant banks, being the biggest bank in Minnesota, Ohio, and Wisconsin.
In terms of market share inside the state, Citibank claims 62% of the market share in South Dakota, the highest rate of all 50 states plus D.C. However, it should be noted that South Dakota is also the headquarters of Citibank, which heavily tilted the market share in its favor. In Alaska, Wells Fargo accounts for 44.2% of the market. And the third greatest market share was in Rhode Island, where Citizens Bank takes up 39% of the market.
Read on to find out the biggest bank in every U.S. state.
Alabama
Largest bank in Alabama: Regions Bank
Deposits inside market: $32,590,079,000
Alaska
Largest bank in Alaska: Wells Fargo
Deposits inside market: $7,536,026,000
Arizona
Largest bank in Arizona: Chase Bank
Deposits inside market: $58,239,182,000
Arkansas
Largest bank in Arkansas: Arvest Bank
Deposits inside market: $13,803,860,000
California
Largest bank in California: Bank of America
Deposits inside market: $451,257,611,000
Colorado
Largest bank in Colorado: Wells Fargo
Deposits inside market: $41,808,963,000
Connecticut
Largest bank in Colorado: Bank of America
Deposits inside market: $44,720,763,000
Delaware
Largest bank in Delaware: Capital One
COF
Deposits inside market: $176,840,773,000
District of Columbia
Largest bank in D.C.: Bank of America
Deposits inside market: $16,255,281,000
Florida
Largest bank in Florida: Bank of America
Deposits inside market: $181,870,060,000
Georgia
Largest bank in Georgia: Truist Bank
Deposits inside market: $69,989,862,000
Hawaii
Largest bank in Hawaii: First Hawaiian Bank
FHB
Deposits inside market: $21,035,324,000
Idaho
Largest bank in Idaho: Wells Fargo
Deposits inside market: $7,830,911,000
Illinois
Largest bank in Illinois: Chase Bank
Deposits inside market: $139,242,326,000
Indiana
Largest bank in Indiana: Chase Bank
Deposits inside market: $30,099,728,000
Iowa
Largest bank in Iowa: Wells Fargo
Deposits inside market: $8,911,513,000
Kansas
Largest bank in Kansas: Bank of America
Deposits inside market: $6,964,205,000
Kentucky
Largest bank in Kentucky: PNC Bank
Deposits inside market: $12,654,364,000
Louisiana
Largest bank in Louisiana: Chase Bank
Deposits inside market: $25,583,103,000
Maine
Largest bank in Maine: TD Bank
Deposits inside market: $5,703,094,000
Maryland
Largest bank in Maryland: Bank of America
Deposits inside market: $46,611,103,000
Massachusetts
Largest bank in Massachusetts: State Street
STT
Bank and Trust
Deposits inside market: $166,578,000,000
Michigan
Largest bank in Michigan: Chase Bank
Deposits inside market: $74,899,526,000
Minnesota
Largest bank in Minnesota: U.S. Bank
Deposits inside market: $90,879,982,000
Mississippi
Largest bank in Mississippi: Regions Bank
Deposits inside market: $9,935,210,000
Missouri
Largest bank in Missouri: Bank of America
Deposits inside market: $24,236,417,000
Montana
Largest bank in Montana: Glacier Bank
Deposits inside market: $7,706,307,000
Nebraska
Largest bank in Nebraska: First National Bank of Omaha
Deposits inside market: $14,446,191,000
Nevada
Largest bank in Nevada: Wells Fargo
Deposits inside market: $26,691,546,000
New Hampshire
Largest bank in New Hampshire: TD Bank
Deposits inside market: $12,185,268,000
New Mexico
Largest bank in New Jersey: Wells Fargo
Deposits inside market: $11,400,660,000
New Jersey
Largest bank in New Jersey: Bank of America
Deposits inside market: $79,650,717,000
New York
Largest bank in New York: Chase Bank
Deposits inside market: $846,566,598,000
North Carolina
Largest bank in North Carolina: Bank of America
Deposits inside market: $212,309,529,000
North Dakota
Largest bank in North Dakota: First International Bank & Trust
Deposits inside market: $3,819,814,000
Ohio
Largest bank in Ohio: U.S. Bank
Deposits inside market: $95,057,465,000
Oklahoma
Largest bank in Oklahoma: BOK Financial
Deposits inside market: $17,253,030,000
Oregon
Largest bank in Oregon: U.S. Bank
Deposits inside market: $23,408,094,000
Pennsylvania
Largest bank in Pennsylvania: PNC Bank
Deposits inside market: $142,513,028,000
Rhode Island
Largest bank in Rhode Island: Citizens Bank
Deposits inside market: $17,282,575,000
South Carolina
Largest bank in South Carolina: Wells Fargo
Deposits inside market: $20,626,031,000
South Dakota
Largest bank in South Dakota: Citibank
Deposits inside market: $443,818,000,000
Tennessee
Largest bank in Tennessee: First Horizon Bank
Deposits inside market: $31,494,241,000
Texas
Largest bank in Texas: Charles Schwab
SCHW
Bank
Deposits inside market: $389,489,000,000
Utah
Largest bank in Utah: Morgan Stanley
MS
Bank
Deposits inside market: $169,572,000,000
Vermont
Largest bank in Vermont: M&T Bank
MTB
Deposits inside market: $4,660,924,000
Virginia
Largest bank in Virginia: Capital One
Deposits inside market: $85,062,845,000
Washington
Largest bank in Washington: Bank of America
Deposits inside market: $49,477,796,000
West Virginia
Largest bank in West Virginia: Truist Bank
Deposits inside market: $6,631,433,000
Wisconsin
Largest bank in Wisconsin: U.S. Bank
Deposits inside market: $43,453,725,000
Wyoming
Largest bank in Wyoming: First Interstate Bank
FIBK
Deposits inside market: $3,130,808,000
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