Number of FDIC-insured commercial banks in the U.S. 2002-2018

Number of FDIC-insured commercial banks in the United States from 2002 to 2018

by M. Szmigiera, last edited Nov 7, 2019
Number of FDIC-insured commercial banks in the U.S. 2002-2018 In 2018, there were 4,708 FDIC-insured commercial banks in the United States. The FDIC, of Federal Deposit Insurance Corporation, is an agency that insures the banking system in the U.S. The number of such registered banks has been declining since 2002, when it there were over 7,800 FDIC-insured banks in the country.
Why do banks need insurance?

The number of banks is shrinking, but the value of deposits in these banks is growing, amounting to trillions of U.S. dollars. The primary function of the FDIC is to insure these deposits up to 250,000 U.S. dollars. In good times, this is no issue. However, during the Financial Crisis, hundreds of FDIC-insured banks declared insolvency. Account holders were then eligible for compensation for the portion of their accounts that the FDIC insured.

Financial figures of the FDIC-insured banks

Except in times of deep recession, U.S. banks have a positive net operating income. It amounted to over 240 billion U.S. dollars in 2017. The value of funds borrowed by the U.S. FDIC-insured banks reached 1.27 trillion U.S. dollars in that year.
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Number of FDIC-insured commercial banks in the United States from 2002 to 2018

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