Holding the title of the world’s biggest bank in terms of market capitalization, JP Morgan Chase boasts its crazy assets of $3.31 trillion. Operating from New York City, it functions worldwide, making it one of the most trusted banks all over the globe.
It revolves around private and investment banking services, managing assets, and various monetary security services.
Initially formed in 2000, Chase operates credit card services and commercial banking while the former are regulated under its merger–with J.P. Morgan.
Chase’s Competitor List
Centred in South Dakota, CitiBank is a financial service provider with its luring provision of ATMs free of any fee for U.S. customers.
Having about 2500 branches both inside and outside the country, it stands high with its circle of customers in the list of most prominent banks in America. Its assets round off at nearly $2 trillion, giving it the position of being Chase’s top contender.
2. Bank of America
With its headquarters residing in Charlotte in North Carolina, it proudly claims the service to nearly 70 million customers.
And, very impressively, with an asset estimation of $2.52 trillion, it stands only second to Chase. This international bank is also the fifth-largest company in the States.
Established in San Francisco and created by Amadeo Pietro Giannini in 1904, it was called Bank of Italy and was later renamed into what we know today.
3. U.S. Bancorp
While it was founded in Delaware, it is now headquartered in Minneapolis, Minnesota. Operating mainly in western and centre-west United States, it has about 5000 ATMs in about 3000 primary locations, growing its base-wide.
A fact: it is patented by the U.S. Bank National Association. It also enjoys a hefty asset of $564.16 billion, debuting at number 5.
4. Frost Bank
It was founded 154 years ago by Thomas Claiborne Frost, a lieutenant colonel in the U.S. Army. And now, its assets have grown up to $42.39 billion since 1868, marking its spot in the list of largest banks in the U.S.
It has its headquarters in San Antonio, Texas, operating almost all inside the state and is a subsidiary of Frost Bankers Inc.
5. Truist Financials
Headquartered in North Carolina again on this list, we have this bank with an asset of $509.288 billion. It deals with the critical products of commercial and investment banking and mortgage and insurance.
Having around 3000 branches, it also produces a good revenue of $20.340 billion as per the statistics.
It is relatively new as it was formed out of a business merger between Branch Banking and Trust Company and SunTrust Banks in 2019.
6. Huntington Bancshares
Huntington Bancshares was founded 156 years ago in 1866 by P. W. Huntington and was also formerly called P. W. Huntington & Company. Its headquarters are located in Columbus, Ohio.
And it has an asset of $175 billion. Furthermore, with a workforce of 30,000, it collects revenue of $4.185 billion in a financial year.
However, in December 2020, a merger between Huntington and TCF Bank was announced, and this meant that Detroit would be its new commercial banking headquarters for it.
7. Northwest Bank
Having its headquarters situated in Columbus, Ohio, this bank stands on the list of the competitors of Chase with, however, $13.809 billion of assets.
Being the leading subsidiary company of Northwest Bancshares Inc, Northwest Bank operates almost 170 branches in Pennsylvania, Ohio and New York.
Known as Northwest Mutual Savings Organization, this was formed in 1896 and is based in Branford, Pennsylvania. However, its headquarters were changed to Warren in later years.
Under CEO Todd F. Clossin and with an asset of $1.490 billion, Wesbanco is a bank holding company situated in West Virginia.
It has 200 and more branches spread throughout the States, including Ohio, Pennsylvania, Indiana and, of course, West Virginia. Although its number of employees is not high enough to be boasted about, it still has come a long way since its founding in 1870.
9. Peoples Bancorp Inc.
Headquartered in Marietta, Ohio, it was founded in 1902. It holds several subsidiary financial services, and one such is PeoplesBank.
It is one of the biggest community serving banks based in Western Massachusetts, with $3.3 billion.
It was earlier known as People’s Savings Bank, formed in March 1885 before its name changed into PeoplesBank in 2003, with its headquarters operating from Holyoke.
It provides services in agricultural banking and commercial and customer banking services. It was first founded in 2004 and had its headquarters located in Eau Claire, Wisconsin, U.S.
It rose on the list of growing banks and financial services in the first decade of this millennium.
Although owing some credit to its subsidiaries, such as Citizens Community Federal National Association and others, it still has had enough shares to market itself as a brand alone.
11. United Bank
Based in West Virginia, it also boasts the second-largest bank there if the overall deposits are taken into account.
Moreover, it was founded on March 17, 1839, making it about 183 years old. It has its primary main offices situated in Charleston, and its services are well available in the areas of Virginia, Ohio, Pennsylvania, Maryland and North and South Carolina. The total assets count up to $26.184 billion.
12. Marshall & Ilsley
Finally, we have Marshall & Ilsley on this list with their unique name. M&I used to be an American financial service provider and a bank before being repurchased by the Bank of Montreal in 2010.
The current president of the bank is Mark Furlong. Initially founded in 1847, this bank operated with its headquarters in Milwaukee, Wisconsin, in the States.
The nak has more than 250 branches. However, BOM purchased this, shutting it down officially on July 5 2011. During the year 2008, the bank was estimated to have an asset of $63 billion.