Top 150 Largest Financial Institutions

As of December 31, 2007, the landscape of the American banking sector was dominated by a few financial institutions that held the largest share of deposits in the country. Citicorp, with an impressive $826 billion in deposits, was the largest, followed closely by Bank of America at $806 billion, and JP Morgan Chase at $741 billion. These three banking giants were the leaders in a market that was seeing tremendous consolidation and transformation, with the likes of Wachovia and Wells Fargo rounding out the top five.

The significance of these institutions lies not only in the scale of their operations but also in their critical role in the financial ecosystem. The size of a bank's deposit base is often seen as a key indicator of its stability, influence, and capacity to weather economic storms. In 2007, these top financial institutions were integral to the functioning of the U.S. economy, and their actions, decisions, and strategies reverberated far beyond the banking sector.

Citicorp, as the largest bank, had cemented its position as a global financial powerhouse. Its scale and extensive network allowed it to serve millions of customers worldwide, and it played a pivotal role in global banking markets. Citigroup, the parent company of Citicorp, had an extensive presence not only in traditional banking services such as loans, savings accounts, and credit cards, but also in investment banking, asset management, and insurance. This diversification was a key factor that helped Citicorp maintain its leadership position in a highly competitive industry. By 2007, Citigroup had expanded its reach into over 100 countries, allowing it to capitalize on global growth and emerging markets. Its diverse portfolio of products and services made it an indispensable player in the financial world, able to absorb risks in one sector with gains from another.

Bank of America, which ranked second with $806 billion in deposits, had also solidified its position as one of the largest banks in the world. It was a direct competitor to Citicorp, and its growth strategy in the years leading up to 2007 was largely driven by aggressive mergers and acquisitions. One of the most significant of these was its 2004 acquisition of FleetBoston Financial, which helped Bank of America increase its presence in the northeastern United States. More acquisitions followed, including the 2007 purchase of Countrywide Financial, a leader in subprime mortgage lending. This acquisition, however, would later contribute to significant problems for the bank, as the housing market began to collapse in 2008 and the subprime mortgage crisis unfolded. Nevertheless, in 2007, Bank of America was riding high, with its vast network of branches, extensive wealth management services, and growing investment banking presence.

JP Morgan Chase, ranking third with $741 billion in deposits, represented another powerhouse in the banking world. Known for its strong investment banking division, JP Morgan Chase was also deeply entrenched in traditional banking services. Like Citigroup and Bank of America, JP Morgan Chase had grown through a series of strategic mergers and acquisitions. The firm’s 2000 merger with Chase Manhattan Bank and its 2004 acquisition of Bank One were pivotal in transforming JP Morgan into one of the largest and most influential financial institutions in the world. By 2007, the bank was deeply involved in a wide range of financial services, including commercial banking, asset management, private equity, and investment banking. Its prominent role in the financial markets made it a critical player during the 2007-2008 financial crisis, as it was one of the institutions that helped broker major deals during the crisis, including the rescue of Bear Stearns.

The fourth-ranked bank, Wachovia, had also enjoyed rapid growth in the years leading up to 2007. With $532 billion in deposits, Wachovia was a regional player that had expanded nationally through acquisitions. Its purchase of First Union in 2001 created a larger and more diversified bank, and in the years that followed, Wachovia strengthened its presence in investment banking and wealth management. However, like many of its peers, Wachovia’s exposure to the housing market and subprime mortgages would prove to be problematic in the following year. In 2008, Wachovia was forced into a merger with Wells Fargo after suffering significant financial losses, highlighting the risks that many banks faced during the unfolding crisis.

Wells Fargo, which rounded out the top five with $504 billion in deposits, was another major player in the U.S. banking sector. Known for its conservative approach to banking, Wells Fargo was often seen as a more prudent institution compared to its competitors. The bank had a strong reputation for customer service and had focused on organic growth rather than relying heavily on mergers and acquisitions. Wells Fargo’s focus on traditional banking, coupled with its diversified portfolio, allowed it to weather many of the storms that affected other financial institutions. In fact, when the financial crisis hit in 2008, Wells Fargo was one of the few large banks that remained relatively unscathed. It would go on to acquire Wachovia, further expanding its footprint and solidifying its place as one of the largest and most stable banks in the United States.

Ranking of Top 150 financial institutions with the most deposits as of 31 Dec 2007:
Rank, Name
1 Citicorp
2 Bank of America
3 JP Morgan Chase
4 Wachovia
5 Wells Fargo
6 Washington Mutual
7 HSBC Holding
8 U.S. Bancorp
9 Bank of New York
10 SunTrust Bank
11 Royal Bank of Scotland
12 National City
13 State Street Corp.
14 Regions Financial
15 BB&T Corporation
16 Capital One Financial*
17 PNC Financial Services Group
18 Fifth Third Bancorp
19 KeyCorp
20 Countrywide Financial Corp.
21 ING USA
22 Northern Trust
23 Sovereign Bancorp
24 BNP Paribas (Bank of the West)
25 Comerica
26 Toronto-Dominion Bank
27 Mitsubishi Tokyo (Union Bank)
28 M&T Bank
29 Huntington Bancshares
30 Zions Bancorp
31 Banco Bilbao Vizcaya Argentaria S.A.
32 Marshall & Ilsley
33 E-Trade Financial
34 BMO Financial Group
35 Popular Inc
36 Morgan Stanley
37 USAA Bancorp
38 Merrill Lynch and Company
39 Synovus Financial Corp.
40 Navy Federal Credit Union
41 Colonial BancGroup Inc.
42 Indymac Bancorp. Inc.
43 First Horizon National Bancorp
44 Royal Bank of Canada (Centura)
45 Hudson City Bancorp
46 Associated Banc-Corp
47 Charles Schwab Corp.
48 State Employees Credit Union
49 BOK Financial Corp.
50 New York Community Bancorp Inc.
51 Astoria Financial Corp.
52 First Citizens Bancshares
53 New York Private Bank & Trust Corp
54 Commerce Bancshares
55 AmTrust Financial Corp.
56 Webster Financial Corp
57 Lehman Brothers Holdings Inc.
58 Deutsche Bank
59 City National Bank
60 FBOP Corp
61 BF Saul Real Estate Trust
62 First Bancorp
63 Cullen/Frost Bankers Inc.
64 Downey Financial Corp
65 W Holding Co. Inc.
66 Fulton Financial Corp.
67 State Farm Bank
68 Bancorpsouth, Inc.
69 South Financial Group
70 TCF Financial
71 Pentagon Federal Credit Union
72 Guaranty Financial Group Inc.
73 First Banks Inc
74 Susquehanna Bancshares Inc.
75 People’s United Financial Inc.
76 Whitney Holding Corp.
77 Third Federal S&L
78 Citizens Republic Bancorp Inc.
79 Flagstar Bancorp Inc.
80 Arvest Bank Group
81 Valley National Bank
82 American Express Co.
83 Bank of Hawaii
84 Wilmington Trust
85 UCBH Holdings, Inc.
86 Sterling Financial Corp.
87 FirstBank Holding Co.
88 Corus Bancshares, Inc.
89 Wintrust Financial Corp
90 Firstmerit Corp.
91 BankUnited Financial Corp.
92 East West Bancorp Inc.
93 Boeing Employees Credit Union
94 International Bankshares Corp
95 Trustmark Corp.
96 Apple Financial Holdings Inc.
97 Umpqua Holdings Corp.
98 UMB Financial Corp.
99 Cathay General Bancorp
100 Israel Discount Bank Ltd.
101 Raymond James Financial Inc.
102 Central Bancompany
103 Washington Federal, Inc.
104 United Community Banks, Inc.
105 Golden 1 Credit Union
106 First Midwest Bancorp, Inc.
107 Old National Bancorp
108 Northwest Bancorp MHC
109 First Niagara Financial
110 MB Financial, Inc.
111 United Bancshares, Inc.
112 Bremer Financial Corp.
113 Suncoast Schools Federal Credit Union
114 Santander BanCorp
115 First Citizens Bancorp, Inc.
116 Hancock Holding Company
117 Prosperity Bancshares Inc.
118 Pacific Capital Bancorp
119 Bank Leumi Ie-Israel, BM
120 Ocean Bankshares, Inc.
121 Utrecht-America Holdings Inc.
122 Eastern Bank Corp.
123 SVB Financial Group
124 MetLife Inc.
125 R and G Financial Corp.
126 Park National Corp.
127 Dickinson Financial Corp.
128 F.N.B. Corp
129 NewAlliance Bancshares Inc
130 Boston Private Financial Holdings, Inc.
131 First Commonwealth Financial Corporation
132 Doral Financial Corp
133 Provident Financial Services Inc.
134 Provident Bancshares Corp
135 FirstFed Financial Corp.
136 Capitol Federal Savings Bank MHC
137 American Airlines Federal Credit Union
138 Amcore Financial Inc.
139 Central Pacific Financial Corp.
140 First Interstate Bank
141 Mercantil Commercebank Holding Corp.
142 BFC Financial Corp
143 National Penn Bancshares Inc.
144 WesBanco Inc.
145 EverBank Financial Corp.
146 NBT Bancorp Inc.
147 Capitol Bancorp Ltd.
148 Pinnacle Bancorp Inc.
149 Investors Bancorp MHC
150 Johnson Financial Group Inc.
Source: American Banker 2008