Almost 10,000 U.S. Banks Have Disappeared Since 1985, Leaving 4 Mega Banks Controlling 39 Percent of Bank Assets

According to Federal Deposit Insurance Corporation (FDIC) data, there were 14,417 federally-insured banking institutions in the U.S. in 1985. As of December 31, 2023, the FDIC reports there are only 4,587 remaining. The vast majority of the 9,830 banks that have disappeared since 1985 did not fail – they were merged with other banks.