Number of FDIC-insured commercial bank branches in the U.S. 2000-2022
What does the FDIC do?
The FDIC (Federal Deposit Insurance Corporation) is an agency created by the United States Congress that guarantees the deposits in commercial banks up to 250,000 U.S. dollars. This protects depositors in the event that the bank becomes insolvent. It also enables banks to issue more loans, since depositors may prefer banks that are insured by the FDIC.
Trends in the banking industry
While the number of branches has stayed relatively stable, the number of FDIC-insured commercial banks has declined in recent years. As younger generations become more accustomed to online and digital banking, the need for bank branches may also wane.