Bank

The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. The evolution of banking dates back to the earliest writing, and continues in the present where a bank is a financial institution that provides banking and other financial services. Currently the term bank is generally understood as an institution that holds a banking license. Banking licenses are granted by bank regulatory authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans. There are also financial institutions that provide certain banking services without meeting the legal definition of a bank, a so called non-bank. Banks are a subset of the financial services industry.

Top ten bank holding companies in the U.S. ranked by deposits

As of June 30, 2004. These are U.S. deposits only. This is not a ranking of the largest U.S. based global banks.

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• Bank of America Corp. — 526 billion
• Wells Fargo & Co. — 256 billion
• Wachovia Corp. — 238 billion
• J.P. Morgan Chase & Co. — 227 billion (1)
• Citigroup Inc. — 193 billion
• Bank One Corp. — 150 billion (1)
• U.S. Bancorp — 112 billion
• SunTrust Banks, Inc. — 78 billion
• BB&T Corporation — 67 billion
• National City Corp. — 64 billion

(1) Since this report, J.P. Morgan Chase & Co. has acquired Bank One Corp., making the combined 6/30/04 deposit total for the merged company $377 billion, vaulting it to second place on the list.

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