Best Regional Banks

Learn more about the best regional banks. Includes information on the best regional banks and frequently asked questions.

Updated on November 18th, 2019

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A regional bank is a depository institution in a regional or metropolitan area that is smaller than a money center bank and operates below the state level. It puts more focus on personalized service and on your local market conditions when considering loans.

To help you choose the best regional bank for your business, we've put together a list of banks offering free checking accounts, low monthly fees, and low opening costs.

Read More:

Best Banks for Established Businesses - Learn more about the top banks for established businesses.

Best Banks for Online Businesses - Learn more about the banks most suitable for online businesses.

Best Banks for High Transaction Volumes - Learn more about the best banks for businesses that need to process high monthly transaction volumes.

Why We Chose Western State Bank:

Western State Bank offers many features and benefits, such as a free business checking account for small businesses. This free account has no monthly fees or minimum balance requirements and includes free online business banking.

The other business checking accounts offered by Western State Bank have low monthly fees of only $10.00. Western State Bank also offers a range of online services, such as online and mobile banking. Western State Bank has received many positive reviews from customers.

Things to Consider When Evaluating Regional Banks:

  1. Check that the bank has easily accessible brick-and-mortar branches where you do business.
  2. See what the bank offers in terms of features, benefits, and monthly fees.
  3. Consider the bank's online or mobile banking options and find one that is easy to navigate and well-suited to your needs.
  4. If you process a lot of business transactions, you may want to consider using a bank that specializes in high transaction volumes.

Best Regional Banks:

Our Rank




Western State Bank

Offers free business checking options but has a limited number of branches and ATM locations.


Fifth Third Bancorp

Has many full-service locations and fee-free ATMs, but has high checking account fees.


People's United

Offers several accounts with no monthly fees or ATM fees, but also offers low interest rates on checking accounts.


Union Bank

Has lower returns on certain accounts but waives monthly fees if you maintain a daily balance.


Flagstar Bank

Has an easy-to-use website and offers good customer service.


Atlantic Stewardship Bank

A good bank for high transaction volumes as the first 500 transactions in a month are free. However, wire transfers and remote deposit captures are only free for the first 6 months.


Customers Bank

Offers little to no monthly service fees but has high wire transfer fees.


Zions Bank

Monthly fees are waived if a specific balance is met, but if that balance is not met then the monthly fees are high.


Bank OZK

Bank OZK requires you to get monthly eStatements and you must enroll for the service. However, they have low monthly fees and a mobile banking app.


Valley National Bank

Limited access to funds from ATMs. This bank does offer a Business Insight Center.


Texas Capital Bank

Requires a minimum of $1000 to open an account but offers a wide range of services and CD terms.


First National Bank

Offers a free checking account and no minimum balance requirements for small businesses. However, it does not offer discounts on business loans, lines of credit, remote deposits, or merchant services.


BMO Harris Bank, N.A.

Requires a minimum balance of $1000 to open a CD account, but you get a $200 or $500 bonus when you open an account. Also offers free transactions and cash deposits up to a certain amount.


Sterling National Bank

Only available in the New York metropolitan area. No monthly checking fee if you meet the minimum combined balance requirement.


Manufacturers & Traders Trust Co.

M&T Bank has over 2000 ATMs nationwide as well as easily waived checking fees. However, overdraft fees are high.


How many regional banks are there in the U.S.?

There are about 5,600 regional banks in the U.S., each institution having multiple branches. Federal Reserve Bank, being a regional bank of the Federal Reserve System, has 12 banks. There is one Federal Reserve Bank in each of the 12 Federal Reserve Districts.

What is considered a regional bank?

A regional bank is a depository institution that is smaller than a money center bank and operates below the state level. A regional bank has its primary market in a regional or metropolitan area but takes deposits throughout the state it's in.

Some key indicators of regional banks include serving a specific geographic region, possessing between one billion and one trillion dollars in assets, and deriving its loans and deposits from neighboring states rather than a single state or entire nation.

What is a super regional bank?

A super regional bank is bigger than a regional or community bank and operates across multiple states or regions within a country. Super Regional Banks generally offer a full range of banking services and are similar to large national or global banks in terms of assets, revenue, and scale of activities.

What do regional banks do?

Regional banks generally offer the same services as larger banks, with some limitations. These services include:

  • Deposits.
  • Loans.
  • Leases.
  • Mortgages.
  • Credit cards.
  • ATM networks.
  • Securities brokerage.
  • Investment banking.
  • Insurance sales.
  • Mutual and pension fund management.