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.
Best Regional Banks:
How many regional banks are there in the US?
There are about 5,600 regional banks in the US, 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:
- Credit cards.
- ATM networks.
- Securities brokerage.
- Investment banking.
- Insurance sales.
- Mutual and pension fund management.