Most commercial banks that have operated in the US over the past century are gone. Compared to an all-time high of 30,456 banks in 1921, total US banks fell to 4,135 in 2022, down 86%.
After the Banking Act of 1933 created the Federal Deposit Insurance Corporation (FDIC), the number of banks remained between 13,000 and 15,000 for 50 years. It wasn't until the 1980s when the number of banks started falling year-over-year.
