The state of New York is home to 185 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 127 of these banks are headquartered in the state and therefore can be considered New York-based banks. Banks operating within the state had in total $1,557 billion of assets, $1,254 billion of deposits and $643 billion of loans outstanding as of this writing. Banks in New York state currently employ a total of 90,319 people within the state. This amounts to 0.5% of the overall population of the state. In addition, residential mortgages made up 7% of the assets managed by banks operating within the state.

Density of Banks in New York

Banks in New York currently have a total of 4,443 branches located within the state. This equates to 2.3 branches per 10,000 people in New York.  If we take the data on the banks in New York and compare it with the banks operating in other states, we find that on this metric, banks in New York rank 34th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in New York had on average 9.4 branches per 100 square miles. As a result, New York ranks 8th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in New York

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  • Net Interest Margin – banks in this state are on average below the national average on this metric. In total the net interest margin for the banks in New York is ranked 51st out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of New York are on average lower the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in New York is ranked 49th out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of New York are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in New York is ranked 49th out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average above the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in New York are ranked 47th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric is a good way to compare the quality of the assets of a bank as well as the performance of the assets. Banks operating in the state of New York are on average better than the national average when it comes to nonperforming assets. The level of nonperformance is what is important as a higher figure indicates a lower quality or a lower performing asset base. In total, banks in New York are ranked 33rd out of the 52 states and main territories in the country on this metric.

5 Largest Banks in the state of New York

deposit-market-share-of-banks-in-New York

Based on the latest available data, JPMorgan Chase Bank is the largest bank operating in New York based on its deposit share. JPMorgan Chase Bank currently has a 34% share of deposits within the state. Below is summary information on the top 5 largest banks in New York.

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the largest share of deposits within the state and has $844.7 billion of deposits. In addition to this the bank also has 638 offices within the state, which represents 13% of its total domestic offices.

Main Office Address: 1111 Polaris Pkwy. Columbus, OH 43240

Website: www.jpmorganchase.com

Goldman Sachs Bank

Goldman Sachs Bank currently has the second largest share of deposits within the state and has $208.9 billion of deposits. The bank also has 1 office within the state, which represents 17% of its total domestic offices.

Main Office Address: 200 West St. New York, NY 10282

Website: www.marcus.com

The Bank of New York Mellon

The Bank of New York Mellon currently has the third largest share of deposits within the state and has $178.6 billion of deposits. The bank also has 2 offices within the state, which represents 22% of its total domestic offices.

Main Office Address: 240 Greenwich St. New York, NY 10286

Website: www.bnymellon.com

Bank of America

Bank of America currently has the fourth largest share of deposits within the state and has $131.7 billion of deposits. Further, the bank also has 279 offices within the state, which represents 7% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com

Citibank

Citibank currently has the fifth largest share of deposits within the state and has $130.4 billion of deposits. In addition, the bank also has 221 offices within the state, which represents 33% of its total domestic offices.

Main Office Address: 5800 S Corp Pl. Sioux Falls, SD 57108

Website: www.citibank.com