The state of Pennsylvania is home to 176 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 135 of these banks are headquartered in the state and therefore can be considered Pennsylvania-based banks. Banks operating within the state had in total $297 billion of assets, $251 billion of deposits and $200 billion of loans outstanding as of this writing. Overall and in aggregate residential mortgages made up 20% of the assets managed by banks in Pennsylvania. Further, these banks also currently employ in total 33,817 people within the state, which represents 0.3% of the population.

Density of Banks in Pennsylvania

There are a total of 3,732 bank branches located within the state of Pennsylvania. This works out to a ratio of approximately 2.9 branches per 10,000 people in Pennsylvania.  If we take the data on the banks in Pennsylvania and compare it with the banks operating in other states, we find that on this metric, banks in Pennsylvania rank 23rd out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Pennsylvania had on average 8.3 branches per 100 square miles. Therefore, Pennsylvania ranks 11st out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Pennsylvania

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  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Pennsylvania is ranked 39th out of the 52 states and main territories in the country.
  • Return on Assets – in terms of this important return metric, banks in this state are on average lower than the national average. Altogether the Return on Assets for the banks in Pennsylvania is ranked 38th out of the 52 states and main territories in the country.
  • Return on Equity – banks in this state on average have a lower return on equity than the national average. Overall, the Return on Equity for banks in Pennsylvania is ranked 42nd out of the 52 states and main territories in the country.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below 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 Pennsylvania are ranked 9th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average inline than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Pennsylvania are ranked 35th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Pennsylvania

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Based on the latest available data, PNC Bank is the largest bank operating in Pennsylvania based on its deposit share. PNC Bank currently has a 24% share of deposits within the state. Below is summary information on the top 5 largest banks in Pennsylvania.

PNC Bank

PNC Bank currently has the largest share of deposits within the state and has $135.5 billion of deposits. In addition to this the bank also has 310 offices within the state, which represents 14% of its total domestic offices.

Main Office Address: 222 Delaware Ave. Wilmington, DE 19899

Website: www.pnc.com

Wells Fargo Bank

Wells Fargo Bank currently has the second largest share of deposits within the state and has $42.8 billion of deposits. The bank also has 227 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.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 $35.6 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

Citizens Bank

Citizens Bank currently has the fourth largest share of deposits within the state and has $34.4 billion of deposits. Further, the bank also has 299 offices within the state, which represents 31% of its total domestic offices.

Main Office Address: 1 Citizens Plz Providence, RI 2903

Website: www.citizensbank.com

BNY Mellon

BNY Mellon currently has the fifth largest share of deposits within the state and has $23.7 billion of deposits. In addition, the bank also has 2 offices within the state, which represents 6% of its total domestic offices.

Main Office Address: 500 Grant St Pittsburgh, PA 15219

Website: www.bnymellon.com