75 banks currently operate in the state of Washington. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 40 are also headquartered in the state. Therefore, these 40 banks can be considered Washington-based banks though they might operate nationally or internationally. Banks operating within the state had in total $110 billion of assets, $94 billion of deposits and $66 billion of loans outstanding as of this writing. Banks in Washington state currently employ a total of 13,447 people within the state. This amounts to 0.2% of the overall population of the state. In addition, residential mortgages made up 13% of the assets managed by banks operating within the state.

Density of Banks in Washington

There are a total of 1,543 bank branches located within the state of Washington. This works out to a ratio of approximately 2.0 branches per 10,000 people in Washington.  Comparing the banks in Washington to banks operating in other states on this measure, Washington ranks 44th out of 52 states and territories in terms of 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 Washington had on average 2.3 branches per 100 square miles. Therefore, Washington ranks 35th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Washington

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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 Washington is ranked 22nd out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of Washington are on average lower the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Washington is ranked 37th out of the 52 states and main territories in the United States.
  • 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 Washington is ranked 39th out of the 52 states and main territories in the country.
  • Loan to Deposit – Banks in this state are on average below the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in Washington are ranked 28th 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 better 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 Washington are ranked 6th 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 Washington

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Based on the latest available data, Bank of America is the largest bank operating in Washington based on its deposit share. Bank of America currently has a 21% share of deposits within the state. Below is summary information on the top 5 largest banks in Washington.

Bank of America

Bank of America currently has the largest share of deposits within the state and has $46.1 billion of deposits. In addition to this the bank also has 155 offices within the state, which represents 4% of its total domestic offices.

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

Website: www.bofa.com

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the second largest share of deposits within the state and has $30.8 billion of deposits. The bank also has 175 offices within the state, which represents 4% of its total domestic offices.

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

Website: www.jpmorganchase.com

Wells Fargo Bank

Wells Fargo Bank currently has the third largest share of deposits within the state and has $24.5 billion of deposits. The bank also has 126 offices within the state, which represents 3% of its total domestic offices.

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

Website: www.wellsfargo.com

U.S. Bank 

U.S. Bank  currently has the fourth largest share of deposits within the state and has $21.8 billion of deposits. Further, the bank also has 148 offices within the state, which represents 6% of its total domestic offices.

Main Office Address: 425 Walnut St. Cincinnati, OH 45202

Website: www.usbank.com

Keybank 

Keybank  currently has the fifth largest share of deposits within the state and has $17.2 billion of deposits. In addition, the bank also has 143 offices within the state, which represents 14% of its total domestic offices.

Main Office Address: 127 Public Sq Cleveland, OH 44114

Website: www.key.com