The number of banks in the U.S.is declining due to mergers and acquisitions that are reshaping the industry.

Question

Quizplus · Accepted Answer

This statement is true. The number of banks in the U.S. has been steadily decreasing due to mergers and acquisitions in the banking industry, as many smaller banks are being acquired by larger ones. According to the Federal Deposit Insurance Corporation (FDIC), there were 5,177 banks in the U.S. as of June 2021, down from a peak of 14,507 in 1984.

The Number of Banks in the U