In 2000, the number of Commercial Banks was 8,315. As of 2020, the total number of banks is projected to stand at 4,376. Between 2010 and 2020, the number of Commercial Banks has dropped by about 32.87% researchers commented on the declining number of Commercial Bank in the US following the financial crisis. According to the report:

“The crisis also led to a wave of mergers and bank acquisitions. Commercial Banks that recovered quickly expanded their footprints by acquiring struggling competitors. On the other hand, struggling Commercial Banks sought mergers as a rescue plan. The crisis offered an opportunity to reduce cost through the shuttering of inefficient office locations. The crisis further forced most banks to close following earning pressure from low-interest rates and rising regulatory costs. Overall, the crisis effects continue to haunt the banking sector to date.”

The research also overviewed the Net Income of the U.S. Commercial Banks between 2000 and 2019. Despite the decline in Commercial Banks, their cumulative revenue has surged by a whopping 207.38%.

In 2000, the Net Income was $70.79 billion, while in 2019, the figure stood at $217.6 billion. The lowest Net Income was recorded in 2009 at -$11.61 billion. The record drop in revenue was registered in the wake of the economic crisis that hit the world.