Private banks, those that are privately owned, are not required to report to the Securities and Exchange Commission (SEC). These banks are not incorporated institutions and are usually owned by an individual or group of individuals that are called general partners. However, banks falling under this category have to deal with different challenges once the need for more capital arises. In spite of the present economic crisis in many countries, there are banking institutions that are still thriving. Even a country like the United States of America is not spared from the financial blows, but there are banks that are continuously showing strong performance.
The following is a list of the top 10 largest private banks in America that you will find worth looking into. They don't only offer banking services, they are also active in their respective communities. They engage in charitable projects that aim to provide assistance to the members of the communities. In other words, they do not only compete by means of acquiring assets but through community service as well. Some of these banks have also existed long before the dawn of the 20th century.
10 Dollar Bank - $6.6 billion assets
Taking the tenth spot in the list is the Dollar Bank, which was opened in 1871 and now operating with more than 50 branch offices and loan centers within the Pennsylvania and Ohio urban areas. It is a $6.6 billion mutual thrift bank in Pittsburgh. It operates as a full-service regional bank providing its products and services to both individuals and commercial customers. In 2009, the Dollar Bank was recognized as the largest independent mutual bank in the country and it is included in the National Register of Historic Places.
9 Emigrant Savings Bank - $8.1 billion assets
Landing at the ninth place is the Howard Milstein-owned bank called Emigrant Bank, which has a total recorded assets of $8.1 billion. It is New York City’s oldest savings bank founded in 1850 by Irish immigrants, thus the name of the bank. In addition, it is one of the largest privately owned bank in the United States. The Emigrant Savings Bank offers the Dollar Savings Direct and adheres to its mission of providing excellent customer service for all, which includes providing accessibility for those with disabilities.
8 Eastern Bank - $8.2 billion assets
The top eight spot for the largest privately owned banks in America goes to Eastern Bank in Boston, which was founded in 1818 and is currently worth $8.2 billion in terms of assets. It has more than 90 branches, which makes it the largest mutually private-owned bank in the country. In 2005, it purchased three mutual thrift banks including the Community Bank in Massachusetts, thus making it an active acquiring bank since then.
7 Apple Bank for Savings - $9 billion assets
The seventh spot goes to Apple Bank for Savings, which is managed by the estate of Stanley Stahl with an asset worth of $9 billion. It has 77 branches in different areas in New York offering a wide range of different services including personal and business checking accounts, savings and money market accounts, personal and business credit and debit cards, and wire transfers. The Grand Yield Direct brand provides customers Internet savings accounts.
6 MidFirst Bank - $9 billion assets
Next on the list is Oklahoma’s MidFirst Bank, which takes the sixth place in the list with more than $9 billion worth of assets. The bank’s competitive advantage is evident through its outstanding and flexible customer service with a wide range of different banking products and services. Midfirst Bank has offices in different locations apart from Oklahoma, like Southern California, Chicago, New York, and Houston. The financial institution has the third-largest deposit market share in its local area.
5 Central Bancompany - $10.2 billion assets
The fifth spot in the list goes to Central Bancompany in Jefferson City, Missouri, which has a total recorded assets worth $10.2 billion. It currently has 13 banks operating in different areas apart from Missouri, such as Illinois, Kansas, and Oklahoma. The bank provides flexible financial services to assist customers and help them reach their financial goals through local management.
4 FirstBank - $13 billion assets
Taking the next spot as one of the largest private banks is the FirstBank in Lakewood, Colorado which was founded in 1963 and has over $13 billion assets. Over the years, it has developed innovative banking products and services to provide its growing clientele’s needs. The bank boasts of more than 115 branches located not only in Colorado, but in the states of California and Arizona as well. It recognizes the need to invest at a local level to help nonprofit organizations.
3 Arvest Bank - $13.8 billion
Taking the third top spot is Arvest Bank in Fayetteville, Arkansas having an asset worth of $13.8 billion. It is owned by private investors including the descendants of Sam Walton, the man behind the famous Wal-Mart Stores. All throughout the years, the bank adheres to its philosophy to provide excellent customer service through innovative financial solutions .
2 OneWest Bank - $25.8 billion
OneWest Bank lands in the second top spot with $25.8 billion assets. It is located in Southern California. It took off on a very positive note after the collapse of IndyMac Bank in 2009. The bank proudly offers personalized financial products at competitive rates.
1 USAA Federal Savings Bank - $57.6 billion
The United Services Automobile Association or USAA Federal Savings Bank lands on the top spot as the largest privately-owned bank in the United States, with assets amounting to $57.6 billion. It is a Texas-based bank specializing in different financial services. Although the bank has 11 branches to accommodate transactions with its numerous customers, the growth of Internet usage has pushed them to pursue more convenient means of banking such as through mobile and Internet banking. A group of U.S. Army officers founded the financial institution way back in 1922, initially as a buffer when they were not able to secure auto insurance because of the nature of their profession. Since then, USAA branched out to provide banking and insurance services for the members of the Armed forces and their immediate families, whether they are presently or previously in service.
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