The banking system in the US includes about 7,100 commercial banks, 1,200 savings banks, and 8,000 credit unions, with a combined annual revenue of around $630 billion. The industry is considered to be “concentrated” with the 50 largest firms holding almost more than 60 percent of the market. Commercial banks account for approximately 81 percent of industry revenue; savings banks, around 13 percent; and credit unions, around 6 percent.
There are approximately 150,000 insurance agency and broker offices in the US today that generate annual revenues of around $93 billion. Despite the prominence of large companies in the commercial segment, the industry is considered to be “highly fragmented” with the largest 50 firms only hold 20 percent of the total market. On average an independent agent office consists of three employees and generates less than $1 million dollars revenue each year.
