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What Are The Top 10 Regional Banks? Banking Mysteries Unveiled

Explore the financial landscape with our comprehensive guide to the top 10 regional banks. Make informed decisions about your financial future with our in-depth analysis of these leading regional banks.

Author:James Pierce
Reviewer:Alberto Thompson
Jan 30, 2024
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53.8K Views
Let's delve into the realm of banking to unveil the top 10 regional banksthat stand out for their distinctive offerings and impactful contributions. In the dynamic realm of finance, regional banks play a pivotal role in shaping local economies and providing essential financial services.
From community-focused initiatives to innovative financial solutions, these largest regional banks are catalysts for economic growth and stability. Join us on a journey through this top 10 regional banks curated list, where we unravel the strengths and unique features that position these regional banks at the forefront of the financial landscape.

The CFG Bank

CFG Bank has only a few branches, all of which are in Maryland, but some of its accounts can be opened online. The privately held bank is also a part of the Allpoint ATM network, which has over 55,000 ATMs around the country. The bank provides a broad variety of deposit products, including money market accounts and certificates of deposit (CDs). There is no minimum balance requirement for the free checking account.
CFG Bank established a nonprofit corporation in 2021 to assist individuals who lack opportunity and want to pursue a profession in the healthcare field. In addition, the bank gives to community organizations that promote education, recreation, and poverty alleviation. CFG Bank's high-yield money market account and CDs offer competitive interest rates.
CFG's online and mobile banking services enable you to handle bill payments, deposit checks, fund transfers, and other banking transactions. Customers can use a highly rated smartphone app as well as Zelle to make person-to-person payments. CFG provides a free checking account with no monthly fees that may be created with as little as a cent. It also has interest-bearing and student-checking accounts available.
CFG bank logo
CFG bank logo

USA Banesco Bank

Banesco USA was founded in 2006 and is headquartered in Coral Gables, Florida. It has only a few branches in the United States and Puerto Rico, but it is part of the vast Allpoint ATM network and provides online and mobile banking. Its mobile app receives positive feedback from Android and Apple device users.
Banesco USA offers tempting APYs on many CD maturities, as well as rates that are significantly higher than national norms on savings and money market accounts. Customers can use thousands of ATMs for free, and the bank offers a basic checking and an interest-bearing checking account. Banesco USA provides online banking with bill pay as well as a highly-rated mobile app. Residents of Miami-Dade County in South Florida have access to various branch locations as well.
Banesco USA customers get fee-free access to over 55,000 ATMs worldwide via the Allpoint ATM network. Banesco USA is a Minority Depository Institution in South Florida and Puerto Rico that assists minority-owned businesses and borrowers. The US Treasury provided it with $250 million for this reason.
Banesco logo
Banesco logo

Cross River Bank

Cross River Bank, situated in Fort Lee, New Jersey, has two offices and offers fee-free accounts with no minimums and rates that are higher than the national average. It provides checking, money market, savings, and CD accounts. Except for a modest $500 minimum to open a CD, there are no minimum balance limitations. Although there are only a few Cross River ATMs, clients have free access to approximately 40,000 MoneyPass network ATMs countrywide.
Cross River may be a good choice if you want a savings account rate that is significantly higher than the national average. Some of the bank's CDs also pay higher-than-average interest rates. Cross River provides savings, checking, and money market accounts with no monthly service fees that reduce your earnings. Checking, savings, and money market accounts have no minimum deposit restrictions.
Cross River bank logo
Cross River bank logo

The Frost Bank

Frost Bank, which was founded in 1868, has 176 locations throughout Texas. Its benefits include a highly rated mobile app and phone help 24 hours a day, seven days a week.
Frost offers moderately competitive CD and money market rates, and customers with higher balance categories are rewarded with larger rewards. There are four checking accounts available, each with an early direct deposit, over 1,700 ATMs throughout Texas, and a $100 overdraft cushion.
Frost gives time and resources to organizations in the sectors of education, economic development, the arts, and health and human services in the communities where it has a presence. In addition, the bank offers educational scholarships to Texas students.
Customers can use Zelle, digital wallets, and a mobile app that has received high ratings in app stores. Customer service is available by phone 24 hours a day, seven days a week, and clients who are connected to online banking or the mobile app can speak with a representative at any time.
Frost bank logo
Frost bank logo

National Bank Of Huntington

Huntington National Bank operates over 1,000 locations in 11 Midwest and Southern states. The bank, which was founded in 1866, provides deposit accounts, asset management products, and insurance. Huntington offers a variety of savings and money market accounts, CDs with varying durations, and free and interest-bearing checking accounts. Huntington provides a no-frills, free checking account as well as two interest-bearing accounts that forgo some or all ATM fees.
Overdrafts of $50 or less are not subject to fees, and clients who overdraw on larger sums are granted a 24-hour grace period before a fee is levied. Customers can receive account alerts, and debit cards can be linked to digital wallets to allow them to pay for transactions using their smartphones.
Huntington logo
Huntington logo

The Lone Star Bank

Lone Star Bank is a Houston-based independent, privately held community bank with four branches. It is primarily a commercial bank, but it also provides competitive APYs on consumer deposit accounts such as checking, savings, money market, and CDs.
Despite the fact that Lone Star has few branches, it has a mobile app that is well-rated by Apple and Android device users. It also supports electronic payments between individuals. Lone Star does not own or operate any ATMs and provides consumers with limitless ATM surcharge rebates.
Users of Apple and Android mobile devices rate the bank's mobile app highly. Customers with checking and savings accounts can have ATM surcharges refunded when they withdraw money from other banks' ATMs. For depositors who require it, Lone Star provides access to multimillion-dollar FDIC protection.
Lone Star State Bank logo
Lone Star State Bank logo

North American Savings Bank

North American Savings Bank (NASB), founded in 1927, is a full-service bank that provides deposit accounts and loans. It has ten branches in the Kansas City area, and some of its accounts can be created online from anywhere in the world. Customers have access to a wide range of accounts, including eight savings accounts and three checking accounts. The bank provides a "switch kit" to help customers transfer money from another bank.
NASB gives back to the community by collaborating with local groups that provide education, health care, and other services to people in need. NASB's High Rate Savings account, as well as other of the bank's CDs, offer excellent APYs. The interest rate on the money market account is higher than the national average.
North American Savings Bank logo
North American Savings Bank logo

Ridgewood Savings Bank

Ridgewood Savings Bank, headquartered in New York City, provides consumers with affordable rates as well as a comprehensive range of products and digital capabilities. The bank provides a competitively yielding savings account, a wide ATM network, and a rewards debit card.
Ridgewood contributes to local charity through corporate philanthropy, employee donations matched by banks, and volunteer hours. In addition, the bank provides a financial literacy program to schools and senior citizens in the region.
The Smart Move Online Savings Account, which costs a cent to create and has no monthly service fee, offers a reasonable rate. Ridgewood has a highly rated mobile app as well as digital solutions including Alexa Voice Banking, Money Management for budgeting, and Zelle for person-to-person payments.
Customers can use the Allpoint and MoneyPass networks to access over 90,000 fee-free ATMs globally. Users of debit cards can also receive cash back or reward points that can be used to pay for travel, events, and other purchases.
Ridgewood Savings Bank logo
Ridgewood Savings Bank logo

Spring Bank

Spring Bank has only two branches in the Bronx, New York, but it is a part of the MoneyPass ATM network, which has over 40,000 surcharge-free ATMs countrywide. It also has a popular smartphone app.
Checking, savings, and money market accounts, as well as CDs, are available at attractive rates. Most accounts have modest opening deposit requirements. Spring Bank offers excellent interest rates on its deposit products.
Spring Bank has a small physical footprint but a large digital footprint thanks to internet banking, its mobile app, and access to Zelle, a person-to-person payment platform. The paperless Green Checking Account is accessible via debit card and has no overdraft or insufficient funds (NSF) fees.
Spring Bank logo
Spring Bank logo

Texas Capital Bank

Texas Capital Bank has branches in Texas' five largest cities and provides bank products, credit cards, and loans. The bank's accounts have modest minimum deposit requirements, and CD rates are attractive. The regular checking account has no monthly fees, and ATM cardholders have fee-free access to over 55,000 Allpoint ATMs across the United States.
The Texas Capital Bank Foundation contributes time and money to charitable groups that help low - and middle-income families in the markets where the bank operates. The starting deposit for checking, savings, and money market accounts is minimal.
Texas Capital Bank logo
Texas Capital Bank logo

Best Considerations While Choosing Top Regional Banks

We examined scores of regional banks for Money's Best Banks list and found trends in interest rates, fees, bonuses, and more. From our research, here's what to consider when picking a regional bank.

Location

Branch count is a major distinction between national and regional banks. National banks may have thousands of branches nationwide. Regional banks may only have a few dozen locations in a few states. For instance, a bank located in the Southeast may not have a huge presence in every state, so evaluate how close the nearest location is and if it matches your needs.
Consider each regional bank's ATMs. Some smaller banks don't join with nationwide networks like Co-op and Allpoint to offer thousands of free ATMs.

Financial Product Offerings

Not every regional bank offers all loans and financial services. Checking, savings, CD, and money market accounts may be prioritized. Other regional banks may offer HSAs, home loans, or mutual funds. When choosing a regional bank, examine your current and future demands. For instance, you may wish to buy a house or automobile soon, so having loan options may be vital.
Since they focus on the community, regional banks may be more flexible in lending, as indicated in the pros and drawbacks. Some large banks have tight lending rules, but a local bank may consider secondary variables like side hustle revenue when lending to you.

Fees And Penalties

Standard deposit accounts often charge service fees. This price might be $1 to $15 per month or more, depending on the account. These costs and how to waive them differ by bank. Enrolling in e-statements can waive fees, but keeping a $2,500 daily amount can be difficult. When comparing banks, consider maintenance costs and how easy it is to waive them.
Most regional banks charge $30 or more for overdrawing an account. However, some banks are waiving overdraft and NSF penalties, while others may give you a $10 cushion to avoid the fee if you overdraw your account by less than that.
In money market and savings accounts, extra transaction fees are prevalent. These accounts typically offer six free transactions each month or quarter. If you surpass that limit, every transaction may cost you. A Federal Reserve rule change frees banks from transaction limits on some accounts. However, many banks have them and will charge you for exceeding them.
ATMs in a bank's network are usually free. However, using an ATM outside the network may result in fees from your bank and the ATM supplier. This fee is important because regional banks have fewer ATMs. Foreign ATM fees are usually a few bucks. Sometimes the bank reimburses the first few fees per statement cycle.

Customer Service And Online Access

Smaller banks are criticized for having fewer resources for customer service and online banking. Any regional bank allows you to visit your nearest location for advice, but not everyone likes the drive.
If you value convenience and self-service, select a regional bank that invested in these areas. Regional banks are multi-billion dollar institutions ($10 billion to $100 billion in assets, per the Federal Reserve), therefore they can have exceptional internet banking and customer care.
Note these things while you browse:
  • Does the bank have a smartphone app?
  • Are rates and fees widely accessible online?
  • Is the bank directing you to a branch or agent for basic information?
  • Are there chat, email, or other customer care options outside phone and in-person?
  • If a bank's website is minimal or outdated, it may indicate poor customer service and online banking.

Financial Health Of Bank

Many people now distrust banks after many bank crises. Nowadays, more people may seek piece of mind that their bank is financially stable, but in the past they didn't care.
Instead of reading quarterly reports, verify your short-listed regional banks' ratings to assess their financial health. Weiss Ratings, a financial ratings agency, keeps a user-friendly database of banks' safety ratings from A+ to F (and U for unrated). Type the names of a few prominent contenders into the search box and compare their safety ratings to discover which ones stand out.
Opening an account with your preferred regional bank is the final step.

Top 10 Regional Banks - FAQs

What Are The Super Regional Banks?

Super regional banks are generally defined as those with assets above $50 billion. U.S. Bancorp, Bank of New York Mellon (BoNY), CapitalOne, KeyCorp, PNC Financial Services Group, and BB&T Corp. are examples of super regional American banks.

What Is Bigger Than A Regional Bank?

With an asset base ranging from $10 billion to $100 billion, regional banks are larger than community banks but smaller than national banks.

What Is The Oldest Regional Bank?

Siena's Monte dei Paschi - The Tuscan city that bears its name is home to Monte dei Paschi di Siena, the oldest bank still operating in the world. It was established in 1472.

What Are The Advantages Of Regional Banks?

Like their national counterparts, most regional banks provide attractive rates on loans and savings accounts, and most provide access to a broad range of small business banking products.

Are Regional Banks Stable?

In general, regional banks are doing better than they did in the first half of the year, when concerns about the stability of numerous other mid-sized banks in the US were aroused by the failures of Silicon Valley Bank, Signature Bank, and First Republic in March and May.

Final Words

The top 10 regional banks showcased in this exploration epitomize the resilience and adaptability required in the ever-evolving financial sector. Their commitment to community development, customer satisfaction, and innovative practices underscores their significance in fostering economic prosperity.
As we conclude this journey, it is evident that these regional banks are not just financial institutions but integral pillars supporting the growth and well-being of the regions they serve. Whether through personalized services, cutting-edge technology, or strategic partnerships, these banks exemplify the essence of excellence in regional banking, leaving a lasting imprint on the financial tapestry of their communities.
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James Pierce

James Pierce

Author
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry. His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy. Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
Alberto Thompson

Alberto Thompson

Reviewer
Alberto Thompson is an acclaimed journalist, sports enthusiast, and economics aficionado renowned for his expertise and trustworthiness. Holding a Bachelor's degree in Journalism and Economics from Columbia University, Alberto brings over 15 years of media experience to his work, delivering insights that are both deep and accurate. Outside of his professional pursuits, Alberto enjoys exploring the outdoors, indulging in sports, and immersing himself in literature. His dedication to providing informed perspectives and fostering meaningful discourse underscores his passion for journalism, sports, and economics. Alberto Thompson continues to make a significant impact in these fields, leaving an indelible mark through his commitment and expertise.
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