Best Regional Banks of 2022

If you’re looking at opening a new bank account or moving your existing accounts to a new bank, regional banks are something that might have come up on your radar.

These types of banks have some advantages over other types of banks. There also are several things that you need to look out for to ensure that your experience remains a positive one.

This article will explain what regional banks are, what they offer, and look at some of the top regional banks available today.

8 Best Regional Banks of 2022

Here’s a list of the top 8 regional banks available across the country:

  1. PNC Bank
  2. Citizens Bank
  3. Bancorp South
  4. Truist
  5. Fifth Third Bank
  6. Huntington Bank
  7. Umpqua Bank
  8. U.S. Bank

Best Regional Banks in the Northeast

PNC Bank

Headquarters: Pennsylvania

Headquartered in Pennsylvania, PNC is a popular regional bank with a presence in 21 states, making it one of the larger regional banks. It also recently acquired BBVA USA, lending even more to its strength and reputation.

PNC offers a versatile range of services to meet bankers’ unique needs. In addition to traditional checking accounts and savings accounts, it also offers a Virtual Wallet. This tool combines resources for managing your money with a checking and savings account. The bank also offers banking services for students and military personnel, with special packages available to meet their needs.

The website also features an extensive library of educational resources, to help account holders manage their personal finances.

PNC Bank Logo PNC Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of PNC Bank U.S. Locations By State

Number of Branches: 2,700
Number of ATMs: 18,000
Interest on Savings: 1.00% APY
Interest on Checking: up to 0.05% APY
2022 J.D. Power Retail Banking Satisfaction Score: 685 (NY Tri-State Region)
657 (Pennsylvania Region)
BBB Grade: A+
Apple iOS: 4.8 based on 1.2M ratings
Google Play: 4.4 based on 210k ratings
PNC Bank Logo

$200

PNC : Virtual Wallet® with Performance Spend
Open online

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PNC Bank Logo

$400

PNC : Virtual Wallet® with Performance Select
Open online

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Citizens Bank

Headquarters: Rhode Island

Citizens is another bank with a large presence in the Northeast, with its roots in Rhode Island and a network of more than 1,000 branches.

Some of its most popular products are checking and savings, student loans, mortgages, auto loans, and credit cards. It also provides business banking products.

Among its personal banking products, Citizens has five separate checking accounts, offering everything from basic banking to specialized student accounts to a wealth checking account for high-income earners.

Like PNC, Citizens offers educational online resources to help you learn about finance. It also has a streamlined mobile app for account management, with a series of demo videos online to walk you through common tasks in the app.

Citizens Bank Logo Citizens Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of Citizens Bank U.S. Locations By State

Number of Branches: 1,300
Number of ATMs: 3,100
Interest on Savings: No
Interest on Checking: No
2022 J.D. Power Retail Banking Satisfaction Score: 657 (NY Tri-State Region)
657 (Pennsylvania Region)
BBB Grade: A+
Apple iOS: 4.7 based on 325k ratings
Google Play: 4.2 based on 60k ratings
Citizens Bank Logo

up to $400

Citizens : Personal Checking
Open online

Details

Best Regional Banks in the South

BancorpSouth (soon to be Cadence)

Headquarters: Mississippi

BancorpSouth (not to be confused with US Bancorp) is a southern bank that first started operating out of a hardware store in 1876.

While it started servicing Tupelo customers, the bank grew through several mergers and acquisitions, extending its reach to what it is today.

Most recently in 2021, BancorpSouth acquired Cadence Bank, which expands its footprint significantly. As a nod to how much stronger the Cadence brand is, BancorpSouth is rebranding to Cadence in early October 2022.

Through its personal banking arm, BancorpSouth offers many deposit accounts, including checking and savings accounts.

The bank also provides loans, credit cards, and wealth management services. BancorpSouth account holders can also take advantage of online banking as well as mobile banking.

Cadence Bank Logo BancorpSouth (soon to be Cadence) Overview

U.S. Locations By State

Data Source: FDIC

Map of BancorpSouth and Cadence Bank U.S. Locations By State

*includes both BancorpSouth and Cadence branches

Number of Branches: 450
Number of ATMs: 55,000
Interest on Savings: 0.20% APY
Interest on Checking: No
2022 J.D. Power Retail Banking Satisfaction Score: 663 (South Central Region)
BBB Grade: B (BancorpSouth) / A+ (Cadence)
Apple iOS: 4.8 based on 28k ratings
Google Play: 4.4 based on 4k ratings

Truist

Headquarters: North Carolina

Truist Bank is the product of a merger between two banks – BB&T and SunTrust. The bank operates in 15 states and Washington, DC.

At the moment, you cannot open an account directly with Truist – instead, you will need to go either through BB&T or SunTrust.

Once the merger completes and systems undergo consolidation, any account held with these two banks will become a Truist account.

While most of the bank’s products and services are still under wraps, the bank has started releasing information about what we can expect, including Truist Momentum – a financial wellness program that employers can offer to their employees.

The program is offered at cost and has already seen some positive results.

Truist Bank Logo Truist Overview

U.S. Locations By State

Data Source: FDIC

Map of Truist Bank U.S. Locations By State

Number of Branches: 2,100+
Number of ATMs: 2,100+
Interest on Savings: 0.01% APY
Interest on Checking: 0.01% APY
2022 J.D. Power Retail Banking Satisfaction Score: 635 (South Central Region)
640 (Southeast Region)
BBB Grade: A+
Apple iOS: 4.6 based on 300k ratings
Google Play: 4.3 based on 46k ratings

Best Regional Banks in the Midwest

Fifth Third Bank

Headquarters: Ohio

Fifth Third Bank is a regional bank that offers a full suite of products to both personal and business customers. They are headquartered in Ohio, with more than 1,100 branches across the Midwest region as well as Florida and several Southern states.

Fifth Third offers several personal checking account options, including their most popular Momentum® Checking, which has no monthly fee and includes fraud protection and early access to your pay.

Many of their other accounts have monthly fees that you can avoid by meeting certain requirements, but keep an eye on their other charges because those can sometimes be steep.

Fifth Third also offers loans and mortgages, investment options, and insurance.

What’s more, if you’re in one of the 11 states that Fifth Third does business, you could benefit from the great sign-up bonuses that the bank consistently offers to new checking customers.

Fifth Third Bank Logo Fifth Third Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of Fifth Third Bank U.S. Locations By State

Number of Branches: 1,100
Number of ATMs: 50,000+
Interest on Savings: No
Interest on Checking: No
2022 J.D. Power Retail Banking Satisfaction Score: 671 (Southeast Region)
BBB Grade: A+
Apple iOS: 4.7 based on 275k ratings
Google Play: 4.6 based on 110k ratings
Fifth Third Bank Logo

$250

Fifth Third Bank : Personal Checking
Open online

Details

Huntington Bank

Headquarters: Ohio

Another well-known bank catering to Midwesterners, Huntington Bank is a popular one-stop shop for banking. It offers checking, savings,, investing, insurance, and loans, along with business and commercial banking services.

It also stands out for offering a user-friendly app and straightforward online tools. Among its offerings, Huntington has a credit card that allows you to select your bonus rewards.

The bank offers free checking as well, and unique from some competitors, it gives you a 24-hour grace period before enforcing overdraft fees if you exceed your account balance.

Huntington has over 1,000 local branches and even more ATMs for fee-free withdrawals.

Huntington Bank Logo Huntington Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of Huntington Bank U.S. Locations By State

Number of Branches: 1,200+
Number of ATMs: 1,700
Interest on Savings: up to 0.06% APY
Interest on Checking: No
2022 J.D. Power Retail Banking Satisfaction Score: 701 (North Central Region)
BBB Grade: A+
Apple iOS: 4.8 based on 200k ratings
Google Play: 3.3 based on 36k ratings
Huntington National Bank Logo

$400

Huntington : Unlimited Business Checking
Open online

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Huntington National Bank Logo

$750

Huntington : Unlimited Plus Business Checking
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Best Regional Banks in the West

Umpqua Bank

Headquarters: Oregon

If you’re looking for a full-service bank and live out West, Umpqua Bank should be on your radar. Umpqua Bank has more than 200 branches in California, Washington, Oregon, Idaho, and Nevada.

Like the other banks in this review, Umpqua offers a long lineup of financial products, such as checking and savings accounts, loans, credit cards, and business and commercial financial resources.

All of Umpqua’s checking accounts give you access to a dedicated go-to banker and a savings account.

Umpqua also offers private banking, an exclusive membership with premier benefits. Umpqua private bank account holders get access to investment reviews, estate management experts, financing, banking, and more.

Umpqua Bank Logo Umpqua Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of Umpqua Bank U.S. Locations By State

Number of Branches: 200+
Number of ATMs: 260+
Interest on Savings: 0.01% APY
Interest on Checking: 0.01% APY
2022 J.D. Power Retail Banking Satisfaction Score: 675 (Northwest Region)
BBB Grade: A+
Apple iOS: 4.4 based on 10k ratings
Google Play: 4.5 based on 7k ratings

U.S. Bank

Headquarters: Minnesota

Owned by U.S. Bancorp, U.S. Bank is another full-service bank serving Westerners. While they have 2,200 branches across the United States, they’re primarily based in the West and Midwest. In fact, nearly 500 of those locations are in California.

Moreover, in September 2021, U.S. Bancorp also acquired regional bank Union Bank, which serves customers in Oregon, Washington, and California. The acquisition increases U.S. Bank’s footprint in these states by another 400 branches.

U.S. Bank offers a wide range of banking services for both personal and business customers, including checking and savings accounts, loans, credit cards, and investments.

The company also has a strong commitment to community involvement and philanthropy. In 2021, U.S. Bank donated $62 million to charities, and their 70,000+ employees donated an additional $13 million.

U.S. Bank Logo U.S. Bank Overview

U.S. Locations By State

Data Source: FDIC

Map of U.S. Bank and UnionBank U.S. Locations By State

*includes both U.S. Bank and MUFG Union Bank branches

Number of Branches: 2,600+
Number of ATMs: 4,000
Interest on Savings: 0.01% APY
Interest on Checking: 0.01% APY
2022 J.D. Power Retail Banking Satisfaction Score: 669 (First Place in California)
636 (Northwest Region)
BBB Grade: A+
Apple iOS: 4.8 based on 1.3M ratings
Google Play: 4.7 based on 340k ratings
U.S. Bank Logo

$300

U.S. Bank : Smartly™ Checking
Open online

Details
U.S. Bank Logo

up to $500

U.S. Bank : Business Checking
Available nationwide

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What Is A Regional Bank?

A regional bank is, for all intents and purposes, a bank. In most cases, the only difference is that they operate in a specific area and do not service customers nationwide.

Regional banks sit between community banks and national banks. While the term national bank technically means any bank that operates within a regulatory structure, it can also mean a bank with operations, such as branches and ATMs across the nation.

Regional banks, on the other hand, while they are technically speaking national banks, only service select areas that can range from a few counties to a handful of states. In a way, their business model is similar to that of credit unions.

As regional banks are bigger than community banks, they tend to offer a wider selection of products and services. Yet, they are still able to provide a more personalized service, which is something that the big banks often lack.

The term big banks can be pretty confusing since most banks are rather big. However, some banks, such as the Big Four banks, can be considerably bigger. These include:

  1. Wells Fargo: California Headquarters
  2. Bank of America: North Carolina Headquarters
  3. Citi: New York Headquarters
  4. JP Morgan Chase: New York Headquarters

They have branches and ATMs across the entire US, unlike regional banks which tend only to service specific areas.

What Products Do Regional Banks Offer?

In most cases, you’ll find all of the products and services typically offered by the bigger banks.

However, this is a generalization since nothing binds regional banks from providing one service and not the other. Regional banks can also vary a lot in size, which can limit what they offer.

You should find many different deposit accounts, including:

Most regional banks, especially the bigger ones, will also offer debit cards, credit cards, loans, mortgages, and other financial products and services.

Features of Regional Banks

As we discussed, regional banks have many, if not all, of the features and banking services you find at any other bank.

It is still important to check if the bank has all of the features and perks you need.

Here are some things to keep in mind when looking at regional banks to open your bank account.

  • Branches: Regional banks tend to have a limited number of branches located in a relatively small area. If you’re planning on visiting a branch, check beforehand whether it’s open or not due to coronavirus restrictions.
  • Mobile App: A mobile banking app, much like internet banking, allows you to carry out many banking tasks from the comfort of your own home. If you’re particularly opposed to having to visit a branch, you’ll need to make sure that the app caters to your needs.
  • FDIC Insurance: While regional banks are unlikely to fail, it is not impossible either. Having FDIC insurance will make sure you are covered should the worst happen.
  • ATM Networks: ATM networks are an important feature if you withdraw cash regularly. Make sure the bank’s network services the area you visit most to avoid paying unnecessary ATM fees.
  • Interest Rates: Like other financial institutions, regional banks offer interest rates on their savings accounts, with rates varying from one bank to the next.

Regional Bank Fees

While smaller banks tend to have more advantageous fees, this will not be the case in every situation.

Fees and costs are very fluid,d and while banks do their best to remain competitive, being cheaper is not always going to be the winning formula for banks.

Nobody likes to pay fees, but you’re more than likely to get extra services and perks for those fees you pay. You have to be careful of paying fees for services and perks that you do not need.

Because of this, the secret is first to understand your financial situation and your goals and aspirations, then find the bank that can help you now and in the future, at the least cost possible.

Finding one that fits the bill might not be the easiest of tasks. There’s no secret formula as everyone’s needs and goals are different.

But regional banks are a good place to start looking, as they sit mid-way between the smaller banks and the bigger banks.

Going through them will help you understand if you need something more advanced or if a local community bank is your answer.

Potential Regional Bank Fees

  • Monthly Fees: Just like other banks, regional banks can charge fees unless you meet some requirements to avoid the checking account fees, such as keeping an average balance or making several deposits.
  • Overdraft Fees: Overdraft fees tend to be some of the most expensive bank fees around, with some banks offering overdraft protection to help you limit how much you end up paying should you overdraw your account.
  • ATM Fees: ATM fees are a particular concern with regional banks since these tend to have a more limited presence, which is why a number of them partner up with nationwide ATM networks to allow you more fee-free withdrawals

These are not the only fees regional banks have, but they tend to be very common and somewhat unavoidable. That’s why you need to plan to ensure that you don’t pay more fees than strictly necessary.

If you already have a bank account, go through the statement to see which fees weigh you down the most. Make a list of them to find the regional bank that offers these fees for lower costs.

Regional Banks In The Stock Market

If you’re not ready to open a bank account with a regional bank yet but like the idea, you can also invest in them by purchasing stocks in the SPDR S&P Regional Banking ETF (Ticker: KRE).

This ETF tracks many regional bank stocks, included in the S&P Regional Banks Select Industry Index.

FAQs

What is considered a regional bank?

A regional bank is a bank that operates within a limited geographical area. This area’s size will vary from one regional bank to another, with some banks being much bigger than others.

How many regional banks are there in the US?

There are over 19,000 regional banks in the US; however, this depends on which definition of regional banks you use. This statistic includes banks that have assets under management totaling between $50 billion and $500 billion.

What are the four types of banks?

The four types of banks are:

  1. Central Banks
  2. Retail Banks
  3. Investment Banks
  4. Regional Banks

While there can become overlap between these types (for example, all regional banks are commercial banks but not all commercial banks are retail banks), others, such as Central Banks, serve a very specific purpose.

In this case, Central Banks manage all of the other banks that fall within their jurisdiction.