State-chartered banks continue to represent about half of the commercial banking industry by assets - $ trillion, or 47.6 percent of the industry at year-end 2002. By number of institutions, roughly three-fourths of banks operate under a state charter - 6,311 institutions or 75.2 percent of the industry as of December.
Perhaps most significant, over the past three years the vast majority of new bank charters - once again, about three-fourths of them - have been granted by states. We have a long history of working with the states to coordinate our supervisory programs and achieve quality results. We rely on state supervisors as equal partners to ensure consistent, effective, and high-quality supervision.