If you operate a bank and need your NAICS code, here is your answer right away.
The primary NAICS code for banks is NAICS 522110, classified under Commercial Banking in the Finance and Insurance sector. However, the banking industry is heavily segmented by regulators and the type of services provided. The right code for your institution depends on whether you take standard deposits, operate as a credit union, or strictly originate loans. This page covers the relevant codes so you can identify the one that best fits your business.
| Field | Details |
|---|---|
| NAICS Code | 522110 |
| Industry Title | Commercial Banking |
| Sector | 52 (Finance and Insurance) |
| Industry Group | 5221 |
| Last Updated | 2022 NAICS Edition (Next NAICS Edition will come in 2027) |
What Does NAICS Code 522110 Cover?
According to the official 2022 NAICS data, code 522110 covers establishments primarily engaged in accepting demand and other deposits and making commercial, industrial, and consumer loans. The government refers to this as “depository credit intermediation.”
In simple terms, this code applies to traditional banking institutions that take in money from depositors and lend that money out to individuals and businesses. For commercial banks, this includes:
- National commercial banks and state commercial banks
- Trust companies carrying on a commercial banking business
- Providing checking and savings accounts to the public
- Origination of commercial, industrial, and real estate loans
- Offering consumer credit, auto loans, and credit card services
- Providing safe deposit boxes and basic wealth management services
The important distinction here is depository intermediation. This code covers institutions that hold customer deposits and use those funds to make loans, rather than institutions that just broker deals or invest money.
Does My Banking Business Qualify for Code 522110?
Your business qualifies for NAICS code 522110 if:
- You operate a state or nationally chartered commercial bank
- You hold FDIC-insured deposits from the general public
- Your main source of revenue comes from the interest spread between taking in deposits and lending money out
Your business may not qualify if:
- You operate as a credit union, which falls under 522130 (Credit Unions) instead
- You operate as a savings institution or thrift (like a savings and loan association), which falls under 522120 (Savings Institutions) instead
- You are a mortgage company that originates loans but does not accept customer deposits, which falls under 522291 (Consumer Lending) or 522292 (Real Estate Credit) instead
- You operate as an investment bank or brokerage firm facilitating securities trades, which falls under 523110 (Investment Banking and Securities Dealing) instead
When your business sits between two codes, always classify based on your primary regulatory charter and whichever activity generates the most revenue.
Also Read: NAICS Code for Accounting
Where Will You Need This Code?
Your NAICS code appears in more places than most financial institutions expect. Here is where code 522110 will be required:
- Federal Regulatory Reporting. Commercial banks are heavily regulated by the FDIC, the Federal Reserve, and the OCC. These agencies use your NAICS code for mandatory quarterly and annual reporting, including the Call Report.
- Federal Contracting via SAM.gov. Government agencies need banking services, including treasury management, lockbox services, and payroll accounts. To bid on these federal financial service contracts, you must be registered on SAM.gov under this exact code.
- Business Insurance. Insurance providers use this code to calculate premiums for specialized bank coverages, such as Bankers Blanket Bonds, Directors and Officers (D&O) liability, and Cyber Liability insurance for data breaches.
- Core Vendor Applications. When setting up relationships with core banking software providers, ATM networks, or card processing partners, they will use your NAICS code to verify your institution type.
- Tax Filings and Compliance. Federal and state tax agencies use NAICS codes to categorize your institution for statistical reporting and tax compliance purposes.
- Business Bank Accounts. Even banks need commercial accounts for their own operational expenses, and correspondent banks will ask for your NAICS code during the onboarding process.
522110 in the NAICS Hierarchy
Every NAICS code sits inside a structured hierarchy. Here is exactly where 522110 fits:
| Level | Code | Title |
|---|---|---|
| Sector | 52 | Finance and Insurance |
| Subsector | 522 | Credit Intermediation and Related Activities |
| Industry Group | 5221 | Depository Credit Intermediation |
| NAICS Industry | 52211 | Commercial Banking |
| National Industry | 522110 | Commercial Banking |
Frequently Asked Questions
What is the NAICS code for a credit union?
If your financial institution is structured as a not-for-profit, member-owned cooperative, your correct NAICS code is 522130 (Credit Unions). Even though credit unions offer many of the same services as commercial banks, the government classifies them separately due to their distinct ownership structure and regulatory framework.
Does 522110 cover an online-only bank (neobank)?
Yes. As long as your institution holds a valid state or federal banking charter and accepts customer deposits, it is classified as a commercial bank (522110), regardless of whether you have physical branch locations or operate entirely online.
What if my company only originates mortgages but doesn’t take deposits?
If your business is a non-bank mortgage lender or broker, you do not use the commercial banking code. You would use 522292 (Real Estate Credit) or 522291 (Consumer Lending), because you are not performing “depository credit intermediation.”
What is the difference between 522110 (Commercial Banking) and 523110 (Investment Banking)?
The difference lies in what you do with the money. Code 522110 (Commercial Banking) is for institutions that take in federally insured deposits and make loans. Code 523110 (Investment Banking) is for institutions that underwrite, buy, and sell securities (stocks and bonds), facilitate mergers and acquisitions, and do not take standard customer deposits.