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In page National Bank Act:

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The granting of charters led to the creation of many national banks and a national banking system which grew at a fast pace. The number of national banks rose from 66 immediately after the Act to 7,473 in 1913.[1] Initially, this rise in national banking came at the expense of state banking—the number of state banks dwindled from 1,466 in 1863 to 247 in 1868.[2] Though state banks were no longer allowed to issue notes, local bankers took advantage of less strict capital requirements ($10,000 for state banks vs. $50,000–200,000 for national banks) and opened new branches en masse. These new state banks then served as competition for national banks, growing to 15,526 in number by 1913.[citation needed]