What are SIC codes and which ones apply to banks?

SIC (Standard Industrial Classification) codes are four-digit numbers the U.S. government assigns to categorize businesses by industry. Banks fall primarily under codes 6020-6022 for commercial banks and 6035-6036 for savings institutions, and the SEC uses these codes to classify bank filings in its EDGAR database.

SIC codes are a classification system the U.S. government created to sort every business into an industry category. Each code is four digits, and all banking-related codes start with 60. The Securities and Exchange Commission (SEC) assigns an SIC code to every public company, and you can use these codes to search for and filter bank stocks within the SEC's EDGAR (Electronic Data Gathering, Analysis, and Retrieval) filing database.

Commercial Bank Codes

Three codes cover the vast majority of commercial banks:

6020 covers state commercial banks that are not members of the Federal Reserve System. These are banks chartered by a state banking authority. This is one of the most common classifications for smaller community banks.

6021 covers national commercial banks. These banks hold charters from the Office of the Comptroller of the Currency (OCC) and are automatically members of the Federal Reserve System. Many of the largest U.S. banks carry this code.

6022 covers state commercial banks that are members of the Federal Reserve System. This classification is less common than 6020 or 6021 but still appears regularly in filings.

Between these three codes, nearly all commercial banks are accounted for. The distinction comes down to charter type (national vs. state) and Federal Reserve membership status.

Savings Institution Codes

Savings institutions, commonly known as thrifts or savings and loan associations (S&Ls), have two dedicated codes:

6035 covers federally chartered savings institutions. These are thrifts chartered by the OCC (previously by the Office of Thrift Supervision before its elimination in 2011).

6036 covers state-chartered savings institutions.

Savings institutions historically focused on residential mortgage lending and savings deposits. Many have since broadened their activities to resemble commercial banks, but they retain these SIC codes unless they've formally converted their charter.

Holding Company Codes

Two additional codes frequently surface when researching bank stocks:

6710 covers holding offices not elsewhere classified. Some bank holding companies receive this code when the SEC classifies the parent entity's primary activity as holding rather than banking.

6712 covers state-chartered banks, Federal Reserve members, and trust companies. Certain bank holding companies fall under this code as well.

This is a common source of confusion for investors. When you buy stock in a publicly traded bank, you are usually buying shares of the holding company, not the bank subsidiary directly. The SEC classifies the holding company based on its own activity, which sometimes results in a 67xx code rather than a 60xx code. If you search EDGAR using only codes 6020 through 6022, you may miss banks whose holding companies are classified under 6710 or 6712.

Using SIC Codes in Research

The most practical application of SIC codes is filtering the SEC EDGAR database. EDGAR lets you specify an SIC code to narrow search results to a particular industry, so entering 6021 returns only filings from national commercial banks. Financial data providers also group companies by SIC code, making it a common first filter when building peer comparison groups or screening for bank stocks.

A few things to keep in mind:

Search across multiple codes (6020, 6021, 6022, 6035, 6036, 6710, 6712) to build a comprehensive list. Using a single code will miss banks classified under a different charter type or at the holding company level.

SIC codes only apply to SEC filers. If you want data on banks that are not publicly traded, the FFIEC (Federal Financial Institutions Examination Council) call report database is the better source.

Pay attention to the holding company vs. subsidiary distinction. The SIC code on a filing tells you how the SEC classified the filing entity, which may not match how you would categorize the underlying bank's business.

SIC vs. NAICS

The SIC system dates back to the 1930s and was last meaningfully revised in 1987. The North American Industry Classification System (NAICS) replaced SIC for most government statistical purposes starting in 1997, offering more granular industry categories. Under NAICS, code 522110 covers commercial banking and 522120 covers savings institutions.

Despite being the older system, SIC remains what the SEC uses for its filings. For anyone searching EDGAR for bank stocks, SIC codes are the relevant standard. NAICS matters primarily if you are working with Census Bureau data, Bureau of Labor Statistics reports, or other government statistical sources rather than SEC filings.