Banks are the financial institutions in which money is kept (for savings or commercial purposes) or is invested, supplied for loans, or exchanged. Bank branches are the facilities for a specific bank that perform some banking functions such as personal banking for individuals living near the bank branch. For example, John Smith banks at the 5th Avenue branch of Citibank in NY. A bank branch is identified through a sort code.
Organization and participant bank accounts are affiliated with the bank branches set up as part of the financial administration services. For example, John Smith's benefits are paid into his checking account which is assigned to the 5th Avenue bank branch of Citibank.