First Capital Bank was among the local banks with the largest shares of local deposits. Photo by Michael Schwartz.
For the second year in a row, the giants of the Richmond banking market increased their clout.
Bank of America, Wells Fargo and BB&T grew their share of the local deposit market by nearly 3 percent over the last year, after gathering a total of more than $1 billion in deposits at their area branches since June 30, 2013.
Those three banks, along with SunTrust, control 37.1 percent of all deposits in Richmond as of June 30 of this year, according to the annual deposit market share report released last month by the FDIC.
The annual list gives a glimpse of how successful banks were at attracting deposits during the 12-month period.
There was a total of $68.16 billion in deposits held in the market as of June 30. The report shows there are 31 banks gathering deposits from 345 offices in the Richmond market, and about half of those banks are headquartered locally.
The big four – Bank of America, Wells Fargo, SunTrust and BB&T, perennially lead the pack. They have controlled the Richmond deposit market since the mid-‘90s through their current incarnations and various predecessors.
They held $25.35 billion in local deposits at June 30, up from $24.2 billion at the same point last year.
Bank of America and its 25 local branches controls $12.52 billion in deposits, up nearly $1 billion since last year’s report. Its market share is 18.38 percent, up 2 percent from 2013.
Wells Fargo grew its local deposits to $6.34 billion, up by $115 million from the previous year. It controls 9.31 percent of the market.
SunTrust’s market share increased to 5.29 percent, but its total deposits in the Richmond area declined by $24 million during the 12 months to $3.6 billion.
Union First Market Bank leads the local banks in deposit shares, with about 2.5 percent of the market.
BB&T grew its local deposits by $220 million to $2.87 billion, or 4.21 percent of the market.
Among locally-based banks, Union First Market Bank continues to nip that the heels of the big boys in the rankings.
Union, which completed its acquisition of StellarOne Bank earlier this year, controlled 2.47 percent of local deposits as of June 30. Union had $1.68 billion in local deposits at the time of the FDIC report, up about $100 million from the previous year.
Several other local banks shot up in the rankings since 2013. C&F Bank jumped up behind Union with 1.11 percent of the market share. C&F reported $753.97 million in local deposits compared to $460 million the year before, thanks in part to its acquisition of the former Central Virginia Bank in Powhatan.
Two local banks jumped up four spots in the rankings. Essex Bank now has the ninth most deposits in the market with $400.75 million or 0.59 percent of the market share.
And Xenith Bank reached 12th spot with $359 million in deposits, up from $208 million last year.
Union, C&F, Franklin Federal Savings Bank, Essex Bank and First Capital are the top five highest-ranked local banks in the FDIC report.
A few local banks saw their total local deposits drop over the last year. Village Bank, EVB, Bank of Southside Virginia saw numbers drop slightly, according to the report.
One caveat in the Richmond numbers is the inclusion of Capital One Bank, which is technically headquartered here but has no major branch operations in the area. Its $35.73 billion in deposits are considered by the FDIC as part of the local market. Capital One controls 52.42 percent of all deposits that are considered held in the Richmond market, based on the latest FDIC figures. That total was down 4 percent from a year ago and has dropped 6 percent over the last two years.
First Capital Bank was among the local banks with the largest shares of local deposits. Photo by Michael Schwartz.
For the second year in a row, the giants of the Richmond banking market increased their clout.
Bank of America, Wells Fargo and BB&T grew their share of the local deposit market by nearly 3 percent over the last year, after gathering a total of more than $1 billion in deposits at their area branches since June 30, 2013.
Those three banks, along with SunTrust, control 37.1 percent of all deposits in Richmond as of June 30 of this year, according to the annual deposit market share report released last month by the FDIC.
The annual list gives a glimpse of how successful banks were at attracting deposits during the 12-month period.
There was a total of $68.16 billion in deposits held in the market as of June 30. The report shows there are 31 banks gathering deposits from 345 offices in the Richmond market, and about half of those banks are headquartered locally.
The big four – Bank of America, Wells Fargo, SunTrust and BB&T, perennially lead the pack. They have controlled the Richmond deposit market since the mid-‘90s through their current incarnations and various predecessors.
They held $25.35 billion in local deposits at June 30, up from $24.2 billion at the same point last year.
Bank of America and its 25 local branches controls $12.52 billion in deposits, up nearly $1 billion since last year’s report. Its market share is 18.38 percent, up 2 percent from 2013.
Wells Fargo grew its local deposits to $6.34 billion, up by $115 million from the previous year. It controls 9.31 percent of the market.
SunTrust’s market share increased to 5.29 percent, but its total deposits in the Richmond area declined by $24 million during the 12 months to $3.6 billion.
Union First Market Bank leads the local banks in deposit shares, with about 2.5 percent of the market.
BB&T grew its local deposits by $220 million to $2.87 billion, or 4.21 percent of the market.
Among locally-based banks, Union First Market Bank continues to nip that the heels of the big boys in the rankings.
Union, which completed its acquisition of StellarOne Bank earlier this year, controlled 2.47 percent of local deposits as of June 30. Union had $1.68 billion in local deposits at the time of the FDIC report, up about $100 million from the previous year.
Several other local banks shot up in the rankings since 2013. C&F Bank jumped up behind Union with 1.11 percent of the market share. C&F reported $753.97 million in local deposits compared to $460 million the year before, thanks in part to its acquisition of the former Central Virginia Bank in Powhatan.
Two local banks jumped up four spots in the rankings. Essex Bank now has the ninth most deposits in the market with $400.75 million or 0.59 percent of the market share.
And Xenith Bank reached 12th spot with $359 million in deposits, up from $208 million last year.
Union, C&F, Franklin Federal Savings Bank, Essex Bank and First Capital are the top five highest-ranked local banks in the FDIC report.
A few local banks saw their total local deposits drop over the last year. Village Bank, EVB, Bank of Southside Virginia saw numbers drop slightly, according to the report.
One caveat in the Richmond numbers is the inclusion of Capital One Bank, which is technically headquartered here but has no major branch operations in the area. Its $35.73 billion in deposits are considered by the FDIC as part of the local market. Capital One controls 52.42 percent of all deposits that are considered held in the Richmond market, based on the latest FDIC figures. That total was down 4 percent from a year ago and has dropped 6 percent over the last two years.