TowneBank ranked eighth in the Richmond market with $735.02 million in deposits. (Michael Schwartz)
Newcomers to the Richmond banking scene continue to gain traction in grabbing their share of the market, while two of the big boys lost some of their grip.
That’s according to the latest local deposit rankings released last month by the FDIC, which each year tallies the breakdown of deposit dollars held within the Richmond market.
The handful of banks that arrived in Richmond from out of town in the last few years saw continued growth in their local deposit base during the 12-month period that ended June 30.
The two most notable leaps were seen in the numbers of TowneBank and Park Sterling Bank, two institutions that bought their way into Richmond in 2015.
TowneBank, which inherited Franklin Federal Savings Bank’s deposits via acquisition, ranked eighth in the market with $735.02 million in deposits spread around its eight Richmond branches as of June 30, amounting to a 0.76 percent share of the market. That’s up nearly $80 million from the same point last year, when its local deposits stood at $655 million.
Charlotte-based Park Sterling had only $866,000 in Richmond deposits at June 30 last year, when it only had one office at the time and was ranked 29th in the market. Its purchase a few months later added around $430 million in deposits to its books, a figure that over the last year has risen nearly $50 million, to $478.4 million. That accounts for 0.49 percent of the market share in Richmond.
A Park Sterling branch along Patterson Avenue.
Two Northern Neck-based banks that have made a push in Richmond in recent years also moved up the rankings.
Bank of Lancaster increased its Richmond deposits to $73.95 million, up nearly $20 million from $55.76 million.
Its Kilmarnock neighbor Chesapeake Bank, which opened a retail branch on Patterson Avenue about a year ago, made its first appearance in the Richmond rankings this year with $1.15 million in deposits as of June 30.
First Tennessee Bank, the largest competitor among the relative newcomers in town, also made its first appearance in the local rankings after gathering $14.46 million in Richmond deposits over the last year. First Tennessee opened a visible West Broad Street branch last year.
Looking at the market as a whole, there were $96.84 billion in total deposits held in Richmond among 36 institutions as of June 30. That compares with $91.96 billion in 33 institutions at the same point last year.
As usual, tops on the list for total deposits and deposit growth was Capital One Bank, which is a major caveat in the Richmond numbers on the FDIC rankings each year.
Subtracting its gain from the 2016 numbers show a net year-over-year decline of $1.18 billion for the market as a whole.
The bank has no major branch operations in the area but is technically headquartered here, and on paper it keeps its $62 billion in deposits in the local market. That figure was up $6 billion over the last 12 months and accounts for 64 percent of all the deposits held in Richmond.
Bank of America’s Villa Park Drive branch.
Capital One’s fluctuations each year cause market share percentage dips for many of the banks that have a retail presence here, despite their growing deposits during the year.
Of the 36 FDIC-insured institutions operating in Richmond, all but seven saw an increase in their deposits over the 12 months.
The biggest dip in the numbers was seen at market No. 2 Bank of America, which holds $12.31 billion in deposits at its 24 local offices. That figure was down $2.31 billion over the last year, decreasing its market share by more than 3 percent to 12.72 percent. That dollar amount drop brought BofA back down below its 2014 total.
Wells Fargo, ranked third in the market, increased its local deposits by $214 million to $6.75 billion. It has the biggest branch network in Richmond with 63 locations, according to the FDIC figures.
Fourth-ranked SunTrust increased by $507 million to $4.43 billion, while its North Carolina rival saw its Richmond deposits drop by $144.55 million to $3.2 billion.
The top-ranked locally based bank once again was Union Bank & Trust, which is gaining on BB&T to break into the top five. It held $1.82 billion in deposits in its 39 Richmond-area offices.
TowneBank ranked eighth in the Richmond market with $735.02 million in deposits. (Michael Schwartz)
Newcomers to the Richmond banking scene continue to gain traction in grabbing their share of the market, while two of the big boys lost some of their grip.
That’s according to the latest local deposit rankings released last month by the FDIC, which each year tallies the breakdown of deposit dollars held within the Richmond market.
The handful of banks that arrived in Richmond from out of town in the last few years saw continued growth in their local deposit base during the 12-month period that ended June 30.
The two most notable leaps were seen in the numbers of TowneBank and Park Sterling Bank, two institutions that bought their way into Richmond in 2015.
TowneBank, which inherited Franklin Federal Savings Bank’s deposits via acquisition, ranked eighth in the market with $735.02 million in deposits spread around its eight Richmond branches as of June 30, amounting to a 0.76 percent share of the market. That’s up nearly $80 million from the same point last year, when its local deposits stood at $655 million.
Charlotte-based Park Sterling had only $866,000 in Richmond deposits at June 30 last year, when it only had one office at the time and was ranked 29th in the market. Its purchase a few months later added around $430 million in deposits to its books, a figure that over the last year has risen nearly $50 million, to $478.4 million. That accounts for 0.49 percent of the market share in Richmond.
A Park Sterling branch along Patterson Avenue.
Two Northern Neck-based banks that have made a push in Richmond in recent years also moved up the rankings.
Bank of Lancaster increased its Richmond deposits to $73.95 million, up nearly $20 million from $55.76 million.
Its Kilmarnock neighbor Chesapeake Bank, which opened a retail branch on Patterson Avenue about a year ago, made its first appearance in the Richmond rankings this year with $1.15 million in deposits as of June 30.
First Tennessee Bank, the largest competitor among the relative newcomers in town, also made its first appearance in the local rankings after gathering $14.46 million in Richmond deposits over the last year. First Tennessee opened a visible West Broad Street branch last year.
Looking at the market as a whole, there were $96.84 billion in total deposits held in Richmond among 36 institutions as of June 30. That compares with $91.96 billion in 33 institutions at the same point last year.
As usual, tops on the list for total deposits and deposit growth was Capital One Bank, which is a major caveat in the Richmond numbers on the FDIC rankings each year.
Subtracting its gain from the 2016 numbers show a net year-over-year decline of $1.18 billion for the market as a whole.
The bank has no major branch operations in the area but is technically headquartered here, and on paper it keeps its $62 billion in deposits in the local market. That figure was up $6 billion over the last 12 months and accounts for 64 percent of all the deposits held in Richmond.
Bank of America’s Villa Park Drive branch.
Capital One’s fluctuations each year cause market share percentage dips for many of the banks that have a retail presence here, despite their growing deposits during the year.
Of the 36 FDIC-insured institutions operating in Richmond, all but seven saw an increase in their deposits over the 12 months.
The biggest dip in the numbers was seen at market No. 2 Bank of America, which holds $12.31 billion in deposits at its 24 local offices. That figure was down $2.31 billion over the last year, decreasing its market share by more than 3 percent to 12.72 percent. That dollar amount drop brought BofA back down below its 2014 total.
Wells Fargo, ranked third in the market, increased its local deposits by $214 million to $6.75 billion. It has the biggest branch network in Richmond with 63 locations, according to the FDIC figures.
Fourth-ranked SunTrust increased by $507 million to $4.43 billion, while its North Carolina rival saw its Richmond deposits drop by $144.55 million to $3.2 billion.
The top-ranked locally based bank once again was Union Bank & Trust, which is gaining on BB&T to break into the top five. It held $1.82 billion in deposits in its 39 Richmond-area offices.