First Community Bank’s former branch at 900 N. Parham Road. (BizSense file photo)
Despite fewer banks and fewer branches, the Richmond banking market saw a spike in deposits pouring in over the last 12 months.
There was $102.71 billion in deposits held by 32 banks doing business in the Richmond market as of June 30. That’s according to the latest local deposit rankings (PDF) released in recent weeks by the FDIC, which annually tallies deposit dollars held within the region.
That figure is up $5.87 billion – or 6 percent – from 2016 when there was $96.84 billion in deposits in the market.
The total was spread across 325 branches, a location count that’s down from 347 at the same point last year. There were also four fewer banks doing business in the area compared to last year. Both those declines are due largely to consolidation, as mergers and acquisitions continue to change the makeup of the market.
While the market remains dominated by the big four – Bank of America, Wells Fargo, SunTrust and BB&T – the notable changes in this year’s breakdown came from smaller banks.
The largest percentage jump came from Chesapeake Bank, a Kilmarnock-based institution that built a big branch on a competitive stretch of Patterson Avenue. It reported $21.1 million in local deposits as of June 30, up 1,728 percent from its $1.15 million in deposits at the same point last year.
Memphis-based First Tennessee Bank also saw a big jump percentage-wise. It boasted $55.17 million in deposits at its lone local branch on West Broad Street; a $40.7 million, 281 percent jump from a year ago. First Tennessee is in the midst of acquiring Charlotte-based Capital Bank in a transaction that will create a $40 billion Southeast banking behemoth and bring a new brand to the local market.
The biggest jump in the numerical ranking was Northern Virginia-based Sonabank, which earlier this year acquired locally based EVB. The combined banks had $517.95 million in local deposits as of June 30, up from a combined $416.8 million when they were separate banks last year. That earned Sonabank the 11th spot in the rankings, up from 29th last year.
A new name to this year’s list is Access National Bank, which entered the Richmond market this summer with the acquisition of Middleburg Bank and its local branches that had $16.37 million in deposits in 2016. That figure jumped to $53.57 million as of June 30.
The Park Sterling Bank branch at 5601 Patterson Ave. closed in March. (Michael Schwartz)
The largest decline on the list was Park Sterling Bank, a Charlotte-based institution that entered the market a couple years ago and soon after acquired the former First Capital Bank. It had $371.07 million in deposits across its six local branches, down $107.33 million, or 22 percent, from $478.4 million last year.
Park Sterling is in the midst of being acquired by South Carolina giant South State Bank.
Union Bank & Trust eclipsed the $2 billion mark for the first time, as its local deposits rose to $2.02 billion, up from $1.82 billion. It has the largest local market share of the regional and community banks, with nearly 2 percent. That stronghold will get a bump next year after Union completes its acquisition of Richmond peer Xenith Bank, which will bring with it more than $600 million in local deposits.
As in most years, the Richmond market’s numbers are somewhat skewed by Capital One Bank.
The behemoth has no major retail branch operations in the area but is technically headquartered in Innsbrook, and on paper keeps its $66.21 billion in deposits in the local market. That accounts for 64 percent of the deposits.
Another $28.26 billion is held by the big four, which combined have about 165 branches around the region. The leader of that pack is BofA, which had $13.53 billion in deposits spread across 23 local branches. That was up more than $1.2 billion.
The only one of the big four to report a decline in local deposits was SunTrust, whose total fell about $41.29 million to $4.39 billion across 41 branches.
First Community Bank’s former branch at 900 N. Parham Road. (BizSense file photo)
Despite fewer banks and fewer branches, the Richmond banking market saw a spike in deposits pouring in over the last 12 months.
There was $102.71 billion in deposits held by 32 banks doing business in the Richmond market as of June 30. That’s according to the latest local deposit rankings (PDF) released in recent weeks by the FDIC, which annually tallies deposit dollars held within the region.
That figure is up $5.87 billion – or 6 percent – from 2016 when there was $96.84 billion in deposits in the market.
The total was spread across 325 branches, a location count that’s down from 347 at the same point last year. There were also four fewer banks doing business in the area compared to last year. Both those declines are due largely to consolidation, as mergers and acquisitions continue to change the makeup of the market.
While the market remains dominated by the big four – Bank of America, Wells Fargo, SunTrust and BB&T – the notable changes in this year’s breakdown came from smaller banks.
The largest percentage jump came from Chesapeake Bank, a Kilmarnock-based institution that built a big branch on a competitive stretch of Patterson Avenue. It reported $21.1 million in local deposits as of June 30, up 1,728 percent from its $1.15 million in deposits at the same point last year.
Memphis-based First Tennessee Bank also saw a big jump percentage-wise. It boasted $55.17 million in deposits at its lone local branch on West Broad Street; a $40.7 million, 281 percent jump from a year ago. First Tennessee is in the midst of acquiring Charlotte-based Capital Bank in a transaction that will create a $40 billion Southeast banking behemoth and bring a new brand to the local market.
The biggest jump in the numerical ranking was Northern Virginia-based Sonabank, which earlier this year acquired locally based EVB. The combined banks had $517.95 million in local deposits as of June 30, up from a combined $416.8 million when they were separate banks last year. That earned Sonabank the 11th spot in the rankings, up from 29th last year.
A new name to this year’s list is Access National Bank, which entered the Richmond market this summer with the acquisition of Middleburg Bank and its local branches that had $16.37 million in deposits in 2016. That figure jumped to $53.57 million as of June 30.
The Park Sterling Bank branch at 5601 Patterson Ave. closed in March. (Michael Schwartz)
The largest decline on the list was Park Sterling Bank, a Charlotte-based institution that entered the market a couple years ago and soon after acquired the former First Capital Bank. It had $371.07 million in deposits across its six local branches, down $107.33 million, or 22 percent, from $478.4 million last year.
Park Sterling is in the midst of being acquired by South Carolina giant South State Bank.
Union Bank & Trust eclipsed the $2 billion mark for the first time, as its local deposits rose to $2.02 billion, up from $1.82 billion. It has the largest local market share of the regional and community banks, with nearly 2 percent. That stronghold will get a bump next year after Union completes its acquisition of Richmond peer Xenith Bank, which will bring with it more than $600 million in local deposits.
As in most years, the Richmond market’s numbers are somewhat skewed by Capital One Bank.
The behemoth has no major retail branch operations in the area but is technically headquartered in Innsbrook, and on paper keeps its $66.21 billion in deposits in the local market. That accounts for 64 percent of the deposits.
Another $28.26 billion is held by the big four, which combined have about 165 branches around the region. The leader of that pack is BofA, which had $13.53 billion in deposits spread across 23 local branches. That was up more than $1.2 billion.
The only one of the big four to report a decline in local deposits was SunTrust, whose total fell about $41.29 million to $4.39 billion across 41 branches.