While the total amount of deposits held in Richmond-area bank branches was mostly steady over the last 12 months, there were still some noteworthy ups and downs for individual institutions.
That’s the picture painted by the latest FDIC market share report, the annual ranking that tracks how banks’ local branches are stacking up in the battle for deposits.
The newest list was released this month, showing $57.8 billion in total deposits regionwide across the 27 banks with a retail presence in the market. That’s largely flat from the same point of last year when the count was $57.6 billion.
Among the noticeable fluctuations was a decline in deposits reported by two of the top five banks on the list — Truist and Atlantic Union, ranked second and fourth, respectively.
The largest drop was at Truist, which held $11.2 billion in deposits here as of June 30. That’s down more than $1 billion from $12.7 billion last year, moving its market share from 22 to 19 percent.
Truist also reported a decline in its number of branch locations in the region, dropping from 58 last year to 45 this year. That’s due to consolidation related to its continued integration of BB&T and SunTrust.
Atlantic Union reported a deposit decline of $93 million, with $4.1 billion held at its 23 area branches. That’s two fewer branches than the bank had in Richmond last year.
The remaining players in the top five — Bank of America, Wells Fargo and TowneBank — were up from last year.
BofA retained its perpetual spot atop the list with $24.9 billion in deposits across its 19 local branches. That’s an increase of nearly $1 billion from last year and accounts for 43 percent of all deposits in the region.
Wells Fargo’s market share was 15 percent, thanks to $8.9 billion in deposits in 48 branches, up about $100 million from last year.
TowneBank moved up to nearly 3 percent market share by growing the deposits in its eight local branches to $1.5 billion, nearly $200 million more than last year.
Well outside of the top 5, another giant of the banking world continued its ascent in the Richmond rankings.
Chase Bank posted one of the bigger leaps on the list as it continued to gain traction in the market after opening four additional branches since last summer. Now with seven outposts here, the bank holds $137 million in local deposits. That’s up from $50 million a year ago.
Three new-to-market names appear on this year’s list: United Bank, Peoples Bank and Virginia National Bank.
United entered the market last December with the acquisition of Henrico-based Essex Bank. United now ranks eighth in local deposits, with $818 million in 12 branches. That’s down slightly from Essex’s $821 million last year.
Peoples Bank made its debut in Richmond last September, by way of its acquisition of Premier Bank, a West Virginia-based institution with one Richmond legacy branch in Jackson Ward. That branch holds around $50 million in deposits, about $1 million less than last year under the Premier flag.
Charlottesville-based Virginia National opened its first branch in Richmond last year in Scott’s Addition, gathering $927,000 in deposits as of June 30.
There are 267 bank branches in operation in the region as of June 30, down from 285. That figure has been in steady decline for more than a decade as some banks rely more on online transactions.
This year’s relatively flat growth in local deposits is a marked difference from the last two years, when pandemic-induced cash hoarding brought a wave of deposits. From 2019 to 2020, local branches raked in nearly $13 billion more in deposits from the previous year. From 2020 to 2021, another $4 billion flowed in.
FDIC market share reports can be found here.
Editor’s Note: The market share percentages used in this report did not take into account the deposits held in Richmond by Capital One Bank, which has no major branch operations in the area but is technically headquartered here, and, on paper, keeps its $85 billion in deposits here. BizSense adjusted the percentages for only those banks with a true retail presence in the market.