BofA, Truist, Wells Fargo lose ground in local deposit rankings

Bank of America, Truist and Wells Fargo were once again the top three in local deposit market share.

The big three of the Richmond banking market have lost some of their grip on local deposits.

Bank of America, Truist and Wells Fargo each saw their share of deposits in the Richmond metro area decline over the last year, according to stats released this month by the FDIC.

The trio, which for years have dominated the annual rankings, reported a combined drop in their local deposits of $1.45 billion as of June 30, compared to the same period last year.

BofA, which perennially tops the list by a long shot, reported $23.21 billion in deposits across its 17 local branches. That’s down $577.16 million from a year ago. Its market share now stands at 42% compared to 43% last year.

Truist, formed from the marriage of Southeast banking giants SunTrust and BB&T, lost $712.87 million in local deposits over the 12 months. It ended the period with $8.47 billion in deposits at its 43 area branches. Its market share was down from 16.7% last year to 15.3% this year.

Wells Fargo fared better, losing only $166.14 million across its 40 branches during the year to end at $7.95 billion. Its market share fell by a half-percentage point to 14.3%

Still, the big three’s hold locally remains formidable. They account for $39.64 billion, or 71.6%, of the region’s $55.3 billion in total deposits.

But cutting into that dominance is Richmond-based Atlantic Union Bank, which has continued to chip away at the big boys’ lead in recent years. AUB attracted $822.25 million in new deposits over the last year to reach $6.15 billion at its 21 local branches. Its market share stood at 11%, the first time is has had double-digit market share and bringing it ever closer to overtaking Wells Fargo for third place in the rankings.

Rounding out the top five was TowneBank, which was up $72 million $1.53 billion across nine Richmond-area branches.

Of the 28 banks with a branch presence in the Richmond market, 18 saw their deposits rise over the 12-month period.

Among the others that reported a decline over the year were: Primis Bank (down $47.4M); Village Bank ($2.7M); Bank of Southside Virginia ($17.9M); First Community Bank ($30M); and New Horizon Bank ($2.7M).

New to the list this year is Burke & Herbert Bank, a Northern Virginia-based institution that expanded into the Richmond market over the last year or so. It reported local deposits of $4.82 million as of June 30.

One local bank, while not new to the list, is listed under a different name this year. Virginia Community Capital (VCC) Bank is now Locus Bank, after a rebrand in recent months.

Region-wide, the total deposit count was up $455.79 million. There were 257 branches in the market as of June 30, down from 260 last year. Much of that decline was attributed to Wells Fargo, which closed five local branches over the year. It has another outpost in North Chesterfield set to close later this year.

Those closures were partially offset by Chase Bank, which opened three new branches in the region over the last year. It now has 11 locations in the area and at least one other in the works at Regency mall in Henrico.