Bank of America rules the local banking roost.
After losing some ground last year, four banking giants’ grip on Richmond has tightened.
Bank of America, Wells Fargo, SunTrust and BB&T each increased their share of control of local bank deposits during the 12 months ending June 30. That’s according to the annual Richmond deposit market share report released this week by the FDIC.
Those four institutions controlled a combined $24.2 billion in local deposits, accounting for 34 percent of the total market share and up almost $1 billion from the previous 12 months.
The FDIC releases market share rankings each year based on deposits as of June 30. The list gives a glimpse of how successful banks were at attracting deposits during the 12-month period.
A total of 33 banks, about half of which are headquartered locally, controlled a combined $71.31 billion in local deposits, down from $73.8 billion a year ago.
The big four in Richmond – Bank of America, Wells Fargo, SunTrust and BB&T – have controlled the local deposit market since at least the mid-1990s through their current incarnations and various predecessors.
Bank of America rules the roost with $11.68 billion in local deposits, or 16.4 percent of the market share. It has 26 branches in the Richmond market, down from 31 a year ago.
Wells Fargo has the largest footprint of any bank doing business in Richmond with 65 branches. They hold 8.74 percent of local deposits with $6.23 billion, up from $5.9 billion a year ago.
SunTrust and BB&T control $3.63 billion and $2.64 billion in local deposits, respectively. SunTrust’s market share rose to 5.09 percent from 4.46 percent as its deposits grew $341 million.
Among locally based banks, the only institution that comes close to playing with the big boys is Union First Market Bank. It held $1.58 billion in local deposits as of June 30, accounting for 2.2 percent of the market. That’s up about $35 million since June 30, 2012, with its market share increasing 0.1 percent.
Union is acquiring Christiansburg-based StellarOne Bank, which has about $49 million in local deposits thanks to its recent push into the Richmond market.
Other local banks did see significant bumps in gathering deposits during the year.
C&F Bank, whose parent company recently completed its acquisition of Central Virginia Bankshares, saw a $30 million jump in local deposits during the year. Its $460.17 million accounts for 0.65 percent of all local deposits, the FDIC reported.
Also on the upswing were First Capital Bank and Xenith Bank, with deposit increases of $17 million and $35 million, respectively. Xenith has seen its local deposits leap to $208 million from $66 million over the past two years.
Midlothian-based Bank of Virginia, on a comeback after a few rough years, grew its deposit base by $53 million to $205.56 million.
There were some local banks that didn’t have as much luck with their deposit numbers.
Central Virginia Bank’s local deposits dropped $44.85 million to $280 million, or about 0.39 percent of the total market.
Village Bank, which also has been fighting its way back from the downturn, saw its deposits fall $33 million to $419.52 million, or 0.59 percent of the market.
Essex Bank’s local deposits dropped by $23.45 million from the previous 12 months to $336 million.
A caveat in the Richmond numbers is the inclusion of Capital One Bank, which is headquartered here but has no major branch operations. However, its $40.35 billion in deposits are considered part of the local market. Capital One controls 56.6 percent of all deposits that are considered held in the Richmond market, based on the latest FDIC figures. That total was down 2 percent from a year ago.
Bank of America rules the local banking roost.
After losing some ground last year, four banking giants’ grip on Richmond has tightened.
Bank of America, Wells Fargo, SunTrust and BB&T each increased their share of control of local bank deposits during the 12 months ending June 30. That’s according to the annual Richmond deposit market share report released this week by the FDIC.
Those four institutions controlled a combined $24.2 billion in local deposits, accounting for 34 percent of the total market share and up almost $1 billion from the previous 12 months.
The FDIC releases market share rankings each year based on deposits as of June 30. The list gives a glimpse of how successful banks were at attracting deposits during the 12-month period.
A total of 33 banks, about half of which are headquartered locally, controlled a combined $71.31 billion in local deposits, down from $73.8 billion a year ago.
The big four in Richmond – Bank of America, Wells Fargo, SunTrust and BB&T – have controlled the local deposit market since at least the mid-1990s through their current incarnations and various predecessors.
Bank of America rules the roost with $11.68 billion in local deposits, or 16.4 percent of the market share. It has 26 branches in the Richmond market, down from 31 a year ago.
Wells Fargo has the largest footprint of any bank doing business in Richmond with 65 branches. They hold 8.74 percent of local deposits with $6.23 billion, up from $5.9 billion a year ago.
SunTrust and BB&T control $3.63 billion and $2.64 billion in local deposits, respectively. SunTrust’s market share rose to 5.09 percent from 4.46 percent as its deposits grew $341 million.
Among locally based banks, the only institution that comes close to playing with the big boys is Union First Market Bank. It held $1.58 billion in local deposits as of June 30, accounting for 2.2 percent of the market. That’s up about $35 million since June 30, 2012, with its market share increasing 0.1 percent.
Union is acquiring Christiansburg-based StellarOne Bank, which has about $49 million in local deposits thanks to its recent push into the Richmond market.
Other local banks did see significant bumps in gathering deposits during the year.
C&F Bank, whose parent company recently completed its acquisition of Central Virginia Bankshares, saw a $30 million jump in local deposits during the year. Its $460.17 million accounts for 0.65 percent of all local deposits, the FDIC reported.
Also on the upswing were First Capital Bank and Xenith Bank, with deposit increases of $17 million and $35 million, respectively. Xenith has seen its local deposits leap to $208 million from $66 million over the past two years.
Midlothian-based Bank of Virginia, on a comeback after a few rough years, grew its deposit base by $53 million to $205.56 million.
There were some local banks that didn’t have as much luck with their deposit numbers.
Central Virginia Bank’s local deposits dropped $44.85 million to $280 million, or about 0.39 percent of the total market.
Village Bank, which also has been fighting its way back from the downturn, saw its deposits fall $33 million to $419.52 million, or 0.59 percent of the market.
Essex Bank’s local deposits dropped by $23.45 million from the previous 12 months to $336 million.
A caveat in the Richmond numbers is the inclusion of Capital One Bank, which is headquartered here but has no major branch operations. However, its $40.35 billion in deposits are considered part of the local market. Capital One controls 56.6 percent of all deposits that are considered held in the Richmond market, based on the latest FDIC figures. That total was down 2 percent from a year ago.