Bank of America, Trust, and Wells Fargo are once again the top three in terms of local deposit market share.
The three largest players in Richmond’s banking market are losing some of their control over local deposits.
Bank of America, Trust and Wells Fargo each saw their share of deposits in the Richmond metropolitan area decline last year, according to statistics released this month by the FDIC.
The trio, which has dominated the annual rankings for years, reported a combined $1.45 billion decline in local deposits as of June 30 compared to the same period last year.
BofA, which consistently tops the list by a wide margin, reported $23.21 billion in deposits across its 17 regional branches. This was a decrease of $577.16 million compared to a year ago. The company’s market share now stands at 42%, compared to 43% last year.
The trust, which was formed through the merger of major Southeastern banks SunTrust and BB&T, lost $712.87 million in local deposits over a 12-month period. The company ended the period with $8.47 billion in deposits in 43 regional branches. Its market share fell from 16.7% last year to 15.3% this year.
Wells Fargo performed well, with annual losses of just $166.14 million across its 40 branches, ending the year at $7.95 billion. Market share decreased by 0.5 percentage point to 14.3%.
Still, the local dominance of the big three remains strong. These account for $39.64 billion, or 71.6%, of the region’s total deposits of $55.3 billion.
But one company that is chipping away at that advantage is Richmond-based Atlantic Union Bank, which has been chipping away at the big banks’ lead in recent years. AUB attracted $822.25 million in new deposits last year, reaching $6.15 billion across its 21 local branches. The company had a market share of 11%, reaching double-digit market share for the first time and coming close to overtaking Wells Fargo for No. 3 in the rankings.
Rounding out the top five was Town Bank, which saw a $1.53 billion increase of $72 million across its nine Richmond-area branches.
Of the 28 banks with branches in the Richmond market, 18 saw deposits increase over the 12-month period.
Other companies that reported declines for the year include: Primis Bank (down $47.4 million). Village Bank ($2.7 million); Southside Virginia Bank ($17.9 million). First Community Bank ($30 million); and New Horizons Bank ($2.7 million).
New to the list this year is Northern Virginia-based Burke & Herbert Bank, which has expanded into the Richmond market over the past year. As of June 30, local deposits were reported at $4.82 million.
One local bank is listed under a different name this year, although it is not new to the list. Virginia Community Capital (VCC) Bank has undergone a rebranding in recent months to become Locus Bank.
Across the region, total deposits increased by $455.79 million. As of June 30, the number of branches in the market was 257, down from 260 last year. Much of this decline was due to Wells Fargo, which closed five local branches during the year. There is another outpost in North Chesterfield, which is scheduled to close later this year.
These closures were partially offset by Chase Bank, which opened three new branches in the region last year. There are currently 11 stores in the area, with at least one in the works at Regency Mall in Henrico.
Bank name Local branch Local deposits (,000) Market share Bank of America 17 23,210,132 41.96% Truist Bank 43 8,478,286 15.33% Wells Fargo Bank 40 7,955,640 14.38% Atlantic Union Bank 21 6,153,256 11.13% TowneBank 1 ,537 ,741 2.78% Citizens Farmers Bank 15 1,391,742 2.52% Blue Ridge Bank 7 1,057,799 1.91% Primis Bank 10 804,275 1.45% United Bank 12 762,351 1.38% Village Bank 8 617,403 1.12% South State Bank 6 578,410 1.05% Southside Virginia Bank 9 416,84 8 0.75% First Citizens Bank・And Trust Co., Ltd.6 399,419 0.72% JPMorgan Chase Bank 11 366,337 0.66% Touchstone Bank 7 338,209 0.61% Fulton Bank 3 195,224 0.35% Citizens Bank and Trust Company 4 167,496 0.30% First Community Bank 4 158,754 0.29%Trust Company 4 146,621 0.27 % Chesapeake Bank 5 133,483 0.24% Community Bankers’ Bank 1 117,153 0.21% New Horizon Bank 1 111,031 0.20% Locus Bank, Inc. 1 54,990 0.10% Peoples Bank 1 54,283 0.10% The First Bank and Trust Co. 1 0.10 %National Bank 9 30,192 0.05% Virginia National Bank 1 14,553 0.03% Burke & Herbert Bank & Trust Co. 1 4,827 0.01% Total (from FDIC data) 257 55,309,118 100.00%
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