Metro Atlanta's biggest banks grabbed a larger share of the area's deposits compared to last year, according to a report Tuesday by the Federal Deposit Insurance Corp.
Total deposits in metro area branches increased $5.1 billion, or 4.6 percent, to $115.6 billion. The increase reversed two years of market declines.
The growth was led by the region's biggest players, FDIC data show.
Atlanta-based SunTrust Banks, which remains the metro area’s largest, increased its market deposits nearly 16 percent to $29.3 billion.
The city’s Big Three—including San Francisco-based Wells Fargo and Charlotte-based Bank of America— grew overall deposits by more than $7.1 billion, meaning net deposits at all other metro banks combined actually declined.
Those three banks hold nearly 63 percent of metro Atlanta’s deposits, up from about 59 percent last year. The Top 10 banks now hold 81 percent of the region's deposits, up 3 points, according to Atlanta-based FIG Partners.
“I think people are saving more. There’s more money going to cash,” said Chris Marinac, a FIG Partners bank analyst, referring to turmoil in the stock markets and the broader economy.
The FDIC’s deposit market share report is a snapshot taken on June 30 each year. It's an important yardstick of which banks are gaining or losing market share, and reflects consolidation in the industry.
The FDIC reported 115 banks with branches in metro Atlanta on June 30, down from 131 the same date a year ago.
Georgia leads the nation in failures with 70 since mid-2008, including 19 so far this year.
Tuesday’s report is from data collected largely before recent national consumer uproar over plans by many large banks to charge monthly fees to use debit cards.
SunTrust has a $5 per month fee to use a debit card for purchases under certain accounts. Wells Fargo is testing a $3 per month fee on certain accounts in some markets, including Georgia. Bank of America announced last week a $5 per month fee to swipe a debit card for purchases beginning next year.
The fees come in the wake of regulatory changes limiting how much big banks can charge merchants when consumers pay by debit.
Some industry experts say the fees could open the door for community banks, certain Internet banks and credit unions without such fees to gain market share.
Marinac said he's not sure how many consumers will find the any savings worth the hassle of switching banks.
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