Deposits in metro Atlanta banks grew by nearly 5 percent in 2012, the second straight year of improvement, according to an analysis of federal data released Tuesday.
The Federal Deposit Insurance Corp. deposit market share report is a snapshot taken on June 30 each year. It’s an important, if imperfect, yardstick of which banks are gaining or losing market share, and reflects consolidation in the industry.
Atlanta-based SunTrust Banks, San Francisco-based Wells Fargo and Charlotte-based Bank of America, as expected, remained the Top Three banks in the metro area, according to Federal Deposit Insurance Corp. data.
Total deposits in metro Atlanta grew $5.36 billion to $120.99 billion.
“We’ve seen deposit growth around the industry being strong,” said Chris Marinac, a bank analyst with FIG Partners. Some of that has to do, he said, with continued economic uncertainty and consumers saving more.
Despite recent furor over banks fees, the impact on banks’ deposit bases is hard to find. The Georgia Credit Union Affiliates, though, recently reported nearly 5 percent growth in membership, and 11.6 percent growth in savings balances at the state’s credit unions.
More than three out of every five dollars in metro bank deposits remain in the vaults of the three biggest banks. About 82 percent of deposits are held by the region’s Top 10 banks.
SunTrust saw its deposits in the metro area grow 9.2 percent to $31.97 billion. Wells Fargo’s deposits slipped 2.6 percent to $22.38 billion, while BofA noted a gain of 4.7 percent to $20.44 billion.
A Wells Fargo spokesman said the decline was a result of “administrative changes,” and the bank’s business remains robust in metro Atlanta. Marinac said larger banks often move deposits around depending on organizational needs.
PNC, which acquired RBC Bank USA and the Georgia branches of Flagstar Bank, joined the Top 10 at No. 8. RBC Bank NA, a Georgia-based affiliate of the Canadian bank, is No. 7.
Rounding out the Top 10 are: BB&T (4th); Synovus, operator of Bank of North Georgia (5th); Regions Bank (6th); United Community Bank (9th) and Fidelity Bank (10th).
BB&T grew its deposits by nearly 12 percent, while Fidelity, an acquirer of failed banks, posted growth of 15 percent. Synovus and United Community were essentially flat, while Regions dipped 2.7 percent.
The FDIC noted 108 banks are serving metro Atlanta, down by seven since June 2011, while total branches in metro Atlanta declined by 22 to 1,354.
The declines reflect both failed banks – Georgia leads the nation with nine failures this year — and natural industry consolidation. Banks also have been shedding branches to trim costs in the wake of tighter regulation and a still tepid economy.
About the Author
Keep Reading
The Latest
Featured
