The big guys are flexing their muscle.
The annual Federal Deposit Insurance Corp. update of area deposits market share suggests that the tough economic times have increased our collective instinct for safety in numbers.
For the first time since the late-2006 merger of Regions Financial and the former AmSouth, Regions Bank has grown its (still) market-leading share, adding 20 basis points to the 17.59 percent it held a year ago. But the biggest move of the past year belongs to Bank of America, which built on its turnaround of 2008-2009 by bringing in more than $1 billion of new deposits and lifting its share by 1.8 points.
The faces on the flip side of that coin were Fifth Third and Pinnacle, which both gave up a point of market share and a combined $355 million in deposits. Along with GreenBank, they were the only institutions in last year’s top 10 to shed deposits.
Also giving up market share in the past year was Tennessee Commerce, which ceded seventh place to Wilson Bank & Trust. By contrast, Wells Fargo – which recently changed the names of former area Wachovia branches – jumped four spots in the regional ranking by nearly doubling its deposit base to $834 million.