Growth in Sacramento bank deposits exceeds state, national pace
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- Mark Anderson
- Staff Writer- Sacramento Business Journal
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Insured bank deposits in the Sacramento region grew faster during the year ended June 30 than in California or the nation, according to the latest numbers from the Federal Deposit Insurance Corp.
Banks in the four-county area held $42.3 billion in FDIC-insured deposits as of June 30, up from $37.6 billion a year earlier, according to the most recent report from the agency.
That increase, 12.4 percent year-over-year, is up from a 10.3 percent increase last year.
Statewide, deposits grew 7 percent year-over-year to $1.09 trillion, up from 6.5 percent growth last year. Nationwide, deposits grew 7.1 percent to $10.7 trillion.
The largest gain in the market was at U.S. Bank, which saw its deposits in the Sacramento market this year grow by $2.1 billion — a 39 percent increase — to $7.5 billion. In market share, U.S. Bank grew from 14.4 percent of the market to 17.8 percent.
Wells Fargo Bank remains the local deposit leader with 23.8 percent of deposits in the market. That is down from its 24.8 percent last year and 29.9 percent market share two years ago. Despite a slight drop in deposit market share, Wells saw its total deposits grow 4.8 percent from $9.4 billion in June of 2013 to $9.8 billion in June this year.
For many years, Wells Fargo and Bank of America were neck-and-neck in local market share. But after buying Wachovia five years ago, Wells Fargo has commanded about a quarter of the market.
Bank of America, meanwhile, saw an increase of 1.5 percent in deposits year over year from $5.9 billion to $6 billion, yet its market share sank from 15.7 percent in 2013 to 14.2 percent of market this year.
Mark Anderson covers technology, agriculture, banking and finance, venture capital, energy, mining and hospitality for the Sacramento Business Journal.
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