RichmondBizSense on Chase Bank: Chase Bank, other newcomers make presence felt in local deposit market

From RichmondBizSense:

A few new names are making their mark in the battle for local bank deposits, while the big boys hold tight on their grip of the market.

That’s the picture painted by the latest deposit market share report released last month by the FDIC. The annual ranking tracks how banks’ local branches stack up in luring deposits.

The big three — Bank of America, Truist and Wells Fargo — maintained their control of more than three quarters of the region’s $57 billion in deposits.

Perennial list-topper BofA held $23.9 billion in deposits across its 21 local branches as of June 30. That’s up $93 million from the same point in 2020, and gives the banking giant a market share of 41 percent.

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