The following are the 10 banking institutions with the most market share in Hall County:
1. Wells Fargo Bank: 17.52%
2. Regions Bank: 15.05%
3. Branch Banking and Trust: 13.79%
4. SunTrust Bank: 12.56%
5. United Community Bank: 12.39%
6. Peach State Bank & Trust: 4.93%
7. Bank of America: 4.76%
8. SCBT: 4.05%
9. Hamilton State Bank: 3.51%
10. The National Bank of Georgia: 2.82%
Source: Federal Deposit Insurance Corp.
After more than 15 years as Hall County’s banking leader, Regions Bank has dropped to No. 2 in market share, according to the Federal Deposit Insurance Corp.’s annual Deposit Market Share Report.
The report, which includes deposits as of June 30, shows Regions slipped more than 1 percentage point to 15.05 percent market share. The Alabama-based bank had more than $388 million in local deposits, down about $26 million. Regions has been a banking powerhouse in Hall County since 1996, when the area had seven primary banks and its market share was 45.95 percent.
Last year, Regions slightly beat Wells Fargo by 0.04 percentage points. This year, Wells Fargo Bank leads the area with 17.52 percent market share, an increase of more than a percentage point.
Wachovia had a 15.68 percent market share in 2009, as its banks were making the transition to Wells Fargo. The South Dakota-based bank had more than $452 million in deposits in Hall, up almost $39 million from 2011.
Last year, United Community Bank came in at No. 3 in market share, but this year its market share of 12.39 percent put it at No. 5, behind Branch Banking and Trust Co. and SunTrust Bank. Branch Banking and Trust Co. was third at 13.79 percent market share while SunTrust had 12.56 percent.
United Community Bank had previously held the No. 3 spot since 2010. The Blairsville-based bank has seen its market share grow by nearly 3 percentage points in the last five years, but reported five bank offices in Hall County, one fewer than in years past. The bank has had a Hall County presence since May 2005.
Rounding out the top 10 in Hall County market share are Peach State Bank & Trust (4.93 percent), Bank of America (4.76), SCBT National (4.05), Hamilton State Bank (3.51), and The National Bank of Georgia (2.82).
Seventeen total banking institutions call Hall County home, with the most recent addition being JP
Morgan Chase Bank. Nine institutions have only one branch in Hall County while the top five in market share have a combined 35. SunTrust leads with nine offices.
The top five banks held more than 71 percent market share, which is not uncommon, according to FDIC officials.
“There will be a few (banks) that dominate the market,” said spokeswoman LaJuan Williams-Young.
The total number of deposits grew to $2.58 trillion, up more than $66 million from last year. Williams-Young said that mirrored elsewhere, adding that deposits increased last quarter.