United Community Bank is the new leader in deposits for the Rome market, reporting $303.9 million in deposits for the quarter that ended June 30.
UCBI just nudged out Synovus Bank which dropped from first in the Floyd County Market to second with $300.8 million in local deposits.
“It’s a great feeling, it’s a lot of hard work that’s been put in by everybody in the bank and the directors of the bank as well,” said David Johnson, CEO for UCBI in the Northwest Georgia market which includes Floyd, Bartow and Chattooga counties. “We’ve been number two or number three for a long time and it’s nice to finally reach that pinnacle of being number one in market share.”
Deposits at UCBI increased 18.5% over the preceding 12 months to put the bank into the top position with 18.7% of the market share.
“We’ve got some dedicated customers who, of course, make the decision as to where they are going to bank,” Johnson said. Speaking to the year over year increase of $47 million in deposits, Johnson said, “We’ve got some larger customers and many of them are expanding their businesses, so that’s been a big help. If they prosper, we prosper.”
Synovus deposits were down less than half of one percent, approximately $513,000, over the 12-month period.
Sun Trust, checked in at number three in the local market with $212.3 million in deposits, followed by Regions with $210.6 million, Wells Fargo with $155.3 million, River City Bank with $138.3 million, Greater Community Bank with $130.1 million, Heritage First Bank with $122.1 million and Bank of the Ozarks (recently branded as Bank OZK), with $54.5 million.
David Lance, president and CEO at Greater Community Bank, said he was extremely pleased with the increase in deposits over the previous year.
“We’re on track for this year to be one of our best years ever,” Lance said. “Things are moving in the right direction.”
Ryan Earnest, president at Heritage First Bank, said the growth at Heritage First was probably a reflection of the relationship style/customer service-oriented banking the local bank strives to offer.
“And the great aspect of that is it allows us to re-invest in the community,” Earnest said.
Overall, deposits in the local institutions totaled $1.62 billion, an increase of 6.9%, more than $105 million higher than the period ending June 30, 2018.
Regions local deposits were up $22.8 million, Greater Community was up $18.6 million, Sun Trust reported an increase of $9.7 million, Heritage First gained $5.7 million in deposits, Wells Fargo was up $3.9 million and River City was up by $874,000. Bank of the Ozarks dropped $2.9 million.
Lance indicated that he suspects there is still a lot of uncertainty about the future of the economy.
“We’re seeing a lot of folks staying in a cash position and folks are still just trying to hedge their bets a little bit.” Lance said.
Earnest said that with the ebb and flow of the stock market, he believes there is a level of comfort that people have with parking some of their funds in the bank.