You are the owner of this article.

Local bank deposits up more than $870 million; Seven of nine banks show increases

  • ()

The annual FDIC Market Share report shows SunTrust Bank moved into the top slot in the local market with a dramatic increase in deposits.

The October report shows that as of June 30, 2017, SunTrust had deposits in Floyd County of more than $1 billion, up by more than $780 million from $219.3 million a year ago.

SunTrust did not respond to calls from the Rome-News-Tribune for a comment on the dramatic increase in local deposits.

Synovus, with its local branch Citizens First, picked up more than $12 million deposits to rank second in the market with $285.2 million.

SunTrust and Synovus flip-flopped in the rankings with the rest of the local institutions remaining in the same order as a year ago.

Scott Preston, the president of Synovus’ Northwest Georgia region, said the bank has been very happy with results in Rome the past two years.

“We’ve had a really nice balance in the type of growth we’ve gotten,” Preston said. He pointed to a significant increase in demand deposits — accounts that don’t pay interest.

United Community Bank ranked third in the Rome market with $225.4 million in deposits as of June 30, an increase of $7.1 million from the previous year.

“I’m delighted that we did have nice growth,” said Steve Kemp, president of United Community Banks Northwest Georgia region about their 3.2 percent growth. “I think it is a testament to our team here and their continued focus on service to our customers.”

Regions Bank held on to the number four slot, although the local bank dropped about $1.8 million in deposits to $176.1 million.

The remainder of the local institutions and their 2017 deposits versus 2016 included:

Wells Fargo — $150.0 million, up from $140.5 million

River City Bank — $137.0 million, down from $137.7 million

Heritage First Bank — $113.3 million, up from $96.2 million

Greater Community Bank — $99.7 million, up from $91.7 million

Bank of the Ozarks — $56.1 million, up from $37.6 million

“Every community banker is going to tell you that the condition of a community follows the condition of the community banks, because that is the concentrated capital source for most small businesses,” said Ryan Earnest, president of Heritage First Bank.

He said the 17.7 percent increase in deposits at Heritage First was the result of a continued focus on the community.

“The move to our new building continues to pay dividends,” Earnest said about their move to 501 Broad St. “Broad Street is one of the most vibrant arteries in our city.”

David Lance, president of Greater Community Bank which experienced 8.7 percent growth, said the bank had gotten great response from customers over the past year.

“We’re just real pleased with where we are,” Lance said.