Synovus Bank and United Community Bank continue to lead the way in the annual Federal Deposit Insurance Corp. “Summary of Deposits” report for Rome and Floyd County.
The June 30 report shows Synovus Bank has leap-frogged United Community for the top spot over the last 12 months, with 18.8% of the market share.
The two institutions continue to far and away lead the local market with a combined 35.5% of the market share.
Synovus showed deposits of $353.25 million while United Community Bank reported deposits of $312.79 million, or 16.7% of the market share.
Synovus’ Northwest Georgia market President Scott Preston said the report from the FDIC is something bank management pays attention to each year.
“Loans in market, trust accounts in market — those kind of things may be more important, but they’re just not measured in a public way,” Preston said. “We’re just thankful for the trust our customers put in us continually.”
The quarterly report from the FDIC also shows that deposits continue an upward trend. Synovus gained $52.41 million over the year. United Community gained $8.87 million.
Preston said he believes some of the Payroll Protection Program money infused by the federal government has stuck in bank balance sheets a little longer than most institutions thought they would.
United Community Bank Northwest Georgia Region CEO David Johnson also said he believes the PPP money may have distorted the numbers a little bit this year.
Preston also said some money that was pulled out of the stock market earlier in the year likely is parked in money market accounts and certificates of deposit.
Other people may have been hesitant to invest and accumulated cash in their business, Johnson said.
“I think it’s all driven by the same reason,” he explained. “With the pandemic situation and the uncertainty in the market, people are saving money some and holding it.”
“All banks are benefiting from that, generally speaking,” Preston said.
Wells Fargo, Regions and Truist (formerly SunTrust) ranked in the middle of the pack in terms of market share. Regions had 12.6% of the market as of the June 30 report with deposits of $237.04 million. Truist reported deposits of $215.82 million and 11.5% of the market. Wells Fargo Bank had $190.5 million in deposits with 10.1% of the market share.
Each of the three strictly local banks — Greater Community Bank, River City Bank and Heritage First Bank — reported deposits of less than $10 million apiece. Greater Community Bank listed deposits of $171.41 million, River City Bank reported $155.06 million and Heritage First showed $150.06 million.
Greater Community experienced $41.3 million in growth over the preceding 12-month period, River City picked up $16.68 million and Heritage First added $27.88 million in deposits.
Bank of the Ozarks brings up the rear locally, with just 4.5% of the market and deposits of $84.89 million, up $30.32 million from the previous year.
Total deposits in the nine local institutions for the year ended June 30 was $1.87 billion. That’s an increase of $242.47 million, approximately 14.9%, over the year.
Johnson said the growth across the Floyd County market was close to double the growth in deposits from the previous 12-month period.
“That’s good growth in the market, but it’s much higher this year than it has been historically,” Johnson said.
The deposits in local banks were the largest in the mid-Coosa Valley region. Bartow County banks listed deposits of $1.66 billion, Gordon County checked in with $987.69 million, Walker County with $511.62 million, Polk County banks with $408.46 million and Chattooga County with $331.74 million.
♦ Wells Fargo was the market share leader in Bartow County with $284.89 million or 17.16% of the local deposits.
♦ The Bank of LaFayette was tops in Walker County with $256.02 million representing 50.04% of the market.
♦ United Community was far and away the leader in Chattooga County with deposits of $163.58 million which is 49.31% of market deposits.
♦ Synovus was tops in Gordon County with $353.10 million or 35.25% of the market share.
♦ Southcrest Bank was tops in Polk County with deposits of $157,03 million, 38.44% of market share.