Deposits rise for most banks with branches in Spokane area
Washington Trust garners highest market share for 10th consecutive yearSeptember 26th, 2019
Deposits at bank branches in the Spokane area grew by 1.7% in the 2019 fiscal year, according to a new report from the Federal Deposit Insurance Corp.
Wells Fargo Bank, however, experienced a slight decrease and thus slipped out of the top five banks, in terms of market share of deposits in the Spokane area, according to the report.
The FDIC measures deposits for the 2019 fiscal year ended June 30. Banks in the Spokane-Spokane Valley metropolitan statistical area reported a total of $9.13 billion in local deposits in that period, up from $8.98 billion in the 2018 fiscal year.
Washington Trust Bank remains in the top spot for Spokane-area bank deposits, with $2.25 billion in local deposits as of June 30, which translates to 24.7% of all bank deposits in the MSA. The bank’s deposits rose slightly from $2.24 billion in deposits last year, although its market share dipped slightly.
Washington Trust has led the list for 10 consecutive years.
Umpqua Bank followed Washington Trust in the most recent report, with deposits of $1.8 billion, which represented a 19.8% market share. Deposits and market share grew, by about $252 million and 2.5 percentage points, respectively.
U.S. Bank and Bank of America, in the third and fourth spots on the list, both saw modest gains in market share.
U.S. Bank’s local deposits increased by $64 million, to $962 million. Its market share increased by half of a percentage point, to 10.5%.
Bank of America’s Spokane-area deposits grew by just more than $4 million, to $856 million, which equates to 9.4% of market share, roughly the same as the previous year.
The bottom end of the top five on the list saw the biggest shakeup.
Wells Fargo Bank, previously No. 5 on the list, tumbled to No. 7; the bank reported deposits of $701 million, a decrease of more than $86 million from the prior year. The institution’s market share declined to 7.68% from 8.77% a year earlier.
JPMorgan Chase Bank took Wells Fargo’s place in the top five. The institution reported local deposits of $739 million as of June 30, with an 8% market share.
Outside of the top five, Banner Bank moved up into the sixth spot from seventh, with $729 million in deposits, for a market share just shy of 8%.
First Interstate Bank entered the market this year after acquiring Spokane-based Northwest Bancorp, the parent company of Inland Northwest Bank. In its debut in the Spokane market, the institution saw deposits of $389 million and market share of 4.3%.
Spokane-based banks RiverBank, State Bank Northwest, and Wheatland Bank all saw slight increases in deposits and market share.
RiverBank, at No. 10 on the list, reported deposits of $116 million as of June 30, a nearly $3 million increase from the previous year.
State Bank Northwest ranked 11th on the list, with $108 million in deposits and a market share of 1.18%.
Wheatland Bank, at No. 14, saw an $11 million increase in local deposits, to a total of $71 million. The bank’s market share increased accordingly, to 0.78% from 0.67%.
Kalispell, Montana-based Glacier Bank, which is the parent company of Coeur d’Alene-based Mountain West Bank, saw a steep decrease in both local deposits and market share, dropping from ninth on the list to the No. 13 spot. The bank reported $80 million in local deposits, a market share of 0.88%. That’s a $167 million decrease from the previous year, and a drop in market share of almost 1 percentage point.