Washington Trust leads Spokane County in deposits for sixth straight year
Bank of America, U.S. Bank stay in top threeOctober 8th, 2015
Washington Trust Bank continues to lead banks in deposits in Spokane County, says an annual market share report released late last month by the Federal Deposit Insurance Corp.
The Spokane-based bank has topped the list every year since 2009, when Sterling Savings Bank came in at No. 1.
Washington Trust’s deposits in the county totaled $1.9 billion, as of June 30, up slightly from $1.8 billion a year earlier. While total deposits increased, the bank’s market share slipped to 25.6 percent of all deposits countywide, down from a 26.5 percent market share a year earlier, the data show.
Jack Heath, president and COO of Washington Trust Bank, says the bank’s continued high deposit share is due to partly to the continued growth of businesses it serves, as well as to changes the bank has made to its retail delivery system.
“It’s great to see the Spokane economy rebounding and the businesses we work with continuing to prosper and grow,” says Health. “We’ve also invested a lot into enhancing our retail delivery system with a new remote capture for deposits, and person-to-person payment platform. Our retail offerings have been well received by both new and existing customers of Washington Trust.”
Heath says he expects the institution’s deposits to continue to increase this year.
“I’m very excited, as I feel there is a huge opportunity for growth in this market, both for Spokane and Washington Trust,” he says.
Once again, Bank of America and U.S. Bank ranked second and third, respectively, in bank deposits in the county, with Bank of America showing deposits of $1.3 billion, or a 17.3 percent market share, and U.S. Bank having deposits of $883 million, an 11.8 percent market share, as of June 30. Last year’s FDIC report showed Bank of America with deposits in the county of $965 million, for a 14.3 percent market share, and U.S. Bank with $820 million in deposits, for or an 12.1 percent market share.
While the top three banks maintained their positions atop the list, Wells Fargo Bank moved into the fourth slot in the latest report with $784 million in deposits, or a 10.5 percent market share, up from last year’s rank of fifth with $620 million in deposits, or a 9.2 percent market share.
Umpqua Bank, the Portland-based company that acquired Sterling Savings Bank last year, dropped to fifth from fourth.
The FDIC report measures bank’s deposits by county and metropolitan statistical area, encompassing more than 93,000 domestic offices operated by 6,300 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks.
The report showed that 18 institutions in Spokane County had total deposits of $7.5 billion as of June 30, up from last year’s $6.7 billion which included 19 institutions. These 18 institutions were operating 118 branches as of that date, the same number as last year, the FDIC report says.
Following in sixth through 10th place were JP Morgan Chase Bank, at 6.9 percent; Banner Bank, at 6.5 percent; Inland Northwest Bank, at 4.1 percent; AmericanWest Bank, at 1.5 percent; and RiverBank, at 1.5 percent.
The remaining banks, in order of deposit share, were Bank of Fairfield, State Bank Northwest, Columbia State Bank, Glacier Bank, Wheatland Bank, Washington Federal, Armed Forces Trust Bank, and Davidson Trust Co. Of these, Columbia Bank moved up significantly in the rankings since last year moving from a 0.3 percent market share to a 0.8 percent market share. Davidson Trust Co. is the only institution listed as having an office here, but no local deposits.
With the exception of RiverBank, which is a boutique financial services provider, all of the listed institutions continued to have deposits outside of the Spokane area. Bank of America, Wells Fargo and JP Morgan Chase each have outside deposits totaling more than $1 trillion. Bank of America, however, was the overall outside market leader, with $1.2 trillion in deposits.
Also listed among the top 10 banks in deposits outside this market were U.S. Bank, at $279 billion; Umpqua Bank, at $16.6 billion; Washington Federal, at $10.6 billion; Columbia State Bank, at $7 billion; Glacier Bank, at $6.5 billion; Banner Bank, at $3.6 billion; and AmericanWest Bank, at $3.5 billion.
Rounding out the outside deposits were Washington Trust, at $2.2 billion; Armed Forces Bank, at $761 million; Wheatland Bank, at $263 million; Inland Northwest Bank, at $83 million; Bank of Fairfield, at $26 million; State Bank Northwest, at $17 million; and Davidson Trust Co., at $500,000.