Washington Trust maintains lead in Spokane County deposits
Wells Fargo Bank had the largest percentage increase, report states
Katie RossOctober 10th, 2013
Spokane-based Washington Trust Bank once again has topped banks in deposits in Spokane County, says an annual market share report just released by the Federal Deposit Insurance Corp.
Washington Trust's deposits in the county totaled about $1.73 billion, or a 27.8 percent market share, as of June 30, up slightly from $1.68 billion, or a 27.5 percent market share, last year.
Second- and third-place finishers U.S. Bank and Bank of America had Spokane County deposits of about $773 million, or 12.4 percent, and $738 million, or 11.8 percent, respectively, as of June 30. Last year, U.S. Bank had deposits in the county of $740 million, for a 12.1 percent market share, and Bank of America had $732 million in deposits, or a 12 percent market share.
Spokane-based Sterling Bank showed deposits of $721 million in the county on June 30, up from $716 million in last year's survey. Sterling was the last company other than Washington Trust to top the list, finishing first in 2009.
The top four banks—Washington Trust, U.S. Bank, Bank of America, and Sterling Bank—all maintained the same market-share positions as last year.
Peter Stanton, chairman and CEO of Washington Trust, attributes the bank's continued high deposit share to a strong local history, competitive rates, and good branch network.
"Being consistent has gone well for us over the years," Stanton says. "We've been here for 111 years, and we continue to try and be good corporate citizens."
Stanton says he expects the institution's deposits companywide to continue to grow this year, as Washington Trust opens two new branches in Moscow and Lewiston and a mobile branch bus that can travel around the area to places that don't have a nearby branch.
"We're always looking for places where there's a hole in the system," Stanton says.
The FDIC report measures bank's deposits by county and metropolitan statistical area, encompassing more than 96,000 domestic offices operated by 6,950 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. The report showed that 18 included institutions in Spokane County had total deposits of $6.23 billion as of June 30, up from last year's $6.11 billion. These 18 institutions were operating 121 branches as of that date, which was down three branches from 2012, the FDIC report says.
In this year's report, only four of the banks—Washington Trust, U.S. Bank, Wells Fargo Bank, and Glacier Bank—had increased their market shares. Wells Fargo Bank, in fifth place, showed the highest percentage gain, with a jump of 0.82 percent to 9.1 percent and $569 million in Spokane County deposits as of June 30.
Following in sixth through tenth place were JP Morgan Chase Bank, at 7.6 percent; Banner Bank, 7.1 percent; Inland Northwest Bank, 4.1 percent; AmericanWest Bank, up one spot at 1.8 percent; and Bank of Fairfield, also jumping one spot, at 1.7 percent.
Falling two spots was RiverBank, with a market share percentage of just below 1.7 percent. The remaining banks were State Bank Northwest, Wheatland Bank, Panhandle State Bank, Glacier Bank, Columbia State Bank, Armed Forces Trust Bank, and Davidson Trust Co. For the second year, Davidson was listed as having an office here, but no local deposits.
Except for RiverBank, which is a boutique financial services provider, all of the listed institutions continued to have deposits outside of the Spokane area. U.S. Bank, Wells Fargo, and J.P. Morgan Chase all have outside deposits in the hundreds of billions of dollars. Bank of America, however, was the overall U.S. leader, with more than $1 trillion in deposits.
Outside of the Spokane market, Sterling Bank continued to top the banks based in the Northwest with about $5.84 billion. Its deposits were down from 2012, when the survey showed Sterling at just over $6 billion, but that picture soon will change dramatically.
Sterling Financial Corp., the Spokane-based parent of Sterling Bank, and Portland-based Umpqua Holdings Corp., announced last month that they've entered into a definitive agreement for Umpqua to acquire Sterling in a transaction valued at $20 billion.
The transaction is expected to be completed in the first half of 2014, after which all Sterling operations will operate under the Umpqua name and brand. The combined bank will have about $22 billion in assets and about 5,000 employees at nearly 400 locations in Washington, Oregon, Idaho, California, and Nevada.
Sterling was followed closely in the latest FDIC outside-of-market deposit share data by Columbia State Bank, at $5.82 billion; Glacier Bank, $5.3 billion; and AmericanWest Bank, $2.9 billion.
Rounding out the outside deposits were Banner Bank, at $2.8 billion; Washington Trust, at $1.9 billion; Armed Forces Bank, at $1.1 billion; Panhandle State Bank, at $674 million; Wheatland Bank, at $230 million; Inland Northwest Bank, at $67 million; State Bank Northwest at $17 million; Bank of Fairfield at $11 million; and Davidson Trust Co. at $500,000.