Bank of America's Dominance in Local Deposits
According to the latest FDIC rankings, Bank of America now controls over 50% of all local deposits in the Richmond area.
This milestone marks the first time any bank has surpassed a 50% market share in local deposits in at least the last 30 years, based on available FDIC online records.
Bank of America has been the leading player in local deposits for nearly two decades and has further solidified its position over the last 12 months.
- As of June 30, Bank of America reported $34.21 billion in local deposits, a significant increase from $23.21 billion a year ago.
- This $11 billion growth resulted in a 9 percentage point increase in market share, reaching 50.5% of all deposits in the region.
The banking giant now controls more than half of all deposits held in Richmond-area bank branches.
Author's summary: Bank of America dominates local deposits.
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