Bank of America's Dominance in Local Deposits
Bank of America has surpassed a significant milestone, controlling over 50% of all local deposits in the Richmond area, according to the latest FDIC deposit market share report.
This achievement marks the first time any bank has exceeded 50% market share for local deposits in at least the last 30 years, based on the FDIC's online records.
- Bank of America's local deposits increased by $11 billion to $34.21 billion as of June 30.
- Its market share rose by 9 percentage points to 50.5% of all deposits in the region.
Bank of America has been the dominant player in local deposits for nearly two decades.
The bank's grip on the local deposit market has tightened over the last 12 months, solidifying its position as the leading banking giant in the area.
Author's summary: Bank of America controls over 50% of local deposits.
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