Wells Fargo keeps top spot in Denver deposits market share

wells fargo lakewood

A Wells Fargo branch at 7950 W. Alameda Ave. in Lakewood. (Thomas Gounley)

When it comes to deposit market share in Denver, the bank to beat continues to be Wells Fargo.

The San Francisco-based company has more than $22 billion in deposits in the Denver-Aurora-Lakewood metropolitan area, accounting for 27.31 percent of local deposits, according to new data released by the Federal Deposit Insurance Corporation.

Wells Fargo’s market share is nearly double that of runner-up U.S. Bank, which has $11.4 billion in metro-area deposits, giving it a 14.18 percent share.

The FDIC conducts an annual survey of branch-office deposits for all institutions it insures. The latest figures, which were released Tuesday, track up to June 30.

The disparity between the two top players comes despite Wells Fargo and U.S. Bank both having 83 branches in the market.

Wells Fargo has been No. 1 since the 1999 survey, which took place months after it merged with Norwest Bank Colorado, which had held the top spot in 1998.

Wells Fargo has made headlines over the past year in connection with an account fraud scandal. The company has admitted that its employees created millions of accounts without customers’ knowledge. Federal regulators announced in September 2016 they were fining the bank $185 million.

Despite the revelation, Wells Fargo’s market share in Denver increased over the last year.

It is also No. 1 in 2017 deposit market share across Colorado, with 23.97 percent. FirstBank is the statewide runner-up, with 11.15 percent.

Metro-area deposit market share (2016 stats in parentheses)

1. Wells Fargo Bank: 27.31 percent (No. 1 – 26.74 percent)

2. U.S. Bank: 14.18 (No. 2 – 13.58)

3. FirstBank: 13.29 (No. 3 – 13.35)

4. JPMorgan Chase Bank: 10.68 (No. 4 – 10.29)

5. KeyBank: 4.78 (No. 5 – 5.53)

6. Bank of the West: 3.69 (No. 6 – 3.59)

7. CoBiz Bank: 2.4 (No. 8 – 2.37)

8. Compass Bank: 2.39 (No. 7 – 2.52)

9. Bank of America: 2.31 (No. 9 – 2.04)

10. ZB: 1.84 (No. 10 – 2.01)

11. BOKF: 1.79 (No. 11 – 1.86)

12. Guaranty Bank and Trust Company: 1.55 (No. 13 – 1.49)

13. Colorado Federal Savings Bank: 1.52 (No. 12 – 1.82)

14. Citywide Banks: 1.43 (No. 14 – 1.43)

15. UMB Bank: 1.16 (No. 15 – 1.33)

POSTED IN Banking, News, Top News

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