Wells Fargo holds on to No. 1 slot for local deposits; Citywide Banks moves up 4 spots

wells fargo lakewood

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

Wells Fargo continues to hold the No. 1 spot when it comes to deposits at Denver metro area banks.

As of the end of June, the San Francisco-based company had $21.6 billion in deposits in the Denver-Aurora-Lakewood metropolitan area, accounting for 25.82 percent of local deposits across all brands, according to new data released by the Federal Deposit Insurance Corp.

Wells Fargo did have a bit of a drop from the previous year. In June 2017, its local market share was 27.31 percent. Still, it remains well ahead of runner-up U.S. Bank, which had 15.48 percent of local deposits as of June.

The difference isn’t directly linked to brick-and-mortar branches. Wells Fargo and U.S. Bank both had 81 offices in the metro area as of June 30, according to the FDIC.

The FDIC conducts an annual survey of branch-office deposits for all institutions it insures. The latest figures, all of which were current as of June 30, were released last month.

Overall, the major local players didn’t see big changes from the previous year. The banks ranked No. 1 to No. 9 in market share in 2017 kept the same position in 2018.

Within the top 15, Citywide Banks made the biggest move. The company had 1.89 percent of local deposits in June, which put it at the No. 10 spot, up from No. 14 in 2017.

Wells Fargo is also No. 1 on a statewide basis, with 22.81 percent of deposits across Colorado. U.S. Bank had the second-largest statewide market share this year, replacing FirstBank, which had held the runner-up spot since 2011.

Here are the deposit market share rankings for the Denver metro area, with 2017 ranking and deposit share noted in parentheses:

  1. Wells Fargo: 25.82 percent (No. 1 – 27.31 percent)
  2. US Bank: 15.48 (No. 2 – 14.18)
  3. FirstBank: 13.53 (No. 3 – 13.29)
  4. JP Morgan Chase Bank: 11.63 (No. 4 – 10.68)
  5. KeyBank: 4.46 (No. 5 – 4.78)
  6. Bank of the West: 3.64 (No. 6 – 3.69)
  7. CoBiz Bank: 2.27 (No. 7 – 2.4)
  8. Compass Bank: 2.1 (No. 8 – 2.39)
  9. Bank of America: 2.08 (No. 9 – 2.31)
  10. Citywide Banks: 1.89 (No. 14 – 1.43)
  11. ZB: 1.86 (No. 10 – 1.84)
  12. BOKF: 1.73 (No. 11 – 1.79)
  13. Guaranty Bank and Trust Company: 1.73 (No. 12 – 1.55)
  14. Colorado Federal Savings Bank: 1.46 (No. 13 – 1.52)
  15. UMB Bank: 1.24 (No. 15 – 1.16)

POSTED IN Banking, News, Top News

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