Chase Bank regains top 3 ranking in Denver deposit market share

A Chase branch along 6th Avenue in Denver. (Photo by Thomas Gounley)

Chase Bank has returned to the top three in deposit market share for the Denver metro area, and two other banks also improved their ranking.

New York-based Chase trails Wells Fargo and U.S. Bank in local deposits, making its first appearance in the top three since 2013, according to new data released by the Federal Deposit Insurance Corp.

Further down the list, Bank of the West and Zions Bancorporation — which does business in Colorado as Vectra Bank — moved up to the No. 6 and No. 9 spots, respectively.

Market share leader Wells Fargo accounted for 23.2 percent of local deposits, a dip from 25.4 percent in 2019 but still nearly 10 full percentage points ahead of runner-up U.S. Bank.

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

Overall, the latest deposit survey saw less shifting than last year’s, which came in the wake of two notable acquisitions.

On a statewide basis, the No. 1 spot also went to Wells Fargo, which held 20.9 percent of deposits. Chase, meanwhile, reclaimed the No. 2 statewide spot this year from FirstBank, with 11.5 percent market share to the latter’s 11.1 percent.

Here are the deposit market share rankings for the Denver metro area, with 2019 ranking and deposit share by percentage noted in parentheses. The full data set can be viewed on the FDIC’s website.

Wells Fargo Bank: 23.2 (No. 1 – 25.4)

U.S. Bank: 13.6 (No. 2 – 13.5)

JPMorgan Chase Bank: 13.4 (No. 4 – 11.1)

FirstBank: 12.8 (No. 3 – 13.4)

KeyBank: 6.1 (No. 5 – 6.4)

Bank of the West: 3.7 (No. 7 – 3.7)

BOKF: 3.5 (No. 6 – 3.95)

Bank of America: 3.4 (No. 8 – 2.9)

Zions Bancorporation: 2.1 (No. 11 – 1.72)

BBVA: 2.0 (No. 9 – 2.0)

Colorado Federal Savings Bank: 1.9 (No. 11 – 1.7)

Citywide Banks: 1.7 (No. 10 – 1.8)

UMB Bank: 1.6 (No. 13 – 1.4)

Independent Bank: 1.2 (No. 14 –1.3)

TCF National Bank: 0.9 (No. 15 – 1.0)

 

 

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