Wells Fargo remains market leader as deposits at Denver-area banks grow

A Wells Fargo branch at 7950 W. Alameda Ave. in Lakewood. Wells Fargo accounted for 23 percent of deposits in the Denver metropolitan area as of June 30. (BusinessDen file)

Wells Fargo maintained its grip on Denver deposits over the past year, although runners-up U.S. Bank and Chase saw greater gains.

San Francisco-based Wells Fargo accounted for 23.17 percent of deposits in the Denver metropolitan area as of June 30, according to new data released last week by the Federal Deposit Insurance Corp. That’s essentially the same as one year prior, when it had 23.24 percent.

But U.S. Bank increased its local deposit share by 2.5 percentage points, and Chase added nearly a full percentage point.

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

The amount of deposits at Denver-area banks grew between the summers of 2020 and 2021, a period that saw the federal government send out stimulus checks and increase unemployment pay at the same time that some people found themselves spending less than usual.

The FDIC found $122.5 billion deposited in the Denver metro area as of June 30 across all banks, compared to $106.9 billion the year prior and $87.6 billion in 2019.

On a statewide basis, the No. 1 spot also went to Wells Fargo, which held 20.7 percent of Colorado deposits. U.S. Bank jumped from No. 4 to No. 2, pushing Chase to No. 3 and edging FirstBank off the podium.

Here are the deposit market share rankings for the Denver metro area, with 2020 ranking and deposit share by percentage noted in parentheses. Figures have been rounded to one decimal point. The full data set can be viewed on the FDIC’s website.

1) Wells Fargo Bank: 23.2 (No. 1 – 23.2)

2) U.S. Bank: 16.1 (No. 2 – 13.6)

3) JPMorgan Chase Bank: 14.2 (No. 3 – 13.4)

4) FirstBank: 13.4 (No. 4 – 12.8)

5) KeyBank: 4.4 (No. 5 – 6.0)

6) Bank of the West: 3.7 (No. 6 – 3.7)

7) BOKF: 3.5 (No. 7 – 3.6)

8) Bank of America: 2.7 (No. 8 – 3.4)

9) Zions Bancorporation/Vectra Bank: 1.9 (No. 9 – 2.1)

10) UMB Bank: 1.8 (No. 13 – 1.6)

11) BBVA: 1.6 (No. 10 – 2.0)

12) Citywide Banks: 1.5 (No. 12 – 1.7)

13) Independent Bank: 1.4 (No. 14 – 1.2)

14) Colorado Federal Savings Bank: 1.2 (No. 11 – 1.9)

15) NBH Bank/Community Banks of Colorado: 0.9 (No. 16 – 0.8)

A Wells Fargo branch at 7950 W. Alameda Ave. in Lakewood. Wells Fargo…

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