The former Chase location at 1760 16th St. in Denver. (BusinessDen file)
The amount of money in Denver’s banks has shrunk for a second straight year.
People and their companies kept $111 billion in the metro area’s 585 bank branches at the midway point of 2024, according to data released by the Federal Deposit Insurance Corp. on Friday. That is down from $115 billion the year before and $127 billion in 2022.
Not since the pandemic year of 2020 have so few funds been held here, FDIC data shows.
U.S. Bank increased its share of the Denver market’s deposits, jumping from fourth place to second place in annual rankings. It was holding $16 billion in local money as of June 30, or 14.5 percent of the market share, behind only Wells Fargo’s $24 billion (21.4 percent).
Wells Fargo has led in the Denver metro area since 1999. It merged that year with Norwest Bank Colorado, which held the top spot in 1998, just before their merger.
HTLF Bank, which moved its headquarters from Iowa to 1800 Larimer St. last year and then saw large gains in its market share, slid this year. Deposits at its 15 Citywide Bank locations dropped from $4.3 billion, or 3.7 percent of the market, to $2.8 billion (2.5 percent).
JPMorgan Chase also saw declines after closing three of its 72 offices here. It is holding $1.4 billion less than it was a year ago and slid from second to third in market rankings.
Across Colorado, deposits fell from $187 billion in 2023 to $183 billion in 2024. Wells Fargo is also the top choice statewide, with 19 percent market share, followed by FirstBank, Chase, U.S. Bank and Alpine Bank. Like HTLF, FirstBank and Alpine are Colorado-based.
Here are the deposit market share rankings for the Denver metro area, with 2023 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: 21.4 (No. 1 – 21.6)
- 2) U.S. Bank: 14.5 (No. 4 – 13.2)
- 3) JPMorgan Chase Bank: 14.2 (No. 2 – 15.0)
- 4) FirstBank: 14.0 (No. 3 – 13.7)
- 5) Bank of America: 3.3 (No. 7 – 3.3)
- 6) KeyBank: 2.9 (No. 5 – 4.2)
- 7) BOKF: 2.8 (No. 9 – 3.0)
- 8) BMO Bank: 2.8 (No. 8 – 3.0)
- 9) HTLF Bank: 2.5 (No. 6 – 3.7)
- 10) UMB Bank: 2.1 (No. 10 – 1.8)
- 11) NBH Bank: 1.9 (No. 12 – 1.5)
- 12) Zions Bancorporation: 1.8 (No. 11 – 1.7)
- 13) Independent Bank: 1.5 (No. 13 – 1.3)
- 14) PNC Bank: 1.3 (No. 14 – 1.2)
- 15) Colorado Federal Savings Bank: 1.2 (No. 15 – 1.0)
The former Chase location at 1760 16th St. in Denver. (BusinessDen file)
The amount of money in Denver’s banks has shrunk for a second straight year.
People and their companies kept $111 billion in the metro area’s 585 bank branches at the midway point of 2024, according to data released by the Federal Deposit Insurance Corp. on Friday. That is down from $115 billion the year before and $127 billion in 2022.
Not since the pandemic year of 2020 have so few funds been held here, FDIC data shows.
U.S. Bank increased its share of the Denver market’s deposits, jumping from fourth place to second place in annual rankings. It was holding $16 billion in local money as of June 30, or 14.5 percent of the market share, behind only Wells Fargo’s $24 billion (21.4 percent).
Wells Fargo has led in the Denver metro area since 1999. It merged that year with Norwest Bank Colorado, which held the top spot in 1998, just before their merger.
HTLF Bank, which moved its headquarters from Iowa to 1800 Larimer St. last year and then saw large gains in its market share, slid this year. Deposits at its 15 Citywide Bank locations dropped from $4.3 billion, or 3.7 percent of the market, to $2.8 billion (2.5 percent).
JPMorgan Chase also saw declines after closing three of its 72 offices here. It is holding $1.4 billion less than it was a year ago and slid from second to third in market rankings.
Across Colorado, deposits fell from $187 billion in 2023 to $183 billion in 2024. Wells Fargo is also the top choice statewide, with 19 percent market share, followed by FirstBank, Chase, U.S. Bank and Alpine Bank. Like HTLF, FirstBank and Alpine are Colorado-based.
Here are the deposit market share rankings for the Denver metro area, with 2023 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: 21.4 (No. 1 – 21.6)
- 2) U.S. Bank: 14.5 (No. 4 – 13.2)
- 3) JPMorgan Chase Bank: 14.2 (No. 2 – 15.0)
- 4) FirstBank: 14.0 (No. 3 – 13.7)
- 5) Bank of America: 3.3 (No. 7 – 3.3)
- 6) KeyBank: 2.9 (No. 5 – 4.2)
- 7) BOKF: 2.8 (No. 9 – 3.0)
- 8) BMO Bank: 2.8 (No. 8 – 3.0)
- 9) HTLF Bank: 2.5 (No. 6 – 3.7)
- 10) UMB Bank: 2.1 (No. 10 – 1.8)
- 11) NBH Bank: 1.9 (No. 12 – 1.5)
- 12) Zions Bancorporation: 1.8 (No. 11 – 1.7)
- 13) Independent Bank: 1.5 (No. 13 – 1.3)
- 14) PNC Bank: 1.3 (No. 14 – 1.2)
- 15) Colorado Federal Savings Bank: 1.2 (No. 15 – 1.0)
