Growth in region’s bank deposits slows
Bank deposits in the Reno-Sparks area
increased by 2.4 percent year-over-year during
the 12 months ended June 30, the Federal
Deposit Insurance Corp. reports.
The agency says total deposits in Carson
City, however, fell by 2.6 percent as the region’s
The Reno-Sparks increase of 2.4 percent
reflected cooling, too, as the growth rate was
half of the 4.8 percent reported a year earlier.
At the middle of this year, deposits in the
Reno-Sparks market stood at $6.8 billion compared
with $6.6 billion a year earlier. Deposits
in Carson City totaled $1.07 billion, down from
$1.1 billion a year ago.
(The Reno figures don’t include Charles
Schwab Bank, which draws most of its deposits
from elsewhere in the world. The Carson City
figures don’t include Imperial Capital Bank,
which also draws most of its deposits from outside
While the mid-year figures historically have
provided a snapshot of banks’market share in
the deposit business, the failure of First
National Bank of Nevada in late July means the
market-share figures shifted markedly.
In Reno and Sparks, the FDIC said that First
National’s $694.2 million in deposits on June 30
accounted for 10.2 percent of the market, and
the bank had the third-largest share of the
area’s deposits. Some of those deposits, however,
may have moved to other institutions after
First National failed and its deposits were
acquired by Mutual of Omaha Bank.
In Carson City, First National Bank had
$67.6 million in deposits and a 5.8 percent
share of the market before its failure.
Before the First National failure,Wells Fargo
had the largest share of deposits in the Reno-
Sparks area at 29.3 percent, followed by Bank of
America at $19 million.
In Carson City,Wells Fargo held 24.6 percent
of the market on June 30, followed by Bank
of America at 11.2 percent.
Wells Fargo picked up more market share
when it acquired the accounts of Citibank customers
in the region. That deal closed in early
September as Citibank left the market.
On June 30, Citibank had 3.1 percent of the
deposits in Reno-Sparks and 7.1 percent of the
deposits in Carson City banks.
The unanimous approvals Wednesday came despite state leaders promising to tighten up requirements for Nevada’s tax abatements and incentives for future companies.