Growth in region’s bank deposits slows | nnbw.com
YOUR AD HERE »

Growth in region’s bank deposits slows

NNBW Staff

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

economy slowed.

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

the region.)

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.