SNL Financial Releases U.S. Deposit Market Share Rankings; Bank of America Retains Top Spot amidst Industry Turmoil and Consolidation
Wachovia deal lifts Wells Fargo to number two, followed by JPMorgan Chase in the third position.
Charlottesville, VA (Vocus/PRWEB ) October 27, 2008 -- SNL Financial's newly released 2008 bank branch deposit data shows that the top three banks now control nearly one-third of the nation's retail market share. The rankings are based on SNL's analysis of deposit data from more than 99,000 branches of FDIC-insured institutions, including pending and completed mergers.
Bank of America held the top spot with $719.8 billion in total U.S. deposits, followed by Wells Fargo at $711.5 billion and JPMorgan Chase at $649.3 billion. All three banks surpassed the 10% national market share threshold, at 11.31%, 11.18% and 10.20% respectively.
The current rankings stand in striking contrast to the 2007 data, which showed the combined market share of the top three banks (Bank of America, JPMorgan Chase and Wachovia) at just under 23%. The recent spate of bank acquisitions and failures has led to significant industry consolidation, increasing market share of the top banks. The pending deal with Wachovia more than doubles Wells Fargo's market share and brings its number of branches to 6,779, more than any other bank in the country.
Despite industry turmoil, retail deposits increased by 3.72% to $6.364 trillion. The growth is slightly greater than last year's growth rate of 2.54%, though much lower than the 7.88% and 7.84% seen in 2005 and 2006.
"Industry consolidation is significantly altering the financial landscape. Many national franchises have expanded their branch footprint and improved their ability to meet the needs of a broader and more diverse client base," said Kris Niswander, Associate Director of SNL's Financial Institutions Group.
About Branch Deposit Data from SNL
SNL released its 2008 Bank Branch Deposit Data within 72 hours of its issuance by the FDIC, well ahead of any other information provider. SNL matches the newly reported deposits to the previous deposit history of the branch, adding geographic coordinates to each branch and running custom error checks. Additionally, SNL monitors company filings, merger news and government sources every day and makes real-time pro-forma market share updates to the database. Branch openings and closings are reflected in the database as information becomes available.
SNL's 2008 Bank Branch Deposit Data is available exclusively as part of SNL Unlimited service for Financial Institutions. To find out more about SNL Unlimited, contact sales@snl.com or 866.296.3743.
About SNL Financial
SNL collects, standardizes and disseminates all relevant corporate, financial, market, and M&A data -- plus news and analysis -- for the Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications industries. For more information, visit www.SNL.com.
SNL Contact
Monica Jenkins
Marketing Manager
434.951.6951
mjenkins@snl.com
SNL Financial
One SNL Plaza
Charlottesville, VA 22902
434.977.1600
Other office locations:
Ahmedabad, India; Arlington, Va.; Boston, Mass.; Islamabad, Pakistan; Jersey City, N.J.; London; Monterey, Calif.; New York.
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