Bank of America leads Northeast Florida market in deposits (Courtesy of the Jacksonville Daily Record) — Bank of America leads the Jacksonville market in deposits but Wells Fargo Bank has the largest number of branches, which may be a better indicator of their places in Northeast Florida.
Bank of America is credited with $63.1 billion deposits in its branches in the Jacksonville metropolitan area as of June 30, or 53.2% of all deposits in the market, according to the latest Federal Deposit Insurance Corp. data.
The FDIC updates its market share reports annually with midyear data.
However, Wells Fargo, which ranked third with $6.1 billion in deposits, had 39 branches, compared with 25 for Bank of America.
EverBank ranked second in deposits with $29.1 billion, or 24.5% of the market.
But the total deposits are not a true indication of money placed in the banks by Jacksonville area residents.
It includes large institutional deposits and other accounts that are credited to their main Jacksonville offices, but don’t necessarily represent deposits made by customers who reside in the metropolitan area.
In Bank of America’s case, the $63.1 billion includes $58.6 billion credited to one branch at 9550 Regency Square Blvd.
EverBank receives most of its deposits from online customers and its total includes $27.2 billion credited to its office at 301 W. Bay St.
Wells Fargo’s largest branch, in terms of deposits credited, is $1.3 billion in its office at 9700 Baymeadows Road.
If you remove the deposits for each bank’s largest Jacksonville area office, Wells Fargo would be the biggest with $4.8 billion, followed by Bank of America with $4.4 billion and EverBank with $1.9 billion.
Truist Bank ranked fourth in Northeast Florida with $5.8 billion in deposits, which included $4 billion credited to its office at 1200 Riverplace Blvd.
Excluding that branch, Truist had $1.7 billion.