Jacksonville’s banking sector grows slightly, with three more banks in the area (Courtesy of the Jacksonville Business Journal) — The largest bank in the Jacksonville area saw its share of the market grow slightly in the past year, a period in which the overall local banking sector grew by almost 6%.
Bank of America’s market share grew to 53.46% of the deposits in the Jacksonville metro area, up from 51.89%, according to data released last week by the Federal Deposit Insurance Corp. That represents $55.2 billion in deposits, up from $50.5 billion.
Jacksonville-based TIAA Bank came in as the second-largest bank in the area, with 22.46% of deposits, down from 24.35%, while Wells Fargo Bank was No. 3, with 7.43%, about the same as last year’s number.
The overall amount of deposits in the metro area grew 5.7%, to $103.2 billion, up from $97.6 billion.
Jacksonville’s banking sector got slightly more competitive this year, with 34 institutions active in the area as of June 30, the FDIC’s reporting date. In June 2021, there were 31 institutions.
The changes include the entry into the market of Barwick Banking Co., a Georgia bank that opened an office in St. Augustine; Cypress Bank & Trust, a boutique bank headquarters in Melbourne that has an office in San Marco; and The Northern Trust Co., a wealth manager that is located downtown.
Pittsburg-based PNC is also new on the list, replacing BBVA USA after acquiring the U.S.-based subsidiary of the Spanish institution in 2021. While BBVA had $2.7 billion in area deposits — representing 2.81% market share — PNC has $1.5 billion, or 1.44% of the market.
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