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BB&T overtakes Bank of America for No. 2 in local branches

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  • Charlotte-area market share

    These figures include local deposits as well as major corporate accounts and out-of-town brokered deposits recorded in corporate or regional headquarters.

    No. of branchesDepositsDeposit market share
    1) Bank of America
    65$163.1 billion76.9%
    2) Wells Fargo
    97$30.5 billion14.4%
    3) BB&T
    72$5.5 billion2.6%
    4) Fifth Third Bank
    40$1.9 billion0.87%
    5) SunTrust Bank
    37$1.4 billion0.68%
    6) First-Citizens Bank & Trust (Raleigh-based)
    34$1.4 billion0.67%
    7) Park Sterling Bank
    17$876.2 million0.41%
    8) Yadkin Bank
    16$608.5 million0.29%
    9) Bank of North Carolina
    7$569.8 million0.27%
    10) First Citizens Bank and Trust Company (Columbia-based)
    13$513.9 million0.24%
    11) SCBT
    8$478.6 million0.23%
    12) PNC Bank
    15$465.9 million0.22%
    13) CommunityOne Bank
    16$461.1 million0.22%
    14) Farmers & Merchants Bank
    11$443.9 million0.21%
    15) Regions Bank
    3$300.8 million0.14%

    Source: Federal Deposit Insurance Corp.



BB&T is now the clear No. 2 in the number of bank branches in the Charlotte area, supplanting Bank of America in its own headquarters city, new data from the FDIC shows.

Winston-Salem-based BB&T now has 72 branches in the metropolitan area, two more than it did last year. Meanwhile, Bank of America has cut five branches, bringing its total to 65.

Both banks are well behind Wells Fargo, which has expanded on the branch network inherited from Charlotte-based Wachovia to bring its total to 97.

The branch counts, which encompass Charlotte, Gastonia, Concord and Rock Hill, come from the federal government's annual snapshot of local market share released Monday. The rankings show the deposits and numbers of branches as of June 30.

Charlotte-based Bank of America has steadily trimmed branches locally and nationwide in recent years as it cuts costs. Two years ago, CEO Brian Moynihan and the bank embarked on a massive streamlining program called Project New BAC, which involved cutting 30,000 jobs and $2 billion in quarterly costs.

A major part of that has been downsizing its branch network as more transactions move online. Since the project began, Bank of America has closed close to a net 400 branches, bringing the total down to 5,328. In July, executives told investors to expect another 300 branch closings in the next year.

In the Charlotte area, Bank of America has closed a net eight branches locally in that time period.

Bank of America spokeswoman Anne Pace said the bank has expanded its offerings in mobile banking, developed new ATMs and improved convenience and accessibility.

“We are focused on meeting our customers where they are,” she said. A BB&T executive could not be reached for comment.

Other highlights from the FDIC data:

• Recent acquisitions have pushed Park Sterling Bank and Bank of North Carolina significantly up the ranks in Charlotte-area deposits. The two community banks were the biggest gainers, relative to their size.

Charlotte-based Park Sterling Bank jumped from No. 13 to No. 7 in the Charlotte metro area, more than doubling its local deposit base to $876 million. That's by virtue of its acquisition of Gastonia's Citizens South Bank, which closed last fall -- making it the community bank with the largest deposit base in the area.

Bank of North Carolina, based in the Triad, went from No. 15 to No. 9 in this year's rankings with about $570 million in local deposits. It bought Charlotte-based commercial bank First Trust late last year and opened a regional headquarters in the city.

• The region's big banks remain at the top of Charlotte's rankings. Bank of America's market share declined slightly, but the bank still commands 77 percent and $163 billion. Wells Fargo, BB&T, Fifth Third and SunTrust round out the top five.

Bank of America’s dominant market-share position reflects not only local deposits but also the major corporate accounts and out-of-town brokered deposits that it records in its headquarters city. An Observer analysis last year found that when the big banks’ uptown “megabranches” were excluded, Wells Fargo actually had a leading position in Mecklenburg County deposits.

Dunn: 704-358-5235; Twitter: @andrew_dunn
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