Truist changes landscape of local banking
There’s a shakeup in the annual bank deposit market share report from the Federal Deposit Insurance Corp.
Truist Bank, created by the merger between SunTrust and BB&T, is No. 3 in the Tampa-St. Petersburg-Clearwater metropolitan market, behind perennial leaders Raymond James Bank and Bank of America.
Related: Truist names West Florida regional president, local market presidents
Wells Fargo Bank, the longtime No. 3 in deposit market share locally, moved down to No. 4 on the list.
The FDIC ranks banks annually on their deposit market share. The market share report provides some indications about where local businesses do their banking.
Here are the June 30, 2020 deposit market share rankings for the top 25 banks in the Tampa-St. Pete-Clearwater metro area, based on the FDIC report issued last week.
Raymond James Bank is based in St. Petersburg, although most of its deposits come from across the United States from clients of parent company Raymond James Financial (NYSE: RJF).
Banks headquartered out of the area generally dominate the list. Bank of America (NYSE: BAC) and Truist (NYSE: TFC) are based in Charlotte, North Carolina, and Wells Fargo (NYSE: WFC) is based in San Francisco. Those three banks combined control about 38.6 percent of local deposits.
Just one locally headquartered community bank is in the top 10, The Bank of Tampa, with $2.1 billion in deposits and a 2.12 percent deposit market share.
The FDIC report shows an overall strengthening in the local banking market.
As of June 30, 2020 there were 57 institutions in the Tampa-St. Pete metro area, with 675 local offices and a total of $101.25 billion in deposits. There were 55 institutions in the market on the same day a year earlier, with 670 local offices and $87.12 billion in deposits.
The FDIC market share report does not reflect how many financial products and services depositors might be buying from banks, and it does not include deposits in credit unions, which increasingly are serving the business market.
One new division Truist recently unveiled is Truist Ventures, a corporate venture capital division created by integrating investments in technology companies from the heritage SunTrust brand with BB&T Ventures. Truist has appointed Vanessa Indriolo Vreeland, who has with more than 20 years of private equity, venture capital and banking experience, to lead Truist Ventures.
