Bank of America's Dominance in Local Deposits
Bank of America has reached a milestone, controlling over 50% of all local deposits in the Richmond area, according to the latest FDIC rankings.
This marks the first time any bank has surpassed a 50% market share for local deposits in at least the last 30 years, based on the FDIC's online records.
Bank of America's local deposits increased by $11 billion to $34.21 billion as of June 30, up from $23.21 billion a year ago, resulting in a 9 percentage point increase in market share to 50.5%.
The banking giant now controls more than half of all deposits held in Richmond-area bank branches.
Bank of America has been the dominant player in local deposits for nearly two decades and has tightened its grip on the local deposit market over the last 12 months.
Author's summary: Bank of America controls 50% of local deposits.More News
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