Deposits up greater than 10% in NWA, Fort Smith banks
In keeping with the most recent abstract of deposits (SOD) report launched in September by the Federal Deposit Insurance coverage Corp. (FDIC), 40 banks working 294 branches within the six-county space of Northwest Arkansas held $23.5 billion in deposits as of June 30. The six counties included are Benton, Carroll, Crawford, Madison, Sebastian and Washington counties.
In keeping with the FDIC knowledge, that’s up greater than 10% from $21.3 billion in deposits in mid-2021. Earlier abstract of deposits experiences listed $18.7 billion in June 2020, $15.5 billion in deposits in mid-2019 and $14.8 billion in June 2018.
For a countywide breakdown for Benton, Carroll, Crawford, Madison and Sebastian counties, click on right here for a PDF. For a breakdown of Washington Rely banks, click on right here for a PDF.
The SOD knowledge is recorded by the FDIC on the shut of enterprise on June 30 annually and serves as a snapshot for monetary knowledge.
Although there was some shuffling, the highest three banks by way of market share have been unchanged from a 12 months in the past. Fayetteville-chartered Arvest Financial institution, owned by the Walton relations, continues to have essentially the most in depth deposit base with $9.17 billion in 57 places of work all through the six-county area. The financial institution grew deposits by almost 30% from $7.09 billion a 12 months in the past, and its market share within the six-county space is 39%.
The First Nationwide Financial institution of Fort Smith and Searcy-chartered First Safety Financial institution flip-flopped from final 12 months’s SOD report. First Safety is ranked No. 2 this 12 months with $1.66 billion (7.08% market share) in its 20 market areas.
The First Nationwide Financial institution of Fort Smith is No. 3 in deposits with $1.51 billion (6.46% market share) in its 17 financial institution areas. These totals embrace the financial institution’s native division, First Nationwide Financial institution of NWA, which has six branches in Benton and Washington counties: Rogers (2), Bentonville, Centerton, Lowell and Fayetteville.
Rounding out the highest 5 banks in market share are Financial institution of America N.A. of Charlotte, N.C. (4 places of work, $911.1 million in deposits, 3.87% market share), and Springdale-based Legacy Nationwide Financial institution (9 places of work, $890.7 million in deposits, 3.79% market share).