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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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BB&T remains largest bank in Fredericksburg area

BB&T remains the largest bank in the Fredericksburg area in terms of the amount of money held locally.

The North Carolina-based bank had about $830 million in customer deposits in the Fredericksburg region as of June 30, according to the FDIC’s annual Summary of Deposits report released Tuesday. That was up about 6 percent from June 30, 2011, and gave BB&T about a 23.5 percent market share.

The region comprises the city of Fredericksburg and Caroline, King George, Stafford and Spotsylvania counties. About $3.5 billion in customer deposits were held in the region as of June 30, up 6.4 percent year-over-year. About 37 percent of the local deposits were kept in branches in the city of Fredericksburg.

Other banks that had at least a 4 percent market share locally were Union First Market Bank (19 percent), Wells Fargo Bank (14.4 percent), PNC Bank (9.7 percent), SunTrust Bank (6.6 percent), Virginia Partners Bank (5 percent), Bank of America (4.6 percent), Carter Bank & Trust (4.6 percent) and StellarOne Bank (4.4 percent).

Fredericksburg-based Virginia Partners Bank had the largest percentage increase of all area banks, with its deposit base rising 31.4 percent year-over-year to about $178 million as of June 30. Cardinal Bank, Capital One Bank and Wells Fargo Bank also had double-digit percentage increases from 2011.

Click here to see a full breakdown of deposits for Fredericksburg-area banks.

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Permalink: http://news.fredericksburg.com/businessbrowser/2012/10/02/bbt-remains-largest-bank-in-fredericksburg-area/