The News Desk is a collection of news, notes and breaking items affecting the Fredericksburg community.
BB&T is biggest bank in local area
BY BILL FREEHLING
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 (19 percent), Wells Fargo (14.4 percent), PNC (9.7 percent), SunTrust (6.6 percent), Virginia Partners (5 percent), Bank of America (4.6 percent), Carter Bank & Trust (4.6 percent) and StellarOne (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.
Bill Freehling: 540/374-5405