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Merger of banks could beget new local leader

BB&T is still the big dog in the Fredericksburg-area banking scene, but it could soon be supplanted.

BB&T held about $823.4 million in customer deposits in the Fredericksburg area as of June 30, according to the FDIC’s annual Summary of Deposits report released last week.

That gave the Winston–Salem, N.C.-based bank a 22.9 percent share of the local market: Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties.

BB&T may not still be at the top of the list when the data come out again next fall, however.

Union First Market Bank was again second on this year’s list, with about $690.1 million in local deposits, or a 19.2 percent market share.

On Jan. 1 Union will merge with StellarOne Corp., which had $136.3 million in local deposits as of June 30.

Combined, Union and Stellar would have had $826.4 million in deposits, narrowly topping long-time market leader BB&T.

Wells Fargo Bank (14.7 top five percent market share), PNC Bank (9.5 percent) and SunTrust Bank (6.2 percent) again rounded out the top-five as of June 30.

Fredericksburg-based Virginia Partners Bank again placed sixth on the list, but its $196.2 million in local deposits were 10.3 percent higher than last year.

The other double-digit percentage gainers this year were Community Bank of Tri-County, Woodforest National Bank, Carter Bank & Trust, Capital One Bank and Virginia Community Bank.

BB&T, PNC, SunTrust, StellarOne, First Citizens Bank and M&T Bank all had fewer deposits than a year prior.

All other banks in the market had single-digit percentage gains.

Overall, banks in the Fredericksburg area held about $3.59 billion in deposits as of June 30, up 1.8 percent over the year before.

Bill Freehling: 540/374-5405

bfreehling@freelancestar.com

 

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