Bank of America's Dominance in Local Deposits
Bank of America has become the first bank to control over 50% of local deposits in the Richmond area, according to the latest FDIC rankings.
The bank's market share has increased by 9 percentage points to 50.5% of all deposits in the region, with $34.21 billion in local deposits as of June 30, up from $23.21 billion a year ago.
This marks a significant milestone, as it is the first time any bank has eclipsed 50% market share for local deposits in at least the last 30 years, based on the FDIC's online records.
The banking giant now controls more than half of all deposits held in Richmond-area bank branches.
Author's summary: Bank of America dominates local deposits with over 50% market share.
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