Wells Fargo dominates Santa Cruz County deposits with 26 percent market shareOctober 15, 2013
By Jondi Gumz - Santa Cruz Sentinel
If you bank at Wells Fargo, you've got plenty of company locally.
The Federal Deposit Insurance Corp. reports one out of every $4 deposited in a bank in Santa Cruz County is at Wells Fargo, which is based in San Francisco and has eight local branches, more than any other institution.
Locally owned banks hold only 10.9 percent of Santa Cruz County deposits, similar to a year ago, when it was 10.5 percent.
Countywide bank deposits are up to $4.4 billion from $4.3 billion a year ago.
Deposits are key to bank operations because they are the primary source of funds for lending.
Wells Fargo held onto the No. 1 spot with 26 percent market share as of June 30 as local deposits grew from $1.128 billion to $1.176 billion compared to a year ago.
Bank of America, based in Charlotte, N.C., kept the No. 2 spot with a 17 percent share. Deposits at six local branches grew from $682 million to $762 million.
Comerica, based in Dallas, stayed No. 3, with 12.4 percent market share, ahead of JP Morgan Chase, based in New York, No. 4, with a market share of 12.1 percent.
Deposits at Comerica, which has seven local branches, total $551 million compared to $552 million a year ago while deposits at Chase's six local branches slipped from $550 million to $536 million.
Santa Cruz County Bank, which has five branches, was the only locally owned bank in the top five, with a market share of 7.8 percent. Deposits grew from $310 million a year ago to $345 million.
Union Bank, which is owned by the Bank of Tokyo, moved up to No. 6 with a 6.8 percent market share, after its acquisition of Santa Barbara Bank & Trust, which had an office in Watsonville. Deposits grew from $191 million a year ago to $301 million.
Bank of the West, based in San Francisco, moved down to No. 7 with market share of 5.5 percent. Deposits were $243 million compared to $249 million a year ago.
Locally owned Lighthouse Bank, which has a single office, ranked No. 8 with a 3 percent market share, unchanged from a year ago. Deposits were $138 million compared to $141 million a year ago.
U.S. Bank, based in Minneapolis, has deposits of $115 million in six local branches and market share of 2.6 percent.
Liberty Bank, based in South San Francisco, has deposits of $107 million in two local branches for market share of 2.4 percent.
Citibank, based in Sioux Falls, S.D., has deposits of $92 million in two local branches for market share of 2.1 percent.
Rabobank, a Dutch bank, has deposits of $75 million in two local branches, market share of 1.7 percent.
In Santa Cruz County, many people bank at credit unions rather than banks.
The largest is Bay Federal Credit Union, based in Capitola, with 55,123 members, seven local branches, $699 million in assets and $432 million in loans, according to CreditUnions.com, which tracks the industry.
Monterey Credit Union has 19,956 members, many in Monterey County, $208 million in assets, $116 million in loans.
Santa Cruz Community Credit Union has 13,100 members, $105 million in assets and $57 million in loans.
Santa Cruz County Employee Credit Union has 2,645 members, $26.6 million in assets and $16.2 million in loans.
Watsonville Hospital Federal Credit Union has 1,330 members, $11.6 million in assets and $4.6 million in loans.
Follow Sentinel reporter Jondi Gumz at Twitter.com/jondigumz
As of June 30, 2013
Bank Local deposits Market share
Wells Fargo $1.2B 26%
Bank of America $762M 17%
Comerica $551M 12%
Chase $536M 12%
S.C. County Bank $345M 8%
SOURCE: Federal Deposit Insurance Corp.