FORT WAYNE, Ind. (WANE) — The government’s annual report of bank deposits shows JP Morgan Chase on top for the second year in a row.
Lake City Bank, PNC Bank, STAR Financial Bank and First Merchants Bank complete the top five, just as they did last year.
The Federal Deposit Insurance Corporation (FDIC) gives Chase a 21.31% share of the market in its 2020 report, up from 19.82% in 2019.
“We’ve been a part of the Fort Wayne community for many years and remain committed to serving our customers and the community through both our local branch network and digital capabilities,” said Susan Chipps, Regional Director for Banking in Indiana at Chase.
Chase claimed the top spot in 2019 after Wells Fargo left the region, selling a portion of its business to Flagstar Bank.
Flagstar maintained the sixth spot in its first year-to-year report, with a market share up slightly from 7.78% to 7.82%.
A Flagstar spokesperson credits their customer service and a change in customer purchasing for the added deposits.
“We saw growth, as did other financial institutions. from recent trends in reduced consumer spending, resulting in higher balances,” explained Susan E. Bergesen, Flagstar Vice President of
The Fort Wayne market grew 14.3% year-to-year from total deposits of $6,780,896,000 in 2019 to $7,752,021,000 in 2020.
Lake City President & Chief Executive Officer David Findlay touts other numbers, as well.
“We’ve clearly demonstrated our commitment to Northeast Indiana, Allen County, and Fort Wayne through our commercial and retail lending activities, which fuel economic growth and expansion in the region. The growth on this side of our balance sheet has been even stronger than deposit growth,” Findlay says.
Although not measured by the FDIC, Three Rivers Federal Credit Union says they would place third in the market. Banks and credit unions are measured separately.
“Those of us that outperformed the market are larger and have more branches,” says Don Cates, President of Three Rivers. “While the pandemic closed lobbies and pushed folks to digital banking, branch proximity still is very relevant to financial institution choice.”
Jim Marcuccilli, CEO & Chairman of STAR Bank, agrees that local helps.
“As the only community bank headquartered in Allen County, it brings us joy to be able to help our community grow,” Marcuccilli said.
“We look forward to investing in and watching Northeast Indiana prosper for many years to come.”
|JPMorgan Chase Bank, National Association||1,651,681||21.31%|
|Lake City Bank||1,084,368||13.99%|
|PNC Bank, National Association||865,788||11.17%|
|STAR Financial Bank||797,609||10.29%|
|First Merchants Bank||781,024||10.08%|
|Flagstar Bank, FSB||606,304||7.82%|
|1st Source Bank||433,302||5.59%|
|Old National Bank||380,767||4.91%|
|Fifth Third Bank||313,639||4.05%|
The full list can be found here.