In South Carolina, money socked away in FDIC-insured accounts rose an impressive 7% to nearly $85 billion as of June 30 compared to a year earlier.
The rankings come courtesy of the Federal Deposit Insurance Corp.'s 2017 "Summary of Deposits" report. The government regulator has compiled the numbers from U.S. banks at the midway point each year since 1994. It releases them in the fall.
The majority of deposits remained at Wells Fargo, the longtime front-runner, which had $17 billion at its 147 South Carolina branches. The FDIC report also showed Wells Fargo's statewide market-share was essentially flat at about 20% from 2016.
Bank of America has been gaining some ground, despite having closed a quarter of its offices over the past decade. During that period, its share of South Carolina deposits has climbed to 15% from 11%. As of June 30, customers of the Charlotte-based financial giant had $12.7 billion sitting in its 80 branches.
The FDIC statistical roundup only captures deposit figures from a single day once a year, but it offers a long-term, 35,000-foot view of how the industry has changed in South Carolina and the rest of the country since the last recession.
One takeaway is the impact that mergers and acquisitions have had on the banking business over the past 10 years, as smaller lenders struggle to invest in the technology and services customers want while facing higher regulatory expenses.
South Carolina is a textbook example. In 2007, the Palmetto State was served by 107 different banks operating 1,458 branches. This year, those figures have declined to 84 and 1,274, respectively.
Lenders around the state also are being swept up in the buyout wave. First Reliance Bank of Florence is snapping up Independence National Bank of Greenville. In Easley, Cornerstone National Bank was recently acquired by First Community of Lexington. On the coast, Beaufort-based Coastal Banking Co. announced this month it's selling itself to a Florida lender.