Three banks continue to dominate the Jacksonville market, according to an annual statistical report compiled by the Federal Deposit Insurance Corp.
Bank of America, EverBank and Wells Fargo Bank all have double-digit percentage shares of the deposits credited to bank branches in the Jacksonville metropolitan area.
Bank of America has by far the largest market share with about $20.9 billion in deposits, or 45.5 percent of all deposits. But the bank’s market share is somewhat misleading.
A branch-by-branch breakdown shows that $18.8 billion of those deposits are credited to the bank’s main Jacksonville office in the Bank of America Tower Downtown at 50 N. Laura St.
Those deposits likely include large corporate and institutional accounts that are credited to that branch, rather than money deposited by Jacksonville residents.
EverBank’s 21.5 percent market share also is misleading because $8.9 billion of its $9.9 billion in deposits are credited to its headquarters branch at 501 Riverside Ave.
EverBank has only six branches in the Jacksonville area and 11 total, and it receives many of its deposits from customers who do their business online. All of those deposits would be credited to the main office. Wells Fargo is the other bank with a big market share at 12 percent, with $5.5 billion in deposits. About $2.8 billion is credited to its Downtown branch in the Wells Fargo Center at 1 Independent Drive.
Wells Fargo also has the largest number of branches with 62 offices in the five-county metropolitan area.
Three other banks headquartered out of state also have more than $1 billion in deposits in the Jacksonville market: SunTrust Bank, Compass Bank and Regions Bank.
The largest community bank in the market is The Jacksonville Bank with $522 million in deposits for a 1.1 percent share. All of its nine branches are in the five-county area.
The FDIC data on market share is compiled annually using data from June 30. The chart (left)shows each bank’s branches and deposits only in the Jacksonville metropolitan area, consisting of Duval, Baker, Clay, Nassau and St. Johns counties.
Bank size in Jacksonville
|Bank||Branches||Deposits (in millions)||Market share|
|Bank of America||37||$20,883||45.5%|
|Wells Fargo Bank||62||$5,514||12.0%|
|Fifth Third Bank||10||$420||0.9%|
|Atlantic Coast Bank||8||$299||0.7%|
|Florida Capital Bank||3||$280||0.6%|
|CBC National Bank||2||$218||0.5%|
|Bank of St. Augustine||4||$151||0.3%|
|First Federal Bank||3||$91||0.2%|
|First Southern Bank||2||$83||0.2%|
|First Citizens Bank||2||$68||0.2%|
|Capital City Bank||2||$53||0.1%|
|Urban Trust Bank||3||$47||0.1%|
|Merchants & Southern||1||$22||0.1%|
Source: Federal Deposit Insurance Corp.