Bank of America leads the Jacksonville market in deposits but Wells Fargo Bank has the largest number of branches, which may be a better indicator of their places in Northeast Florida.
Bank of America is credited with $63.1 billion deposits in its branches in the Jacksonville metropolitan area as of June 30, or 53.2% of all deposits in the market, according to the latest Federal Deposit Insurance Corp. data.
The FDIC updates its market share reports annually with midyear data.
However, Wells Fargo, which ranked third with $6.1 billion in deposits, had 39 branches, compared with 25 for Bank of America.
EverBank ranked second in deposits with $29.1 billion, or 24.5% of the market.
But the total deposits are not a true indication of money placed in the banks by Jacksonville area residents.
It includes large institutional deposits and other accounts that are credited to their main Jacksonville offices, but don’t necessarily represent deposits made by customers who reside in the metropolitan area.
In Bank of America’s case, the $63.1 billion includes $58.6 billion credited to one branch at 9550 Regency Square Blvd.
EverBank receives most of its deposits from online customers and its total includes $27.2 billion credited to its office at 301 W. Bay St.
Wells Fargo’s largest branch, in terms of deposits credited, is $1.3 billion in its office at 9700 Baymeadows Road.
If you remove the deposits for each bank’s largest Jacksonville area office, Wells Fargo would be the biggest with $4.8 billion, followed by Bank of America with $4.4 billion and EverBank with $1.9 billion.
Truist Bank ranked fourth in Northeast Florida with $5.8 billion in deposits, which included $4 billion credited to its office at 1200 Riverplace Blvd.
Excluding that branch, Truist had $1.7 billion.
CSX Corp., as usual, kicks off quarterly earnings season for Jacksonville-based companies next week, with its report and conference call scheduled for Oct. 16.
The report was scheduled before the railroad company announced Sept. 29 that CEO Joe Hinrichs had left the company and was replaced by former Linde CEO Steve Angel.
“CSX conversations will be focused on new CEO Steve Angel’s initial impressions of the company as the eastern carrier attempts to regain operational excellence following multiple network projects implemented this year under prior leadership,” Barclays analyst Brandon Oglenski said in an Oct. 1 report previewing the earnings outlook for freight transportation companies.
Oglenski said railroad company earnings will be overshadowed by speculation about mergers. Angel’s appointment at CSX has reignited merger rumors about CSX.
“We see M&A driving the investor narrative well into next year as President Trump and his administration appear favorable on the proposed Union Pacific-Norfolk Southern merger,” he said.
“Negative public statements on M&A from carriers such as Burlington Northern and Canadian Pacific Kansas City add a wrinkle, but we expect if a trans-continental merger is allowed to proceed, further industry consolidation would become a louder discussion with investors, making CSX’s recent new CEO appointment a relevant topic this quarter.”
Oglenski and other analysts expect weak demand for freight services to affect third-quarter earnings for railroad and trucking stocks.
“In recent weeks, we’ve visited with dozens of carriers, brokers, and shippers to get a better read on the current freight environment. Our takeaway is that demand remains soft —freight volumes are patchy and sub-seasonal,” Stifel analyst Bruce Chan said in an Oct. 3 preview of freight shipper earnings.
“Meaningful uncertainty in the downstream consumption outlook will likely result in a muted peak. Trade friction, interest rates, government shutdown, and broader recession risk remain top of mind,” he said.
“After an extended period of pull forward, inventories appear well stocked, while imports are set to decline meaningfully year over year,” Evercore ISI analyst Jonathan Chappell said in a Sept. 30 report.
“Further, inflation has not faded, consumer confidence is softening, and employment and housing figures create fears that end-user demand declines will further pressure volumes that were persistently weak over the last several months,” he said.
All three analysts rate Jacksonville-based trucking company Landstar System Inc. at the equivalent of “hold.”
However, Chan rates Jacksonville-based auto transport company Proficient Auto Logistics Inc. at “buy.”
“Proficient’s current valuation implies a significant discount to the truckload peer group, despite auto-hauling’s better industry fundamentals and growth profile,” he said.
Chan has a price target of $13 for Proficient, more than double its trading price of $6.14 at the time of his report.
The analysts are more pessimistic about the near-term outlook for general freight haulers like Landstar.
“Barring a recession, we believe balance can finally be attained around mid-2026, but until that time, there is likely still more downside to estimates (and multiples) across our Transports coverage,” Chappell said.
Dream Finders Homes Inc.’s stock has risen in the last four months, sending founder and CEO Patrick Zalupski’s wealth higher before he led a group that bought the Tampa Bay Rays.
Zalupski controls about 64% of Jacksonville-based Dream Finders’ stock and his stake was worth about $1.3 billion in June when his negotiations to buy the baseball team were first revealed.
Dream Finders’ stock has risen by about $4 a share to about $26 since then, increasing the value of Zalupski’s stock to about $1.5 billion when the sale closed Sept. 30.
Zalupski’s group paid $1.7 billion to acquire the Rays, according to several reports, but the team has not announced the sale price. It has also not said what percentage of the price was paid by Zalupski.
Dream Finders has not made any public comments about any possible change in Zalupski’s role with the homebuilding company because of the baseball deal.
Jacksonville Jumbo Shrimp owner Ken Babby, who was part of the investment group, was named CEO of the Rays to oversee day-to-day operations.
UBS analyst Timothy Chiodo upgraded Jacksonville-based Fidelity National Information Services Inc., or FIS, ahead of quarterly earnings.
“We upgrade FIS to Buy after having been Neutral rated due to a fair valuation, balanced risk-reward, and multiple quarters of uneven results,” Chiodo said in a Sept. 30 report.
“However, with FIS shares down about 20% YTD, in part impacted by a degree of more recent selling pressure associated with tax loss harvesting (which could persist in the near-term), we believe FIS shares now represent a more attractive risk-reward,” he said.
Chiodo set a price target of $82 for the financial technology company, which was trading at $65.78 at the time of his report.
North Carolina-based Bland Landscaping acquired Jacksonville-based C.S.S. Landscaping, according to Bland’s owner Comvest Private Equity.
The acquisition expands Bland’s footprint in the Southeast, Comvest said.
C.S.S. was founded in 1996 by Scott Soltau, who will become regional director for Bland’s North Florida region, it said.
“C.S.S. brings a strong track record that complements Bland’s strategic expansion in Florida,” Comvest partner Matt Kunz said in a news release.
“We look forward to supporting Bland’s continued focus on quality growth across the Southeast,” he said.
West Palm Beach-based Comvest says it has $16.6 billion of assets under management.
Terms of the deal were not announced.