SNL Financial Releases Ranking of Top 50 Institutions by 2010 U.S. Deposit Market Share

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Bank of America, Wells Fargo and JPMorgan Chase round out the top three, holding 30% of the market.

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Branches declined for the first time since 1995, showing a reversal from the aggressive brick and mortar expansion tactics exhibited during the mid-2000s. In the wake of the financial crisis, banks have turned their focus to reigning in costs and shuttering surplus office locations.

SNL Financial unveiled its list of the top 50 financial institutions by 2010 deposit market share. Bank of America Corp. continues to hold the most U.S. deposits, with $898.6 billion, or 11.7% of the market, followed by Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and PNC Financial Services Group Inc.

SNL generated the rankings using the FDIC's recently released Summary of Deposits data for June 30, 2010. Deposits that were part of pending M&A deals or deals that have been announced or closed since June 30 were moved to the buyer's branch network.

Total deposits at retail and nonretail branches in 2010 rose to nearly $7.7 trillion, compared to $7.6 trillion in 2009. However, the number of branches in the U.S. declined for the first time in more than a decade. As of June 30, financial institutions operated 98,515 offices within the U.S., down 1.0% from 99,550 branches as of June 30, 2009, according to the FDIC. SNL’s pro forma branch count for 2010, which is adjusted for branch openings or closings that have been made public since June 30, totals 98,519.

As SNL Senior Analyst Mac Mathews notes: “Branches declined for the first time since 1995, showing a reversal from the aggressive brick and mortar expansion tactics exhibited during the mid-2000s. In the wake of the financial crisis, banks have turned their focus to reigning in costs and shuttering surplus office locations.”

Of the top five institutions on SNL’s list, JPMorgan was the only company that saw an increase in its pro forma branch count, which grew by 48 branches to 5,292 year over year. The largest year-over-year change in branch count was found at First Niagara Financial Group Inc., number 43 on SNL’s deposit ranking. The company's pro forma branch count increased to 351 branches, up from 116 branches a year ago, due to recent M&A activity.

About Branch Deposit Data from SNL
SNL released its 2010 Branch Deposit Data within 60 hours of its issuance by the FDIC, well ahead of any other information provider. SNL matches the newly reported deposits to the previous deposit history of the branch, adding geographic coordinates to each branch and running custom error checks. Additionally, SNL monitors company filings, merger news and government sources every day and makes real-time pro-forma market share updates to the database. Branch openings and closings are reflected in the database as information becomes available.

SNL’s 2010 Branch Deposit Data is available with a subscription to the SNL Unlimited Information Service for Financial Institutions. To learn more, contact sales(at)snl(dot)com or call +1.866.296.3743.

About SNL Financial
SNL Financial is a leading provider of financial information on more than 3,300 public companies and 50,000 private companies in the business sectors critical to the global economy: Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications. The SNL information service integrates breaking news, comprehensive data and expert analysis into an electronic database available online and updated around the clock. For more information, visit http://www.snl.com.

Visit the SNL Press Room to learn more about resources available to members of the media.

SNL Contact
Monica Jenkins
Press Relations Manager
+1.434.951.6951
mjenkins(at)snl(dot)com

SNL Financial
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+1.434.977.1600

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