BB&T Corp.’s grip grew tighter as the top deposits bank in the Winston-Salem metropolitan statistical area, a reflection primarily of corporate-investment deposits at its headquarters.
The 2018-19 data from the Federal Deposit Insurance Corp. is through June 30. It was released Friday.
It is the 19th consecutive year that BB&T has held the top market share in Davidson, Davie, Forsyth, Stokes and Yadkin counties. There are 20 banks listed with branches in the MSA.
The MSA typically mirrors the deposit levels in Forsyth County.
BB&T’s market share rose in 2018-19 after sliding for three consecutive years, this time from 72.2% to 76.2%.
BB&T placing a large share of its corporate-investment deposits at its headquarters typically skews the annual Winston-Salem MSA market-share comparisons. The same scenario held true while Wachovia Corp. was based in Winston-Salem.
BB&T’s deposits in the MSA totaled $27.2 billion, of which $24 billion was listed at the headquarters branch in downtown Winston-Salem. The branch at 110 S. Stratford Road has $1.08 billion in deposits.
By comparison, Wells Fargo & Co.’s second-place Winston-Salem MSA deposit total of $2.58 billion was down $190 million from a year ago. Its market share fell from 8.48% to 7.27%.
When counting the $674.5 million in SunTrust Banks Inc. deposits, the proposed combined Truist Financial Corp. would have $27.9 billion.
However, the vast majority of those deposits are likely to travel with BB&T to Charlotte, where the combined Truist headquarters will be based.
At that point, there will be more of an apples-to-apples deposits comparison with other banks serving the region.
BB&T’s proposed $26.7 billion purchase of SunTrust has been projected to close in late September to early October.
However, it may not be completed until late December, according to Chris Marinac, an analyst with Janney Montgomery Scott.
The banks gained approval for the merger from the N.C. Commissioner of Banks on July 10 and near unanimous approval from their respective shareholders July 30. They await reviews from the Federal Reserve and Federal Deposit Insurance Corp.
Depending on the level of congressional and federal regulatory scrutiny about whether Truist falls into the too-big-too-fail category, approval might not be until early 2020, analysts say.
There are two new brands in the local top-five rank by virtue of recent purchases.
Pinnacle Financial Partners Inc., based in Nashville, Tenn., remained in third place in the Winston-Salem MSA through its $1.9 billion purchase of BNC Bancorp that closed in June 2017.
Pinnacle benefited, as BNC did before, from Davidson being grafted into the MSA, going from 11th in 2012-13 to third in the 2015-16 summary. Pinnacle’s market share dropped from 5.41% to 2.83%, in part because its deposit total declined from $1.77 billion to $1.01 billion.
It is likely that Pinnacle removed some of BNC’s headquarters deposits to its Nashville headquarters.
F.N.B. Corp. of Pittsburgh was fourth by virtue of gaining the deposits of Yadkin Financial Corp. of Raleigh, which F.N.B. bought for $1.4 billion in March 2017.
F.N.B.’s market share rose 2.51% to 2.58% with deposits climbing from $821.8 million to $917 million.
Bank of America Corp. was fifth at 1.97% market share and $701.6 million in deposits, barely edging out SunTrust at 1.89% and $674.5 million.
Piedmont Federal Savings Bank remained seventh in market share at 1.7%. Deposits were down $17.8 million to $605.8 million.
The rest of the top 10 for the MSA are: First Citizens BancShares Inc. in eighth at 1.6% and $569.4 million; First Horizon National Corp. in ninth at 1.45% and $517.4 million; and First Bancorp in 10th at 0.55% and $194.3 million.