In-State Financial institution Deposits Develop by 9.6% | Arkansas Enterprise Information

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The Federal Deposit Insurance Corp. in Washington, D.C.

The Federal Deposit Insurance coverage Corp. in Washington, D.C. (Shutterstock)

Arkansas financial institution deposits exceeded $90 billion on June 30, a rise of 9.6% in 12 months and virtually similar to the nationwide pattern line, in keeping with a brand new report from the Federal Deposit Insurance coverage Corp.

It’s the second 12 months of double-digit progress in deposits, thanks in nice half to money stimulus flowing from the federal authorities throughout the pandemic that began within the spring of 2020.

Arvest Financial institution of Fayetteville prolonged its place because the state’s deposit chief with a ten.7% enhance in deposits. Its $13.3 billion represents 14.71% of all financial institution deposits in Arkansas.

Financial institution of America of Charlotte, North Carolina, reported a rise in Arkansas deposits of just about 26% and claimed the No. 2 spot from Financial institution OZK of Little Rock, which reported a 14.3% lower in in-state deposits.

In a press release, Financial institution OZK attributed the decline in Arkansas deposits to a discount in brokered and wholesale deposits, that are reported as deposits on the essential headquarters department in Little Rock. The multi-state financial institution’s whole deposits had been primarily flat at $20.7 billion within the 12 months that ended June 30, and  shopper and industrial deposits in Arkansas elevated by roughly $300 million.

The FDIC launched its annual abstract of deposits on Friday. It’s an accounting taken at midyear by the federal government company that insures financial institution deposits. It’s not a holistic report card on the well being of a financial institution or of the banking trade, however it’s the solely official report that gives Arkansas-specific knowledge for banks that function in a number of states.

A complete of 113 completely different banks had been working at the very least one workplace in Arkansas as of June 30, unchanged from 2020. Of these, 84 had been Arkansas charters, down two from a 12 months earlier. (Financial institution of Gravette was merged into its sister constitution, Legacy Nationwide Financial institution of Springdale, on Could 1, and Arkansas County Financial institution of DeWitt was acquired by Southern Bancorp Financial institution of Arkadelphia on Could 15.)

The variety of financial institution branches within the state fell from 1,330 in mid-2020 to 1,299 a 12 months later. That decline was pushed primarily by Arvest decreasing its community from 121 to 108 and Areas Financial institution of Birmingham, Alabama, closing 12 of the 73 branches it had in Arkansas as of June 30, 2020.


The ten Largest Banks in Arkansas
(Ranked by Arkansas deposits as of June 30)

 

 

No. of Branches

Deposits

Deposit Change

Market Share

Market Share Change

1

Arvest Financial institution, Fayetteville

108

$13.3 bil.

10.72%

14.71%

1.10%

2

Financial institution of America, Charlotte, N.C.

19

$7.9 bil.

26.95%

8.72%

15.80%

3

Financial institution OZK, Little Rock

78

$7.4 bil.

-14.53%

8.20%

-21.98%

4

Simmons Financial institution, Pine Bluff

72

$6.8 bil.

14.67%

7.53%

4.58%

5

First Safety Financial institution, Searcy

81

$6.1 bil.

19.61%

6.68%

9.15%

6

Centennial Financial institution, Conway

80

$5.4 bil.

0.99%

5.91%

-7.94%

7

Areas Financial institution, Birmingham, Ala.

61

$4.6 bil.

8.88%

5.07%

-0.78%

8

Bancorpsouth Financial institution, Tupelo, Miss.

42

$2.0 bil.

7.57%

2.20%

-1.79%

9

First Nationwide Financial institution, Paragould

20

$1.6 bil.

5.55%

1.72%

-3.91%

10

First Nationwide Financial institution of Fort Smith

18

$1.5 bil.

12.53%

1.61%

2.55%

Supply: Federal Deposit Insurance coverage Corp. summaries of deposit for June 30, 2021, and June 30, 2020

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