Small independent banks in Washoe
County continue to nibble away at the
market share held by big institutions, the
Federal Deposit Insurance Corp. reported
last week.
The biggest banks in the market
Wells Fargo Bank Nevada, Bank of
America and Nevada State Bank each
held onto their top positions.
But each saw erosion of their share of
the market for deposits. Small banks,
many of them independent operations,
generally posted gains, according to the
FDIC report which was based on deposits
on June 30.
Banks county-wide held $4.01 billion
in deposits on June 30, the federal agency
said. That makes each full point of market
share worth $40.1 million in deposits.
Wells Fargo Bank Nevada continues to
be the strong leader, with a 32.64 percent
market share on June 30. (That represents
$1.3 billion in deposits at Washoe County
branches.)
Still, the bank's market share was down
a hair from the 34.82 percent reported by
the FDIC a year earlier.
Bank of America, in second place with
a 20.41 market share on June 30, also was
down a bit from year-earlier figures. In
the middle of 2001, Bank of America had
a 21.55 share of the Reno-area market.
Nevada State Bank, meanwhile , saw a
modest decline in its share of the area's
deposits to 10.46 on June 30 compared
with a 10.72 percent a year earlier.
U.S. Bank, which has a medium-sized
presence in Washoe County, saw its share
of the market climb to 10.72 percent from
9.51 percent a year earlier.
Among the smaller banks posting market-
share gains during the past year were
Farm Bureau Bank of Sparks, First
Independent Bank, Heritage Bank,Wells
Fargo Bank of California, First National
Bank of Nevada, Northern Nevada Bank
and Nevada Security Bank, which opened
for business this year.
Among the smaller institutions, only
Colonial Bank and Sun West Bank reported
loss of market share, and both declines
were small. Colonial's share fell to 1.62
percent from 1.96 percent a year ago. Sun
West Bank's share, 0.55 percent on June
30, was down a bit from 0.57 a year.
Total deposits in the county rose from
$3.69 billion in the middle of last year to
this year's $4.01 billion.
