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Chase and FirstBank rise in annual FDIC local deposit rankings

This article first appeared on BusinessDen.com, a BizWest news partner.

JPMorgan Chase and FirstBank grabbed a larger percentage of Denver area bank deposits this year than last, but nowhere near enough to challenge Wells Fargo for the top spot.

Wells Fargo, based in San Francisco, processed $29.2 billion in deposits between mid-2021 and mid-2022, according to Federal Deposit Insurance Corp. data released Sept. 16. Those were 23 percent of all bank deposits in the Denver metro area over that time.

Chase took in $19 billion, or 14.9 percent of the area’s bank deposits, and FirstBank $17.7 billion, which was 13.9 percent. Both leap-frogged U.S. Bank, which was No. 2 last year, on this year’s rankings. U.S. Bank’s market share fell from 16.1 percent to 13.7 percent.

PNC Bank saw the area’s largest gain in market share. The Pittsburgh-based institution was 54th on the list last year with .03 percent of deposits, and 13th this year with 1.3 percent.

Wells Fargo has led in the Denver metro area since 1999. It merged that year with Norwest Bank Colorado, which held the top spot in 1998, just before the merger.

There were $127.2 billion in deposits in the Denver metro area during the year ending June 30, compared to $122.5 billion the year before, $106.9 billion in 2020 and $87.6 billion in 2019.

The No. 1 spot statewide also went to Wells Fargo, which got 20.4 percent of all Colorado deposits. Chase was second with 12.7 percent and FirstBank third at 12.1 percent.

Here are the deposit market share rankings for the Denver metro area, with 2021 ranking and deposit share by percentage noted in parentheses. Figures have been rounded to one decimal point. The full data set can be viewed on the FDIC’s website.

1) Wells Fargo Bank: 23.0 (No. 1 – 23.2)

2) JPMorgan Chase Bank: 14.9 (No. 3 – 14.2)

3) FirstBank: 13.9 (No. 4 – 13.4)

4) U.S. Bank: 13.7 (No. 2 – 16.1)

5) KeyBank: 4.3 (No. 5 – 4.4)

6) BOKF: 3.8 (No. 7 – 3.2)

7) Bank of the West: 3.5 (No. 6 – 3.7)

8) Bank of America: 3.3 (No. 8 – 2.7)

9) UMB Bank: 1.9 (No. 10 – 1.8)

10) Zions Bancorporation: 1.9 (No. 9 – 1.9)

11) HTLF Bank: 1.7 (None)

12) Independent Bank: 1.3 (No. 13 – 1.4)

13) PNC Bank: 1.3 (No. 54 – .03)

14) Colorado Federal Savings Bank: 1.0 (No. 14 – 1.2)

15) NBH Bank: 0.8 (No. 15 – 0.9)

Source: BizWest

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