Regions dominates state in deposits
MOBILE (AP) — The newest market share data from the Federal Deposit Insurance Corp. shows an Alabama banking industry in flux, but Regions Financial Corp. continues to dominate the state after its 2006 merger with AmSouth Bancorp.
As of June 30, the new Regions had a 24 percent market share, up from 16 percent a year earlier. The bank held $17.8 billion in Alabama deposits, or about one in every four dollars on deposit statewide.
Wachovia was second with $8.6 billion and an 11.6 percent market share. Compass Bank was third with $6.9 billion and a 9.3 percent market share. Colonial Bank was fourth with $4.7 billion and 6.3 percent.
First American Bank reported $2.1 billion in Alabama deposits and nearly 3 percent market share.
Newcomer RBC Centura had $1.7 billion in deposits and a market share of 2.3 percent.
RBC last year bought $2 billion in Alabama deposits that AmSouth was forced to shed before the merger with Regions.
The FDIC data shows a drop in deposits as of June 30. The drop is "on the low side of OK, but not disastrous by any stretch of the imagination," said Ross Dickins, finance professor at the University of South Alabama.
While acknowledging the changes, Scott Custer, chief executive of North Carolina-based RBC Centura, said the FDIC data is dated and "doesn't tell the whole story."
RBC is an old hand at acquisitions, and Custer said the fastest attrition occurs in the first few months after a deal is finalized. He said that the bank has "recovered nicely" since the FDIC data was compiled.
The FDIC releases figures annually.
RBC's acquisition of Birmingham-based Alabama National Bancorp, a $1.6 billion deal announced last month, is expected to close in the first quarter of 2008 and will expand the company's role in Alabama by adding 45 locations.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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