Monday, October 15, 2012

Wells Fargo has most 'Main Street' deposits

It may be far from the largest on Wall Street, but Wells Fargo has more "Main Street" deposits than any other U.S. bank, according to an analysis of FDIC data by SNL Financial.

SNL arrived at the figures by stripping out deposits housed in "megabranches" with $750 million or more. Those large branches often house large corporate deposits that can skew market share calculations. SNL's numbers are intended to give a better picture of the typical branch performance.

By that measure, Wells Fargo had $553 billion in Main Street deposits, a 9.83 percent market share. Bank of America came in second, with $465 billion or 8.27 percent share.

Including "megabranch" deposits, Bank of America is the largest in the U.S. with $1.1 trillion.

Wells' acquisition of Wachovia propelled it to the top spot, more than doubling its retail deposits and market share from 2007.