Park Sterling, Bank of North Carolina leap in local market share

Recent acquisitions have pushed Park Sterling Bank and Bank of North Carolina significantly up the ranks in Charlotte-area deposits, new data from the FDIC shows.

The two community banks were the biggest gainers, relative to their size, in the federal government's annual snapshot of local market share released Monday. The rankings show the deposits in branches as of June 30.

The data also shows Bank of America has lost its position as No. 2 in Charlotte-area branches. BB&T now outstrips the bank, with 72 branches to Bank of America's 65. Wells Fargo has the most, with 97.

Charlotte-based Park Sterling Bank jumped from No. 13 to No. 7 in the Charlotte metro area, more than doubling its local deposit base to $876 million. That's by virtue of its acquisition of Gastonia's Citizens South Bank, which closed last fall -- making it the community bank with the largest deposit base in the area.

Bank of North Carolina, based in the Triad, went from No. 15 to No. 9 in this year's rankings with about $570 million in local deposits. It bought Charlotte-based commercial bank First Trust late last year and opened a regional headquarters in the city.

The region's big banks remain at the top of Charlotte's rankings. Bank of America's market share declined slightly, but the bank still commands 77 percent and $163 billion. Wells Fargo, BB&T, Fifth Third and SunTrust round out the top five.

But Bank of America's dominant position also highlights the shortcomings of the data. An Observer analysis earlier this year showed that Wells Fargo is actually winning the Main Street battle for market share -- and it still has more branches and workers in the area by far.

The problem lies in where banks record giant corporate accounts and out-of-town brokered deposits. Since Bank of America's corporate headquarters are in Charlotte, the data is skewed. That effect was also demonstrated in last year's rankings, when PNC Bank plummeted in local market share after taking over Raleigh-based RBC Bank. The new entrant had moved corporate deposits up to its headquarters in Pittsburgh.

The data also further illustrates Bank of America's trend of closing branches. The bank now has 65 branches in the Charlotte market, down from 70 last year. Wells Fargo's 97 branches is one more than last year. BB&T added two branches.