SNL Financial's Bank Deposit Market Share Ranking Shows Bank of America as No. 1
Charlottesville, VA (Vocus) October 17, 2007 -- SNL Financial (www.snl.com)?s newly released 2007 bank branch deposit data shows that, on a pro forma basis including the LaSalle deal, Bank of America Corp. is quickly nearing the 10% national market share threshold, with 9.92% of total U.S. deposits. This is based on SNL?s analysis of deposit market share for more than 97,000 branches of FDIC-insured institutions. SNL (www.snl.com) exclusively tracks market share on a pro forma basis, accounting for pending and completed mergers.
Among other highlights from SNL?s pro forma analysis of the FDIC?s 2007 summary of deposits: Wachovia returned to No. 3 in the deposit rankings with 5.86% of U.S. market share, after falling behind Wells Fargo & Co. in 2006. JPMorgan Chase & Co. held on to second place with 7.01% of U.S. market share. Capital One's purchase of North Fork Bancorp. Inc. helped it move into the top 25 this year.
?The release of this data shows that with the recent LaSalle deal, Bank of America is quickly approaching the 10% national market share deposit threshold. The data highlights this fact and puts BofA under a microscope. We will continue our tracking as we may see BofA divest its branches in slower growth markets in the near future,? said Kris Niswander, SNL?s senior industry analyst.
SNL (www.snl.com) released 2007 deposit data only 72 hours after the issue of the latest FDIC Summary of Deposits data and months ahead of any other commercial service. The data is essential for updating market share, M&A and demographic models. SNL tracks the opening of new branches, as well as closed and proposed branches. Historical market share and deposit trending of an institution, as well as imputed loan compositions, are all available at the branch level. Updated demographic data shows income, population growth and various other metrics that help institutions assess the underlying strength of the markets of their branch network.
SNL?s 2007 bank branch deposit data is available exclusively as part of SNL Unlimited service for Financial Institutions. To find out more about SNL Unlimited, contact sales@snl.com or 866-296-3743.
About SNL Financial (www.snl.com)
SNL collects, standardizes and disseminates all relevant corporate, financial, market and M&A data -- plus news and analysis -- for the Energy, Banking, Specialized Financial Services, Insurance, Real Estate and Media & Communications industries. For more information, visit www.SNL.com.
Contact
Lauren Keyson
Public Relations Manager
Tel. 212.341.7319
SNL Financial * One SNL Plaza * Charlottesville, VA * 22902 * 434.977.1600
Other office locations: Ahmedabad, India; Arlington, VA; Islamabad, Pakistan; Jersey City, NJ; London, England; Monterey, CA; New York, NY
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