Business

Columbia first in deposits in county

Tacoma-based Columbia Bank has maintained its dominance of the deposit market in Pierce County, while Bank of America has kept its lead statewide.

The Federal Deposit Insurance Corp. has released its annual analysis of bank deposit shares nationwide. The agency releases the figures each October, highlighting data as of the end of the second quarter. “We’re very happy we increased our market share in Pierce County,” JoAnne Coy, Columbia spokeswoman, said Thursday.

According to the data, recorded as of June 2010:

Columbia Bank earned 18.07 percent of all deposits in Pierce County, up from 15.53 percent in 2009.

Columbia reported deposits of $1.68 billion in Pierce County, up from $1.51 billion the year before.

Wells Fargo, KeyBank and Bank of America followed Columbia in Pierce County, with 14.61 percent, 14.25 percent and 13.39 percent of market share respectively.

Pierce County marked a second-place 8.45 percent of the statewide deposit market share – with a total of $9.32 billion – while King County, with 47.11 percent, held the top position with $51.4 billion. Snohomish, Spokane and Clark counties followed Pierce County.

Oregon-based Umpqua Bank, new to Pierce County this year, marked seventh position with a market share of 3.87 percent and deposits of $360 million inside the county. The bank it subsumed, Rainier Pacific, finished the second quarter of 2009 with $461 million and a 4.72 percent market share.

These figures may be misleading, as so-called “brokered deposits” have played a role in the apparent drop. Umpqua President and CEO Ray Davis said Thursday that when Umpqua bought Rainier Pacific last winter, total deposits had shrunk to $352 million.

“We were able to stop any runoff, and we’ve increased deposits,” he said. “We’re happy with the growth in Pierce County.”

In Pierce County, the top 10 banks by market share were Columbia, Wells Fargo, KeyBank, Bank of America, JP Morgan Chase, US Bank, Umpqua, Union Bank, Heritage Bank and Pierce Commercial Bank.

Statewide, the top 10 were: Bank of America, Wells Fargo, US Bank, JP Morgan Chase, KeyBank, Washington Federal, Sterling Savings, Banner Bank, Columbia and Washington Trust. Olympia-based Heritage Bank placed twenty-third statewide.

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