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About This Feature Data feature produced by S&P Global Market Intelligence research groups in cooperation with the news department to highlight emerging trends and topics of interest. |
The FDIC's 2010 Summary of Deposits data shows a decline in the number of branches in the U.S. for the first time in more than a decade.
As of June 30, financial institutions operated 98,515 offices within the U.S., according to the FDIC. This is down 1.0% from 99,550 branches as of June 30, 2009. SNL Financial's pro forma branch count for 2010 totals 98,519.
Before 2010, the number of branches in the U.S. had not declined year over year since 1995, when it fell 0.4% to 80,999 branches as of June 30, 1995.
Charlotte, N.C.-based Bank of America Corp. continues to hold the most U.S. deposits, with $898.56 billion, or 11.7% of the U.S. market share. The company's pro forma branch count is 5,964, down from 6,240 a year ago.
SNL generated the rankings using the FDIC's recently released summary of deposits data for June 30. Deposits that were part of pending M&A deals or deals that have been announced or closed since June 30 were moved to the buyer's branch network. Additionally, SNL adjusted the branch totals for branch openings or closings that have been made public since June 30.
Rounding out the top five are Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and PNC Financial Services Group Inc., all of which maintained their rank from the prior year. Of the top five, JPMorgan was the only company that saw an increase in its pro forma branch count. The New York-based bank, led by Jamie Dimon, saw its branch count grow by 48 branches to 5,292 year over year.
The largest year-over-year change in branch count can be found at Buffalo, N.Y.-based First Niagara Financial Group Inc. The company's pro forma branch count increased by 235 to 351 branches, up from 116 branches a year ago. Its ranking rose to 43rd from 99th.
First Niagara's rapid ascent is mostly attributable to M&A activity. The bank acquired 57 branches from PNC Financial in 2009, in addition to a pair of recent whole bank deals. In April, First Niagara completed the acquisition of Harleysville, Pa.-based Harleysville National Corp., a deal that included 83 Pennsylvania branches. First Niagara went on to ink a merger agreement with New Haven, Conn.-based NewAlliance Bancshares Inc. in August. The deal, which is still pending, includes 89 branches.
To view 2010 deposit market share data using SNL branch analytics, click here.