The top five states increasing deposits over the last year from branches within their states amassed more than $277 billion more in deposits, according to the annual survey of branch office deposits (SOD) for all Federal Deposit Insurance Corp. (FDIC)-insured institutions, released by the agency Tuesday.
At the same time, the number of banks either decreased or declined in all but four states, and the number of bank branches decreased in all but two states.
Overall, bank branches within the 50 states and District of Columbia added net deposits of more than $579 billion from June 2016 to June 2017 (the period of the survey covers); all but four states saw their bank branches add deposits.
Additionally, the top five states in deposit growth – South Dakota (18.1% increase in deposits from bank offices within the state), Nevada (13.1%), New York (10.1%), Arizona (8.75%) and Hawaii (8.48%) – saw the number of branches in their states decline by 180 across all five states, according to the FDIC numbers
Only one of those states in the top five (Arizona) added a bank; Hawaii and New York saw no change, and both Nevada and South Dakota lost a bank each.
The FDIC’s SOD provides deposit totals for each of the more than 89,000 domestic offices operated by more than 5,700 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks, according to the agency. The SOD includes historical data going back to 1994 that can be analyzed using online reports, tables, and downloads.
At the other end of the deposit-growth spectrum, four states saw deposits in offices within their states contract during the survey period (by a combined total of $102.5 billion): Utah ($96 billion); Massachusetts ($6.3 billion); New Mexico ($124 million); and Wyoming ($114 million).
The SOD results also show that, in most states, banks are contracting their branch operations. According to the results, the only banks adding branches were in Nebraska (which added six) and Oklahoma (which added two). Alaska – with 127 bank branches across the state – had no change.
The remaining 47 states (and the District of Columbia) bid goodbye to 1,979 bank branches, with the top five states closing branches being Texas (174 branches closed), Florida (146), New York (142), Illinois (120), and Ohio (117).
Nevertheless, those five states added more than $254 billion in deposits in the June-to-June period, with New York branches increasing deposits by 10.1%, Texas branches by 6.4%, Florida branches by 4.1%, Ohio branches by 4%, and Illinois branches by 1.3%.
Bank branch deposits, June 2016-June 2017
From the annual survey of branch office deposits (SOD) for all Federal Deposit Insurance Corp. (FDIC)-insured institutions, as of June 2016
| STATE | change # OF INSTS. IN STATE | change OUTSIDE MKT OFFICES | change OUTSIDE MKT DEPOSITS ($000) | change INSIDE MKT OFFICES | change INSIDE MKT DEPOSITS ($000) | % change # OF INSTS. IN STATE | % change OUTSIDE MKT OFFICES | % change OUTSIDE MKT DEPOSITS ($000) | % change INSIDE MKT OFFICES | % change INSIDE MKT DEPOSITS ($000) |
|---|---|---|---|---|---|---|---|---|---|---|
| AK | 0 | 148 | 119516354 | 0 | 116903 | 0 | 0.0208157524613 | 0.0982692245545 | 0 | 0.00969984279024 |
| AL | -5 | -381 | 127900200 | -24 | 3313025 | -0.0301204819277 | -0.0224104464443 | 0.0651750371566 | -0.0157894736842 | 0.034115665299 |
| AR | -5 | -429 | 209499724 | -9 | 3427461 | -0.0393700787402 | -0.0234310994593 | 0.0706176102203 | -0.00664697193501 | 0.0564004641428 |
| AZ | 1 | -6 | 418528144 | -24 | 10031451 | 0.0151515151515 | -0.000247596253043 | 0.098159675006 | -0.0192307692308 | 0.0874759805036 |
| CA | -9 | -405 | 288276939 | -91 | 84011000 | -0.0398230088496 | -0.0201362302988 | 0.0708717104967 | -0.013013013013 | 0.0661769356543 |
| CO | -1 | -102 | 353994862 | -25 | 7248789 | -0.00709219858156 | -0.00426047366443 | 0.0842775136371 | -0.0164798945287 | 0.0578340208793 |
| CT | 0 | 240 | 407958629 | -30 | 4077553 | 0 | 0.0107047279215 | 0.083034192842 | -0.0247524752475 | 0.0315558612705 |
| DC | -2 | -930 | 304225370 | -8 | 1139792 | -0.0625 | -0.0345840615819 | 0.0563460160459 | -0.0349344978166 | 0.0247802078191 |
| DE | 1 | -607 | 220942960 | -3 | 1905200 | 0.0243902439024 | -0.0313290322581 | 0.0580298056362 | -0.0111111111111 | 0.00534267891225 |
| FL | -14 | -213 | 408673260 | -146 | 22333470 | -0.0580912863071 | -0.00582333160183 | 0.0694405608955 | -0.0276253547777 | 0.0412315232944 |
| GA | -10 | -837 | 344235250 | -95 | 15505774 | -0.042194092827 | -0.0269218398199 | 0.0714121449831 | -0.0389344262295 | 0.0688175663619 |
| HI | 0 | 10 | 1743455 | -3 | 3454343 | 0 | 0.125 | 0.15276764996 | -0.0108695652174 | 0.0847556902188 |
| IA | -4 | -381 | 202575129 | -11 | 3434140 | -0.012084592145 | -0.0226664286989 | 0.0714718625512 | -0.00710135571336 | 0.0426754089117 |
| ID | 0 | -207 | 342707058 | -6 | 1843385 | 0 | -0.00925346446133 | 0.0849137100108 | -0.0119521912351 | 0.0794462610024 |
| IL | -22 | 379 | 426945429 | -120 | 6246615 | -0.0407407407407 | 0.013237400021 | 0.0875732898238 | -0.0266429840142 | 0.0131999562657 |
| IN | -5 | 254 | 306183390 | -55 | 5659494 | -0.0322580645161 | 0.00981604575669 | 0.0889477797483 | -0.0258823529412 | 0.0476468228363 |
| KS | -13 | -262 | 216772926 | -13 | 2947430 | -0.0414012738854 | -0.0148131395941 | 0.0726524153424 | -0.00887372013652 | 0.0418781426936 |
| KY | -10 | -123 | 179921114 | -24 | 2767492 | -0.0526315789474 | -0.00675378871074 | 0.0841019771499 | -0.0142095914742 | 0.036165353781 |
| LA | -3 | -351 | 128767687 | -31 | 2555657 | -0.020979020979 | -0.0397463480919 | 0.0882643875071 | -0.0199356913183 | 0.0250189101189 |
| MA | -11 | -159 | -238387802 | -17 | -6275249 | -0.0650887573964 | -0.00730027548209 | -0.0497200355448 | -0.00775547445255 | -0.0176089250917 |
| MD | -5 | -760 | 203297110 | -50 | 6655204 | -0.05 | -0.0335170893054 | 0.0498210694842 | -0.0314070351759 | 0.0488525020149 |
| ME | 0 | 167 | 109983087 | -2 | 1126551 | 0 | 0.0225279913665 | 0.0721946735345 | -0.00411522633745 | 0.042049623476 |
| MI | -10 | -508 | 316306436 | -115 | 10202973 | -0.0735294117647 | -0.0218259935553 | 0.0770749535911 | -0.0423728813559 | 0.0509131611239 |
| MN | -9 | 145 | 251209551 | -39 | 12120538 | -0.0241935483871 | 0.00880067977664 | 0.091248668676 | -0.0224395857307 | 0.0545821426631 |
| MO | -12 | -453 | 230677305 | -39 | 11533806 | -0.0357142857143 | -0.0208055848987 | 0.0700511765505 | -0.016631130064 | 0.0694868529494 |
| MS | 1 | -296 | 106660592 | -14 | 2421529 | 0.0102040816327 | -0.0273871206514 | 0.072951871419 | -0.0120689655172 | 0.0478187968334 |
| MT | -4 | -173 | 124253631 | -2 | 691411 | -0.0634920634921 | -0.0181532004197 | 0.0858138443477 | -0.00519480519481 | 0.0309922193465 |
| NC | -1 | -192 | 226881675 | -64 | 16122201 | -0.010752688172 | -0.00857066333363 | 0.0706035497496 | -0.0257856567284 | 0.0464370961467 |
| ND | -1 | -181 | 132213722 | -1 | 1155604 | -0.0114942528736 | -0.0175048355899 | 0.0870268660104 | -0.002331002331 | 0.0442045580648 |
| NE | -8 | -200 | 133142214 | 6 | 1263066 | -0.039603960396 | -0.0190821486499 | 0.0871870384516 | 0.00558659217877 | 0.0200204162704 |
| NH | 0 | -124 | 95317670 | -6 | 1185256 | 0 | -0.0151256404001 | 0.0599623029326 | -0.013986013986 | 0.0371534970033 |
| NJ | -3 | -85 | 332134660 | -67 | 17479419 | -0.0214285714286 | -0.00330777911819 | 0.0617963649917 | -0.0219960604071 | 0.0557041358385 |
| NM | 0 | -282 | 203384466 | -14 | -124467 | 0 | -0.0166116870877 | 0.0707029683147 | -0.0287474332649 | -0.00405647642973 |
| NV | -1 | -591 | 331810941 | -6 | 26769345 | -0.0208333333333 | -0.026521270867 | 0.0727441030706 | -0.0119284294235 | 0.130950674874 |
| NY | 0 | -407 | 223815565 | -142 | 154921935 | 0 | -0.0151048431991 | 0.0475759016518 | -0.0274396135266 | 0.101364842631 |
| OH | -9 | 60 | 293061781 | -117 | 12845539 | -0.0387931034483 | 0.00248282711247 | 0.0897823297138 | -0.0309196617336 | 0.0396880572354 |
| OK | -1 | -408 | 191584597 | 2 | 2539192 | -0.00438596491228 | -0.0323398858592 | 0.0756959061777 | 0.00148148148148 | 0.0303275389301 |
| OR | -2 | -196 | 357040068 | -23 | 4726051 | -0.0392156862745 | -0.00824846393401 | 0.0839381798921 | -0.0224171539961 | 0.0663867636504 |
| PA | -12 | -909 | -166110618 | -78 | 23804593 | -0.0576923076923 | -0.0321417205898 | -0.0323193973269 | -0.0181437543615 | 0.065066739348 |
| RI | 0 | -188 | 93778679 | -4 | 1469607 | 0 | -0.0243839169909 | 0.0596854247153 | -0.0152671755725 | 0.0510807031293 |
| SC | -2 | 32 | 242878041 | -14 | 5485301 | -0.0232558139535 | 0.00144020883028 | 0.0733354360616 | -0.0108695652174 | 0.0694140545257 |
| SD | -1 | -223 | 62780442 | -5 | 82347309 | -0.0119047619048 | -0.0194233951746 | 0.0389366448382 | -0.0106382978723 | 0.181277910363 |
| TN | -8 | -494 | 213092568 | -39 | 9277544 | -0.0386473429952 | -0.0219234012337 | 0.0645643110858 | -0.0181058495822 | 0.0670910571418 |
| TX | -13 | -507 | 344272784 | -174 | 48996584 | -0.02394106814 | -0.0177882253877 | 0.0699155276163 | -0.0260401077522 | 0.0637014117799 |
| UT | -2 | -38 | 365312140 | -8 | -96018026 | -0.0350877192982 | -0.00223555712437 | 0.131988211274 | -0.0147058823529 | -0.170508288323 |
| VA | -11 | -616 | 249317397 | -92 | 20442122 | -0.0802919708029 | -0.02630904587 | 0.0602838865656 | -0.0371267150928 | 0.0711743118268 |
| VT | 0 | 469 | 63498963 | -4 | 517481 | 0 | 0.121345407503 | 0.153711441025 | -0.0164609053498 | 0.041005291739 |
| WA | -4 | -181 | 347722926 | -17 | 10791517 | -0.0459770114943 | -0.0076165628682 | 0.0785565650043 | -0.00967007963595 | 0.0754202508439 |
| WI | -16 | 230 | 303512750 | -96 | 11529940 | -0.0622568093385 | 0.0114530425256 | 0.0986236819292 | -0.0450915922969 | 0.0803459870908 |
| WV | -2 | -81 | 157982317 | -10 | 1415349 | -0.0263157894737 | -0.00491863007044 | 0.0776661025227 | -0.015455950541 | 0.04488938858 |
| WY | 1 | -166 | 133575916 | -2 | -113912 | 0.0222222222222 | -0.0156161806209 | 0.0854943910492 | -0.00892857142857 | -0.00737231750178 |