Feature Article: 

Highlights from the 2008 

Summary of Deposits Data 

Each year, as of June 30, the Federal Deposit Insurance 

Corporation (FDIC) and the Office of Thrift Supervision (OTS) survey all FDIC-insured institutions to 

collect information on bank and thrift deposits, and 

operating branches and offices. The resulting Summary 

of Deposits (SOD) is a valuable resource for analyzing 

deposit market trends and measuring concentrations 

nationally and at the local level. This article highlights 

some preliminary conclusions from the 2008 SOD data.1 

Deposit Growth Remains Strong, While Office 

Growth Slows Slightly 

Commercial banks and thrifts continue to expand their 

branching networks and deposits. The number of FDICinsured institution offices increased 2.0 percent during 

the year ending June 30, 2008, slightly below the yearago rate of 2.7 percent. Similar to prior periods, deposit 

growth exceeded growth in the number of offices. The 

volume of deposits increased by 4.8 percent, compared 

to a 3.9 percent increase a year ago (see Chart 1).2 

Deposit and Office Growth Continue to Outpace 

U.S. Population Growth 

To better understand the industry’s level of expansion, 

it is useful to look at various measures of deposit and 

1 This analysis reflects updates in the Summary of Deposits data as of 

November 21, 2008. All FDIC-insured institutions that operate branch 

offices beyond their home office must submit responses to SOD 

surveys to the FDIC or the OTS. ATMs are not considered offices for 

the purposes of the survey. Call Report information on unit banks 

(banks with a single headquarters office) have been combined with 

branch office data to form the SOD database, which can be accessed 

at www.fdic.gov. For office information related to savings institutions 

regulated by the OTS, the SOD can be used for current and historical 

branch data. The SOD is the sole source of OTS branch information 

derived from the annually collected OTS Branch Office Survey. 

Subsequent to June 30, 2008, significant business combinations 

among some of the nation’s largest banking organizations were 

announced. These institutions are Bank of America, Countrywide 

Financial Corporation, and Merrill Lynch and Company; JPMorgan 

Chase and Company and Washington Mutual Corporation; PNC Financial Services Group and National City Corporation; and Wells Fargo & 

Company and Wachovia Corporation. 

2 Offices included are those in the 50 states and the District of Columbia, but not those in U.S. territories. The SOD data include domestic 

deposits only, which are referred to in this report as deposits. 

Chart 1 

60 

65 

70 

75 

80 

85 

90 

95 

100 

105 

110 

2Q94 2Q96 2Q98 2Q00 2Q02 2Q04 2Q06 2Q08 

0 

1 

2 

3 

4 

5 

6 

7 

Number of Offices 

Domestic Deposits 

Number of Offices (Thousands) Domestic Deposits (Trillions of Dollars) 

Source: FDIC Summary of Deposits and OTS Branch Office Survey. 

Offices and Deposits of FDIC-Insured Institutions 

Continue to Grow 

Chart 2 

Banks and Thrifts Are Using Expanding 

Branch Networks to Boost Deposit Growth 

Domestic Deposits per Office 

Offices per Million People (Millions of Dollars) 

330 

320 

310 

300 

290 

280 

270 

260 

250 

Offices per Million People 

Domestic Deposits per Office 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2Q94 2Q96 2Q98 2Q00 2Q02 2Q04 2Q06 2Q08 

Sources: FDIC Summary of Deposits and OTS Branch Office Survey. Population estimates 

from Moody's Economy.com. 

office growth in relation to demographic trends. For 

example, trends in deposit growth and population can 

be compared to the number of bank offices. As shown 

in Chart 2, banks continue to expand their retail presence at a faster pace than population growth at the 

national level. Both the number of offices per million 

people and the volume of deposits per office continue to 

increase. However, the pace of this growth is slowing. 

Indeed, the annual growth in both domestic deposits per 

office and offices per million people were below their 

respective five-year averages. 

FDIC QUARTERLY 30 2008, VOLUME 2, NO. 4 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Deposits 

Metropolitan Areas Have Attracted Greater Deposit 

and Office Growth Than Less Populated Areas 

During the Past Five Years 

Metropolitan areas hold the largest share of bank offices 

and bank deposits.3 About 77 percent of offices, holding 

89 percent of domestic deposits, were located in metropolitan areas during the year ending June 30 (see Table 1). 

The rate of deposit growth was highest in metropolitan 

areas during the year. The one-year growth rate in 

deposits among offices in metropolitan areas was 5.1 

percent, more than double the growth rate of deposits in 

micropolitan areas.4 This pattern of deposit growth is in 

line with the long-term trend. The five-year compound 

growth rate of domestic deposits in offices located in 

metropolitan areas was slightly more than twice that of 

micropolitan areas and almost twice the rate of growth 

in other areas.5 

Table 1 

Similar trends are also found in the rate of increase in 

the number of bank offices. The five-year compound 

growth rate in the number of offices in metropolitan 

areas was almost twice that of micropolitan areas and 

more than ten times that of other areas. This trend 

continued during the past year. 

Office Growth Is Related to State Demographic 

Trends 

States with the most rapid office growth during the past 

five years are not necessarily the ones where deposit 

growth is also robust. Generally, the pace of office 

growth is strongest in the southeastern and southwestern regions of the country and along the West Coast, 

whereas deposit growth varies more widely (see Map 1 

and Map 2). Other studies have shown that demographic factors, such as population, employment, and 

per capita income growth, are associated with the 

growth in deposits and number of offices.6 However, 

state law and specific local market conditions also drive 

these changes. 

Office Growth Has Been Faster in the Nation’s Largest Cities 

Other Areas Micropolitan Areas Metropolitan Areas 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

June 2003 

June 2007 

June 2008 

1-Year Growth Rate 

5-Year Compound 

Growth Rate 

9,729 

9,812 

9,840 

0.3% 

0.2% 

254 

295 

307 

3.9% 

3.9% 

11,559 

12,104 

12,269 

1.3% 

1.2% 

410 

467 

476 

2.1% 

3.0% 

65,252 

73,803 

75,418 

2.2% 

2.1% 

4,424 

5,874 

6,173 

5.1% 

6.9% 

Source: FDIC Summary of Deposits and OTS Branch Office Survey. 

Note: Metropolitan statistical areas have urban clusters of greater than 50,000 inhabitants. Each micropolitan statistical area has an urban cluster of between 10,000 and 50,000 inhabitants. 

Other areas have less than 10,000 inhabitants. See U.S. Census Bureau definitions for greater detail. 

3 Metropolitan statistical areas are characterized by urban clusters of 

greater than 50,000 inhabitants. 6 See Ron Spieker, “Bank Branch Growth Has Been Steady— 4 Each micropolitan statistical area has an urban cluster of between Will It Continue?” (Future of Banking Study, Federal Deposit 

10,000 and 50,000 inhabitants. Insurance Corporation, August 2004), 5 Other areas have populations of 10,000 or fewer inhabitants. www.fdic.gov/bank/analytical/future/fob_08.pdf. 

FDIC QUARTERLY 31 2008, VOLUME 2, NO. 4 
 

 

 

 

 

 

 

 

 

 

Map 1 

The Strongest Office Growth Occurred 

in the Southeast and Southwest 

5-year Compound Growth 

Change in Number of Offices 

-0.61–1.19 

1.20–1.59 

1.60–2.05 

2.06–2.94 

Source: FDIC. 2.95–6.79 

The Largest Banks and Thrifts Reported Higher 

Deposit and Office Growth Than Smaller Banking 

Organizations 

Large bank and thrift organizations (those with $10 

billion or more in total assets as of June 30, 2008) hold 

a substantial share of domestic deposits (67 percent) 

and offices (48 percent). This category of banks also 

reported higher compound growth rates in domestic 

deposits over the past five years, although the pace of 

deposit growth eased in the 2008 period. 

Table 2 

Map 2 

Weak Deposit Growth Was Concentrated in the Midwest 

5-year Compound Growth 

Change in Deposits 

-4.96–3.52 

3.53–4.41 

4.42–6.57 

6.58–8.20 

Source: FDIC. 8.21–44.32 

The pace of office expansion among large institutions 

has slowed during the past year (see Table 2). In 

contrast with the five-year trend, the rate of office 

growth for banks characterized as small and mid-sized 

matched or exceeded the growth rate for large institutions. The stronger long-term growth rates for offices 

and deposits among institutions in the largest size 

category are likely related to ongoing industry consolidation. However, growth occurs not only from expansion of existing branch networks and collection of 

additional deposits through those networks, but also 

from mergers and from the migration of institutions 

Institutions Categorized as “Large” Reported Higher Deposit Growth 

Small Organizations Mid-size Organizations Large Organizations 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

Number 

of Offices 

Domestic 

Deposits 

(Billions 

of Dollars) 

June 2003 

June 2007 

June 2008 

1-Year Growth Rate 

5-Year Compound 

Growth Rate 

32,050 

31,593 

32,039 

1.4% 

0.0% 

1,075 

1,165 

1,188 

2.0% 

2.6% 

17,405 

18,773 

19,590 

4.4% 

2.4% 

895 

1,033 

1,074 

3.9% 

3.7% 

37,679 

46,247 

46,888 

1.4% 

4.5% 

3,112 

4,432 

4,688 

5.8% 

8.5% 

Source: FDIC Summary of Deposits and OTS Branch Office Survey. Excludes institutions in U.S. territories. 

Note: Small = organizations with consolidated deposits less than $1 billion. Mid-size = organizations with consolidated deposits of $1 billion to $10 billion. Large = organizations with consolidated deposits greater than $10 billion. 

FDIC QUARTERLY 32 2008, VOLUME 2, NO. 4 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Deposits 

between categories. It is difficult to disaggregate the 

independent contributions of each of these factors. 

Retail Offices Continue to Grow More Rapidly Than 

Other Office Types 

Brick-and-mortar offices continue to make up the overwhelming majority (90 percent) of banking offices. 

However, retail offices, such as those found in supermarkets, represent the fastest-growing office type. The 

once-popular drive-through facilities continued to 

decline in number during the year, in line with the longterm trend (see Table 3). 

Table 3 

Table 4 

The Number of Banking Organizations with Operations 

in Multiple States Remains Relatively Stable 

The number of FDIC-insured commercial banks and 

savings institutions declined from 8,614 to 8,451 during 

the year. Merger and acquisition activity is affected by 

general economic conditions, trends in equity markets, 

and national and state laws, such as the nationwide 

concentration limits mandated by the Riegle-Neal Act 

(see Table 4). Although no banking organization, even 

the largest or most geographically diverse, operates in 

all 50 states and the District of Columbia, institutions 

continue to expand their operations across the country.7 

As of June 30, 2007, the banking organization with the 

The Number of Retail Banking Offices Has Risen Sharply during the Past Five Years 

Brick-and-Mortar 

Offices Retail Offices 

Drive-Through 

Facilities Other Office Types Total 

June 2003 

June 2007 

June 2008 

1-Year Growth Rate 

5-Year CompoundGrowth Rate 

65,264 

73,973 

75,718 

2.4% 

3.0% 

3,944 

4,742 

4,991 

5.3% 

4.8% 

2,933 

2,511 

2,366 

-5.8% 

-4.2% 

532 

612 

608 

-0.7% 

2.7% 

72,673 

81,838 

83,683 

2.2% 

2.9% 

Source: FDIC Summary of Deposits and OTS Branch Office Survey. 

Note: Commercial banks only. Retail banking offices are full-service offices located in a retail facility, such as a supermarket or department store. 

Banks Are Inching Closer to a 50-State Franchise 

Company 

Number of States with 

Deposit Offices 

Reported Number of 

Deposit Offices 

Domestic Deposits 

(Billions of Dollars) 

Wells Fargo & Company* 40 6,669 716.7 

Bank Of America Corporation* 35 6,179 787.8 

JPMorgan Chase & Co.* 24 5,276 685.5 

U.S. Bancorp 24 2,592 127.8 

BNP Paribas 20 723 43.3 

First Citizens Bancshares, Inc. 17 393 13.1 

Dickinson Financial Corporation 17 212 4.5 

Northern Trust Corporation 17 94 19.1 

Capitol Bancorp Ltd. 17 73 4.2 

Regions Financial Corporation 16 1,923 86.2 

Citigroup Inc. 15 1,050 265.8 

Keycorp 15 991 61.0 

* Pro forma reflecting mergers and/or acquisitions announced subsequent to June 30, 2008. 

Source: FDIC Summary of Deposits and OTS Branch Office Survey for the 50 states and the District of Columbia. 

Note: See SOD instructions for definition of deposit offices. 

7 Based on pro forma results of mergers and acquisitions between 

large, geographically diversified banking organizations announced 

subsequent to June 30, 2008. 

FDIC QUARTERLY 33 2008, VOLUME 2, NO. 4 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 5 

Two of the Largest Metro Areas Are Characterized as “Highly Concentrated” Markets 

(Top 25 metropolitan areas by population as of June 30, 2008) 

Metropolitan Area 

HerfindahlHirschman 

Index 

Population 

Estimate 

(Millions) 

5-Year 

Compound 

Growth Rate 

in Offices 

(Percent) 

5-Year 

Compound 

Growth Rate 

in Deposits 

(Percent) 

Cincinnati-Middletown, OH-KY-IN 2,179 2.1 2.1 2.7 

Pittsburgh, PA 1,872 2.4 0.2 4.7 

Minneapolis-St. Paul-Bloomington, MN-WI 1,742 3.2 3.2 4.4 

Dallas-Fort Worth-Arlington, TX 1,698 6.3 7.6 18.9 

San Francisco-Oakland-Fremont, CA 1,546 4.2 1.6 3.7 

Detroit-Warren-Livonia, MI 1,508 4.5 2.2 2.9 

Phoenix-Mesa-Scottsdale, AZ 1,458 4.3 8.3 7.3 

Seattle-Tacoma-Bellevue, WA 1,367 3.4 1.4 6.6 

Atlanta-Sandy Springs-Marietta, GA 1,306 5.4 3.9 9.1 

Portland-Vancouver-Beaverton, OR-WA 1,227 2.2 2.5 6.2 

Houston-Sugar Land-Baytown, TX 1,182 5.8 7.5 4.8 

New York-Northern New Jersey-Long Island, NY-NJ-PA 1,177 18.9 3.2 4.9 

Tampa-St. Petersburg-Clearwater, FL 1,168 2.7 3.9 8.4 

Sacramento–Arden-Arcade–Roseville, CA 1,049 2.1 5.9 6.3 

Baltimore-Towson, MD 1,046 2.7 1.5 4.8 

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 1,032 5.8 1.8 10.8 

Boston-Cambridge-Quincy, MA-NH 1,021 4.5 1.2 1.4 

San Diego-Carlsbad-San Marcos, CA 1,010 3.0 3.7 4.7 

Washington-Arlington-Alexandria, DC-VA-MD-WV 961 5.4 3.3 8.4 

Riverside-San Bernardino-Ontario, CA 927 4.2 5.5 6.5 

Miami-Fort Lauderdale-Pompano Beach, FL 809 5.4 3.0 5.6 

Denver-Aurora, CO 778 2.5 4.2 6.0 

Los Angeles-Long Beach-Santa Ana, CA 752 12.9 3.0 5.1 

St. Louis, MO-IL Metropolitan Statistical Area 692 2.8 3.3 2.8 

Chicago-Naperville-Joliet, IL-IN-WI 595 9.6 5.6 4.2 

Source: FDIC Summary of Deposits, OTS Branch Office Survey, and Moody’s Economy.com. 

Note: The Herfindahl-Hirschman Index (HHI), a commonly accepted measure of market concentration, is calculated by squaring the market share of each firm competing in the market and 

then summing the resulting numbers. Markets in which the HHI is between 1,000 and 1,800 points are considered to be “moderately concentrated,” and those in which the HHI is greater 

than 1,800 points are considered to be “highly concentrated.” For more information, please refer to the joint U.S. Department of Justice and Federal Trade Commission Web site at 

http://www.usdoj.gov/atr/public/testimony/hhi.htm. Population estimates for 2008 are from Moody’s Economy.com. 

widest geographic footprint reported deposit offices in 

31 states. If Wells Fargo & Company consummates 

mergers and acquisitions announced subsequent to 

June 30, 2008, it could have deposit offices in as many 

as 40 states. 

Two of the Nation’s 25 Largest Metropolitan Areas 

Are Now “Highly Concentrated” 

Consolidation and growth of branch networks have 

led to increased market concentration in many metropolitan areas. Market concentration is an important 

competitive factor considered by bank regulatory 

agencies and the Department of Justice in the analysis 

of proposed mergers and acquisitions. The HerfindahlHirschman Index (HHI) is a commonly used measure of 

market concentration.8 As of June 30, 2008, 16 of the 

25 largest metropolitan areas had an HHI in the 

“moderately concentrated” range with a score between 

1,000 and 1,800; two metropolitan areas scored in the 

“highly concentrated” range with a score of more than 

1,800 (see Table 5). Only 14 metropolitan areas 

reported an HHI in excess of 1,000 as of June 30, 2007, 

with no markets in the “highly concentrated range.” 

Nineteen of the 25 largest metropolitan areas saw an 

8 Under the Department of Justice (DOJ) guidelines, markets with an 

HHI of less than 1,000 are considered “unconcentrated,” those with an 

HHI between 1,000 and 1,800 are considered “moderately concentrated,” and those with an HHI greater than 1,800 are considered 

“highly concentrated.” For more details, see the joint Federal Trade 

Commission (FTC) and DOJ Web site on “Horizontal Merger Guidelines” 

at www.usdoj.gov/atr/public/guidelines/horiz_book/hmg1.html. 

FDIC QUARTERLY 34 2008, VOLUME 2, NO. 4 
 

 

 

 

 

Summary of Deposits 

increase in their HHI during the past year, with an average increase of 98 points. 

Summary of Deposits Data Were Publicly Released 

on October 8, 2008 

The 2008 SOD data are available to the public through 

the FDIC’s Web site at www2.fdic.gov/sod/index.asp. 

Available SOD data include information on the deposits 

and branching activities of individual FDIC-insured 

institutions, market share information, and various 

summary charts and tables. 

Author: Robert E. Basinger, Senior Financial Analyst 

Division of Insurance and Research 

robbasinger@fdic.gov 

The author would like to thank Jeffrey Ayres, Senior Financial Analyst, Division of Insurance and Research, FDIC, for 

his contributions to this article. 

FDIC QUARTERLY 35 2008, VOLUME 2, NO. 4