Highlights from the 2006 Summary of Deposits Data 

October 25, 2006 

The Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) survey all 

FDIC-insured institutions annually as of June 30 to gather information on deposits and offices in operation. 

The resulting Summary of Deposits (SOD) is a valuable resource for conducting analyses of local and 

national deposit market trends and measuring market concentrations. This issue of FYI graphically highlights 

preliminary conclusions from the 2006 SOD data.1 

Nationwide, deposit and office growth remains strong. 

Commercial banks and thrifts continue to consolidate into larger, more diverse entities. Although the number 

of institution charters has declined during recent years, banking organizations continue to expand deposits 

and branching networks. The number of FDIC-insured institution offices increased 2.9 percent during the 

year ending June 30, 2006 (see Chart 1).2 However, the rate of increase in deposits (8.9 percent) considerably 

exceeded the growth in the number of offices. During the past five years, as the number of offices has 

expanded at a 1.9 percent compounded rate, deposits grew at a compounded rate of 8.3 percent. 

d 

The most robust office and deposit growth has occurred in areas with the greatest population density. 

As has been the case in past years, the volume of deposits and number of offices continue to expand most rapidly in 

the nation’s larger metropolitan areas, eclipsing growth in smaller micropolitan and non-metro areas (see Table 1).3 

Table 1 

Most Rapid Rates of Office Growth Have Occurred in the Nation's Larger 

Population Centers 

Other Areas Micropolitan Areas Metropolitan Areas 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

June 2001 9,735 238 11,561 372 64,144 3,679 

June 2005 9,804 267 11,890 431 69,713 5,177 
 

 

d

June 2006 9,853 281 12,051 443 72,187 5,662 

1 Year 

Growth Rate 0.5% 5.2% 1.4% 2.7% 3.5% 9.4% 

5 Year 

Compound 

Growth Rate 

0.2% 3.3% 0.8% 3.5% 2.4% 9.0% 

Source: FDIC/OTS Summary of Deposits 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 population. 

See U.S. Census Bureau definitions for greater detail. 

States experiencing the most rapid rates of growth in number of branches are not necessarily those where the volume 

of deposits also is expanding rapidly. Generally, with few exceptions, deposit growth is strongest in coastal areas, 

whereas office growth varies more widely across the country (see Map 1 and Map 2). In many cases, demographic 

factors, such as population, employment, and per capita income growth, correlate well with the growth in deposits and 

number of offices. However, state law and specific local market conditions also drive branching decisions. 
d

The nation’s largest banking organizations report the most rapid rate of growth in banking offices. 

Consolidated banking organizations holding more than $10 billion in deposits have reported the most rapid growth in 

the number of offices during the past five years (see Table 2). In contrast, banking organizations holding deposits under 

$1 billion have reported a small decline during this period. Mid-size companies ($1 billion to $10 billion in deposits) 

reported a moderate increase in both the number of offices and volume of deposits. The stronger growth rate of larger 

companies also reflects longer-term consolidation trends. 

Table 2 

The Largest Companies Have Reported the Greatest Deposit Growth 

Small Organizations Mid-Size 

Organizations Large Organizations 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

Number 

of Offices 

Domestic 

Deposits 

($ billions) 

June 2001 32,377 999 16,784 804 36,279 3,679 

June 2005 31,623 1,107 17,503 967 42,281 5,177 

June 2006 31,644 1,135 18,135 1,040 44,312 5,662 

1 Year 

Growth Rate 0.1% 2.5% 3.6% 7.5% 4.8% 10.8% 

5 Year 

Compound 

Growth Rate 

-0.5% 2.6% 1.6% 2.6% 4.1% 2.6% 

Source: FDIC/OTS Summary of Deposits Survey. Excludes institutions in U.S. territories. 

Note: 

Small = organizations with consolidated deposits less than $1 billion 

Medium = organizations with consolidated deposits of $1 billion to $10 billion 

Large= organizations with consolidated deposits greater then $10 billion 

The number of charters included in "small organizations" has dropped from 8,726 in 2001 to 7,735 in 2006; the 

number of "mid-size" charters declined from 721 to 744, and "large" charters dropped from 292 to 271. 
 

 

 

The drive-up facility is fading in popularity as offices in retail establishments are becoming more common. 

Increased use of locations in retail space, such as supermarkets and department stores, continues to be a key trend in 

the expansion of banking offices. Although the pace of growth slowed during the past year, more banking offices were 

established in retail space than in any other office type during the past five years (see Table 3). At the same time, use 

of limited service drive-up facilities has declined steadily. The number of standard brick and mortar banking offices 

continues to grow and remains the most common type of office location. 

Table 3 

The Number of Retail Banking Offices Has Risen Sharply During the Past 

Five Years 

Brick and 

Mortar 

Offices 

Retail 

Offices 

DriveThrough 

Facilities 

Other 

Office 

Types 

Total 

June 2001 64,033 3,510 3,172 832 71,547 

June 2005 68,897 4,583 2,957 960 77,397 

June 2006 71,267 4,636 2,917 1,009 79,829 

1 Year Growth Rate 3.4% 1.2% -1.4% 5.1% 3.1% 

5 Year 

Compounded 

Growth Rate 

2.2% 5.7% -1.7% 3.9% 2.2% 

Source: FDIC/OTS Summary of Deposits Survey 

Note: Commercial banks only. Retail banking offices are full service offices located in a retail facility such as 

a supermarket or department store. 

Branch networks have expanded more rapidly than the population has increased. 

Nationwide, the number of FDIC-insured institution offices has expanded more rapidly than the population has 

increased since 2000 (see Chart 2). However, these offices continue to attract domestic deposits. Annual growth in 

total domestic deposits averaged 8.3 percent between 2001 and 2005, compared with 5.4 percent between 1996 and 

2000. These trends may imply a more aggressive retailing strategy as banks seek to provide a greater level of service 

to customers. 
d

The pace of industry consolidation continues to slow. 

The number of FDIC-insured commercial banks and savings institutions dropped 1 percent during the year ending June 

30, 2006 (currently a total of 8,778 institutions), the slowest decline since the mid 1980s. 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. No banking organizations, even the largest, most 

geographically diverse, have a presence in all 50 states (see Table 4). 

Table 4 

A Fifty State Banking Company Does Not Yet Exist 

Name of Company 

Number of 

States with 

Deposit

Offices 

Reported 

Number of 

Deposit Offices 

Domestic 

Deposits 

($ billions) 

BANK OF AMERICA 

CORPORATION 31 5,789 590.6 

JPMORGAN CHASE & CO. 26 2,721 462.3 

U.S. BANCORP 26 2,526 117.4 

WELLS FARGO & COMPANY 23 3,216 309.0 

WACHOVIA CORPORATION * 22 3,447 370.0 

BNP PARIBAS 20 724 41.3 

NORTHERN TRUST 

CORPORATION 17 91 13.4 

DICKINSON FINANCIAL 

CORPORATION 17 169 3.1 

FIRST HORIZON NATIONAL 

CORPORATION 16 240 21.7 

WASHINGTON MUTUAL 

GROUP 15 2,195 210.7 

REGIONS FINANCIAL 

CORPORATION 15 1,397 57.2 
 

 

Source: FDIC/OTS Summary of Deposits Survey 

*Proforma after 10/1/06 acquisition of Golden West Financial Corporation 

See SOD instructions for definition of deposit offices. https://www5.fdic.gov/sod/sodInstBranch.asp?barItem=1 

Fifteen of the top twenty-five markets are “moderately concentrated.” 

Market concentration is an important competitive factor considered by bank regulatory agencies and the Department of 

Justice (DOJ) in the analysis of proposed mergers and acquisitions. Although the number of banking offices continues 

to grow in many large metropolitan areas, none of the top 25 metropolitan areas (ranked by population) meets the 

DOJ’s definition of “highly concentrated,” implying an active and competitive environment in the largest metropolitan 

areas (see Table 5).4 

Table 5 

None of the Largest Cities Is Characterized as a "Highly Concentrated" Market 

(Top 25 metropolitan areas by population as of June 30, 2006) 

Metropolitan Area 

HerfindahlHirschman 

Index(1) 

Population 

Estimate 

(2)

(millions) 

5 Year 

Compounded 

Growth Rate 

in Offices 

5 Year 

Compounded 

Growth Rate 

in Deposits 

Dallas-Fort WorthArlington, TX 1,648 5.8 7.7 19.7 

Cincinnati-Middletown, 

OH-KY-IN 1,640 2.1 1.7 0.6 

Minneapolis-St. PaulBloomington, MN-WI 1,568 3.1 3.4 4.8 

Cleveland-Elyria-Mentor, 

OH 1,551 2.1 1.0 4.6 

Pittsburgh, PA 1,533 2.4 0.3 6.3 

Phoenix-MesaScottsdale, AZ 1,516 3.9 6.9 10.4 

Atlanta-Sandy SpringsMarietta, GA 1,432 4.9 4.9 13.2 

Detroit-Warren-Livonia, 

MI 1,427 4.5 2.6 5.3 

San Francisco-OaklandFremont, CA 1,357 4.2 0.5 8.5 

Portland-VancouverBeaverton, OR-WA 1,331 2.1 2.0 8.7 

Seattle-TacomaBellevue, WA 1,330 3.2 1.4 9.3 

Houston-Baytown-Sugar 

Land, TX 1,160 5.3 6.0 6.3 

Tampa-St. PetersburgClearwater, FL 1,139 2.6 2.4 6.7 

New York-Northern New 

Jersey-Long Island, NYNJ-PA 1,112 18.7 2.8 10.7 

Baltimore-Towson, MD 1,030 2.7 1.1 6.6 

San Diego-Carlsbad-San 

Marcos, CA 981 2.9 2.7 9.2 
 

 

 

 

 

Boston-CambridgeQuincy, MA-NH 948 4.4 1.2 5.5 

Riverside-San 

Bernardino-Ontario, CA 916 3.9 4.1 10.9 

Philadelphia-CamdenWilmington, PA-NJ-DEMD 

860 5.8 1.3 14.1 

Denver-Aurora, CO 852 2.4 4.8 8.3 

Miami-Fort LauderdaleMiami Beach, FL 833 5.4 2.1 9.8 

Washington-ArlingtonAlexandria, DC-VA-MDWV 

833 5.2 2.1 12.9 

Los Angeles-Long 

Beach-Santa Ana, CA 746 12.9 2.2 8.3 

St. Louis, MO-IL 649 2.8 1.4 5.0 

Chicago-NapervilleJoliet, IL-IN-WI 612 9.4 5.6 5.6 

Source: FDIC/OTS Summary of Deposits Survey, Moody's Economy.com 

Note: (1) 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 1000 and 1800 points are considered to be "moderately 

concentrated," and those in which the HHI is in excess of 1800 points are considered to be "highly concentrated." For 

more information, please refer to the joint U.S. Department of Justice and Federal Trade Commission website at 

http://www.usdoj.gov/atr/public/testimony/hhi.htm (2) 2005 population estimates from Moody's Economy.com. 

About the Summary of Deposits Data. 

The FDIC’s SOD Web site at https://www5.fdic.gov/sod/sodInstBranch.asp?barItem=1 has raw SOD data available as 

well as various summary charts and tables. Additionally, the user can find tools to help identify and analyze information 

on deposits and branching activities of FDIC-insured institutions in specific markets. 

Endnotes 

1

 This FYI reflects updates in the Summary of Deposits data as of October 16, 2006. All FDIC-insured institutions that 

operate branch offices beyond their home office and that are required to file a financial report with one of the Federal 

Financial Institutions Examination Council agencies 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. 

2

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

include domestic deposits only, and they are referred to in this report as deposits. 

3 Metropolitan statistical areas are characterized by 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 

population. 

4

Under the DOJ guidelines, markets with a Herfindahl-Hirschman Index (HHI) of less than 1000 are considered 

“unconcentrated;” those with an HHI between 1000 and 1800 are considered “moderately concentrated;” and those 

with an HHI greater than 1800 are considered “highly concentrated.” For more details, access the joint Federal Trade 

Commission (FTC) and DOJ Web site on “Horizontal Merger Guidelines” at http://www.usdoj.gov. 

Last Updated 12/03/2018 
Chart 1

Offices and Deposits of FDIC-Insured Institutions Continue 

to Grow Strongly

Year/Qtr Number of Offices Domestic Deposits

($billions)

2Q94 80,788 3,132

2Q95 80,473 3,190

2Q96 80,827 3,301

2Q97 81,541 3,471

2Q98 82,722 3,630

2Q99 83,703 3,753

2Q00 84,871 3,970

2Q01 85,440 4,289

2Q02 85,952 4,564

2Q03 87,149 5,088

2Q04 89,152 5,416

2Q05 91,407 5,876

2Q06 94,091 6,386

Source: FDIC/OTS Summary of Deposits Survey
Chart 2

Banks and thrifts are using expanding branch networks to 

boost deposit growth

Year/Qtr Population per Office

Domestic Deposits per 

Office

($millions)

2Q94 3,257 38.8

2Q95 3,309 39.6

2Q96 3,333 40.8

2Q97 3,344 42.6

2Q98 3,335 43.9

2Q99 3,334 44.8

2Q00 3,325 46.8

2Q01 3,337 50.2

2Q02 3,351 53.1

2Q03 3,337 58.4

2Q04 3,294 60.8

2Q05 3,243 64.3

2Q06 3,179 67.9

Source: FDIC/OTS Summary of Deposits Survey, Moody's Economy.com
Map 1 

Growth in the number of 

banking offices varies 

considerably across the country

5 year compounded 

change in number of 

offices

AK -0.15

AL 0.60

AR 2.91

AZ 5.00

CA 2.01

CO 4.13

CT 1.26

DC 2.65

DE 1.52

FL 2.62

GA 3.13

HI -0.68

IA 1.42

ID 1.65

IL 3.56

IN 1.27

KS 1.29

KY 1.37

LA 1.20

MA 1.46

MD 0.88

ME -0.31

MI 0.92

MN 1.99

MO 1.45

MS 0.76

MT 1.11

NC 1.19

ND 1.24

NE 1.97

NH 0.09

NJ 1.66

NM 0.28

NV 4.64

NY 2.50
OH 0.54

OK 2.39

OR 1.52

PA 0.72

RI 1.82

SC 1.30

SD 1.66

TN 1.58

TX 5.17

UT 1.02

VA 0.74

VT 0.67

WA 1.59

WI 1.73

WV 0.50

WY 3.35

Source: FDIC/OTS Summary of Deposits 

Survey
Map 2

The Strongest Deposit Growth 

Has Generally Been in Coastal 

States

5 year compounded 

change in number of 

offices

AK 6.65

AL 5.79

AR 5.07

AZ 10.76

CA 8.09

CO 7.81

CT 5.57

DC 15.41

DE 15.25

FL 10.28

GA 10.67

HI 6.67

IA 3.47

ID 8.72

IL 5.53

IN 3.30

KS 4.52

KY 2.91

LA 8.16

MA 5.15

MD 6.71

ME 6.38

MI 4.54

MN 5.10

MO 4.78

MS 5.96

MT 6.45

NC 7.30

ND 4.03

NE 3.31

NH -6.68

NJ 4.93

NM 6.58

NV 42.73

NY 11.50
OH 2.93

OK 6.21

OR 7.69

PA 6.89

RI 10.30

SC 8.29

SD 37.05

TN 6.70

TX 10.58

UT 11.98

VA 11.35

VT 4.24

WA 8.73

WI 5.67

WV 3.07

WY 5.08

Source: FDIC/OTS Summary of Deposits 

Survey