FDIC Quarterly 27 2013, Volume 7, No. 1

Although institution size groups consisting of large, 

midsize, and small institutions all reported deposit 

growth in 2012, large institutions reported significant 

deposit growth relative to other size groups. Additionally, although offices contracted for all institution sizes 

in 2012 compared with 2011, only large institutions 

have reported office contraction over the longer term.

This summary highlights some key findings from the 

2012 SOD, focusing on national trends in domestic 

deposits and banking offices, and presents information 

by state and metropolitan area and for selected 

institutions.

Offices Contracted and Deposits Grew at an 

Accelerated Rate in 2012

The number of offices operated by FDIC-insured institutions fell 0.9 percent, or 857 offices, to 96,823 for the 

year ending June 30, 2012 (see Chart 1). This is the 

third consecutive yearly decline in offices and greater 

than the 0.3 percent (275 offices) decrease in 2011.

Contraction in the number of offices largely reflects the 

continuing decline in the number of FDIC-insured 

institutions. The number of FDIC-insured institutions 

declined by 267 during the year ending June 30, 2012, 

compared with declines of 317 and 365 in the previous 

Each year as of June 30, the Federal Deposit Insurance 

Corporation (FDIC) collects deposit data for branches 

and offices of all FDIC-insured institutions. The resulting Summary of Deposits (SOD) is a valuable resource 

for analyzing deposit gathering and branching trends, as 

well as domestic deposit market share.1

FDIC-insured institutions reduced the number of offices 

they operate in 2012, continuing the trend of office 

contraction seen over the past three years. Despite the 

decline in offices, deposits held by FDIC-insured institutions continued to increase in 2012, experiencing the 

largest one-year percentage increase in the past six 

years. The number of offices operated by FDIC-insured 

institutions relative to the U.S. population declined in 

2012, extending a trend that has persisted over the past 

several years.

Offices are contracting and deposits are growing in both 

metropolitan and nonmetropolitan statistical areas. 

Metropolitan areas continue to report stronger deposit 

growth and weaker office contraction relative to 

nonmetropolitan areas. Deposits held within the most 

populated metropolitan areas in the country are held 

mostly by larger institutions, similar to previous years. 

Many of these high-population metropolitan areas 

reported an increase in market concentration in 2012, 

reflecting growing market power of several institutions 

located in the area. Looking across the country, the 

number of banking offices declined in most states from 

2011 to 2012. States where offices declined most significantly were generally located on the East Coast and 

Great Plains regions.

Large institutions have heavily influenced the overall 

trend in office contraction and deposit growth. 

1

 This analysis reflects updates in SOD data through October 1, 2012. 

All FDIC-insured institutions that operate branch offices beyond their 

headquarters must submit responses to SOD surveys to the FDIC. 

Institutions that previously filed the Branch Office Survey administered 

by the Office of Thrift Supervision (OTS) have filed the SOD starting as 

of June 2011. Automated teller machines are not considered offices 

for the purposes of the survey. Call Report information on banks with 

a single headquarters office has been combined with branch office 

data to form the SOD database. The data are available on the FDIC’s 

website at http://www2.fdic.gov/sod/index.asp. 

Feature Article:

Highlights From the 2012 Summary of Deposits

Chart 1

Number of Offices Domestic Deposits (Trillions of Dollars)

The Number of Ofces of FDIC-Insured Institutions

Decreased While Deposit Growth Increased

60,000

65,000

70,000

75,000

80,000

85,000

90,000

95,000

100,000

105,000

110,000

1994 1997 2000 2003 2006 2009 2012

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

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

Number of Offices

Domestic Deposits
FDIC Quarterly 28 2013, Volume 7, No. 1

Deposits and offices continue to be concentrated in 

metropolitan areas. As of June 30, 2012, roughly 78 

percent of deposit-taking offices and 90 percent of 

deposits were held by insured institutions located in 

metropolitan areas.

The Number of Brick-and-Mortar Offices Grew 

in 2012

Brick-and-mortar offices expanded in 2012 among 

commercial banks. The number of brick-and-mortar 

offices increased 0.9 percent after showing no change in 

2011 (see Table 2a).5 Traditional brick-and-mortar 

offices represented 90 percent of all commercial banking offices in 2012, a share unchanged from the previous year. “Other” offices represent less than 1 percent of 

all offices, but grew at the fastest rate of all office types 

for the fourth consecutive year. The number of retail 

offices fell 3.1 percent after increasing 3.3 percent in 

2011. Drive-through facilities declined by 3.7 percent 

and are the only office type to show a negative five-year 

CAGR.

Offices within most office type categories declined 

when combining total commercial bank and thrifts. 

As shown in Table 2b, total industry brick-and-mortar 

offices declined 0.9 percent from 2011 to 2012. Total 

offices designated as “Other” were the only office type 

category to show growth over the past year.

5

 The SOD survey covers banking office type categories, including 

brick-and-mortar, retail (e.g., offices in supermarkets and other 

stores), drive-through, and “other” (e.g., mobile offices, seasonal 

offices, back-office support for Internet deposit operations). 

two years, respectively. The rate of decline in the 

number of FDIC-insured institutions continues to 

outpace the rate of contraction in offices. As a result, 

the number of offices per institution continues to 

increase, reflecting industry consolidation.

FDIC-insured institutions reported strong deposit 

growth in the year ending June 30, 2012, despite a 

contraction in the number of offices.2 Total domestic 

deposits increased 8.5 percent, the largest one-year 

percentage increase in domestic deposits in the past six 

years and higher than the five-year compound annual 

growth rate (CAGR) for total deposits of 6 percent.3

The number of offices per million people declined 1.6 

percent to 309 for the year ending June 30, 2012, the 

lowest level for this ratio since 2004 (see Chart 2). 

Because of the overall growth in deposits, however, 

total deposits per office grew 9.4 percent to $92 million 

in 2012. The one-year percentage increase in total 

deposits per office was the highest since 2003.

Metropolitan Areas Continue to Report 

Strong Deposit Growth

All geographic areas reported deposit growth and office 

contraction from 2011 to 2012 (see Table 1). Deposit 

growth was strongest in metropolitan areas and weakest 

in “other” areas.4 Deposits held within metropolitan 

areas grew 9.1 percent in 2012, the highest one-year 

percentage increase since 2006. Deposits in all 

geographic areas grew at a faster rate than in 2011, and 

all locations reported a positive five-year CAGR in 

deposits. Office contraction was slowest in metropolitan 

areas. The number of offices in metropolitan areas 

declined 0.8 percent from 2011 to 2012 compared with 

declines of 1.4 percent and 1.1 percent in micropolitan 

and “other” areas, respectively. Offices declined in all 

geographic areas for the third consecutive year. Additionally, offices in all geographic areas declined at a 

faster rate in 2012 than in 2011.

2

 The SOD covers offices in the 50 states and the District of Columbia 

but not those in U.S. territories. The SOD data include domestic 

deposits only, referred to in this report as “deposits.” 

3

 CAGR is a methodology for smoothing annual growth over time. It 

can sometimes be a better indication of a trend than a single year’s 

growth, which may have been atypical. The compound annual growth 

rate is the nth root of the percentage change, where n is the number 

of years in the period. 

4

 Metropolitan statistical areas have urban clusters of greater than 

50,000 inhabitants. Micropolitan statistical areas have urban clusters 

of between 10,000 and 50,000 inhabitants. “Other” areas have populations of 10,000 or fewer inhabitants.

Chart 2

Offices Per Million People

Domestic Deposits Per Office

(Millions of Dollars)

Deposits Per Ofce Increased While Ofces

Per Million People Decreased

250

260

270

280

290

300

310

320

330

1994 1997 2000 2003 2006 2009 2012

0

10

20

30

40

50

60

70

80

90

100

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

Note: Population data from U.S. Census Bureau via Haver Analytics. 

Offices Per Million People

Domestic Deposits Per Office
FDIC Quarterly 29 2013, Volume 7, No. 1

Summary of Deposits

compared with 4.1 percent and 3.5 percent for deposits held by midsize and small institutions, respectively 

(see Table 3). Additionally, the five-year CAGR for 

large institutions was 6.9 percent in 2012, compared 

with 3.7 percent for midsize institutions and 4.9 

percent for small institutions. All institution size 

groups reported office contraction in 2012; however, 

large institutions were the only size group to report a 

negative five-year CAGR.

Large Institutions Continued to Report 

Strong Deposit Growth

Deposit growth at large institutions (institutions with 

more than $10 billion in total assets) continues to 

outpace deposit growth at midsize institutions (institutions with between $1 billion and $10 billion in total 

assets) and small institutions (institutions with less 

than $1 billion in total assets). Deposits held by large 

institutions grew 10.5 percent over the past year, 

Table 1

Metropolitan Areas Experienced the Highest Deposit Growth and Slowest Rate of Office Decline

Metropolitan Areas Micropolitan Areas Other Areas 

Number 

of Offices

Domestic 

Deposits 

($ billions)

Number 

of Offices

Domestic 

Deposits 

($ billions)

Number 

of Offices

Domestic 

Deposits 

($ billions)

June 2012 74,639 $8,026 11,904 $526 9,577 $336

June 2011 75,262 7,358 12,067 510 9,685 327

June 2007 73,860 5,874 12,106 467 9,812 295

1-Year Percent Change -0.8% 9.1% -1.4% 3.3% -1.1% 2.9%

5-Year Compound Annual Growth Rate 0.2% 6.4% -0.3% 2.4% -0.5% 2.6%

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

Note: Includes deposit-taking offices only. Metropolitan statistical areas have urban clusters of greater than 50,000 inhabitants. Micropolitan statistical areas have urban clusters of between 

10,000 and 50,000 inhabitants. “Other” areas have populations of 10,000 or fewer inhabitants. See Census Bureau definitions for greater detail.

Table 2a

Commercial Bank Brick-and-Mortar Offices Expanded in 2012

Brick-andMortar Offices Retail OfficesDrive-Through 

Facilities

“Other” Office 

Types Total

June 2012 78,756 5,265 2,380 824 87,225

June 2011 78,041 5,431 2,472 808 86,752

June 2007 74,028 4,742 2,511 608 81,889

1-Year Percent Change 0.9% -3.1% -3.7% 2.0% 0.5%

5-Year Compound Annual Growth Rate 1.2% 2.1% -1.1% 6.3% 1.3%

Source: FDIC Summary of Deposits.

Note: Includes only deposit-taking offices of commercial banks. Excludes offices of savings institutions and U.S. branches of foreign institutions. Similar office breakdowns for savings 

institutions are available beginning in June 2011, so comparisons of trends in savings institution office types prior to 2011 are not available. Of the 8,885 savings institution banking offices 

reported in 2012, 8,090 were brick-and-mortar offices, 636 were retail offices, 84 were drive-through facilities, and 75 were “other” office types.

Table 2b

Most Office Types for All Institutions Declined in 2012

Brick-andMortar Offices Retail OfficesDrive-Through 

Facilities

“Other” Office 

Types Total

June 2012 86,846 5,901 2,464 899 96,110

June 2011 87,595 5,949 2,565 895 97,004

1-Year Change -749 -48 -101 4 -894

1-Year Percent Change -0.9% -0.8% -3.9% 0.4% -0.9%

Source: FDIC Summary of Deposits.

Note: Includes deposit-taking offices of commercial banks and savings institutions. Excludes U.S. branches of foreign institutions.
FDIC Quarterly 30 2013, Volume 7, No. 1

2011. Bank of America and Wells Fargo reported a 

decline in total offices of 3.1 percent and 1.1 percent, 

respectively, from 2011 to 2012. The three organizations holding the highest individual shares of domestic deposits—Bank of America, Wells Fargo, and 

JPMorgan Chase—held a combined 32.5 percent of 

domestic deposits and 18.3 percent of offices as of 

June 30, 2012, up from 32.1 percent and 18.1 percent 

in 2011.

The Number of “Highly Concentrated” Markets in 

the 25 Largest Metropolitan Areas Increased

By law, bank regulatory agencies and the Department 

of Justice must consider market concentration in their 

analysis of proposed mergers and acquisitions. The 

Herfindahl-Hirschman Index (HHI) is a commonly 

used measure of market concentration.7 The HHI 

measures increases in market concentration as banking 

organizations increase their deposit market share in a 

particular trade area. As of June 30, 2012, 20 of the 25 

largest metropolitan areas were “moderately concentrated” or “highly concentrated,” the same number as 

in 2011. However, seven of the 25 largest metropolitan 

areas had an HHI in the “highly concentrated” range, 

three higher than in the previous year (see Table 5). 

The Portland, Houston, and Phoenix metropolitan 

7

 Under 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 and DOJ website on “Horizontal Merger Guidelines” at 

http://www.usdoj.gov/atr/public/guidelines/horiz_book/hmg1.html. 

Offices Declined in Most States in 2012

Banking offices declined in 42 states from 2011 to 2012, 

while offices increased in only four states (see Map 1). 

States where total offices declined most significantly on 

a percentage basis were generally located on the East 

Coast and Great Plains regions of the country. Five 

states reported no change in the number of banking 

offices since 2011.

The Number of Banking Organizations Operating in 

15 or More States Increased

The number of banking organizations operating in 15 or 

more states increased to 16 in 2012, from 15 in 2011 

(see Table 4). Bank of New York Mellon was the only 

addition to the list in 2012, and no organization from 

2011 was removed from the list in 2012.6 Four organizations expanded their branch networks into additional 

states in 2012, compared with 2011, including U.S. 

Bancorp and Citigroup. Bank of America and Beal 

Bank were the only two organizations to reduce their 

branch networks into fewer states in 2012.

Bank of America Corporation and Wells Fargo & 

Company were the only organizations to report more 

than 10 percent of total domestic deposits in 2012. 

Bank of America and Wells Fargo held 12.7 percent 

and 10 percent of total domestic deposits, respectively, compared with 13 percent and 9.7 percent in 

6

 Bank of New York Mellon reported operations in 26 states in 2012, 

compared with eight states in 2011 as a result of a subsidiary institution that added 33 new offices in 2012. Although these offices are 

designated as “deposit-taking” within SOD, none of the offices held 

any deposits at June 30, 2012. 

Table 3

Large Institutions Continue to Report Strong Deposit Growth

Large Institutions Midsize Institutions Small Institutions

Number of 

Institutions

Number of 

Offices

Domestic 

Deposits 

($ billions)

Number of 

Institutions

Number of 

Offices

Domestic 

Deposits 

($ billions)

Number of 

Institutions

Number of 

Offices

Domestic 

Deposits 

($ billions)

June 2012 83 47,293 6,431 442 18,737 1,149 6,710 30,080 1,285

June 2011 83 47,751 5,821 442 19,078 1,103 6,710 30,107 1,241

June 2007 80 48,912 4,612 439 18,391 956 6,514 28,158 1,010

1-Year Percent Change 0.0% -1.0% 10.5% 0.0% -1.8% 4.1% 0.0% -0.1% 3.5%

5-Year Compound 

Annual Growth Rate 0.7% -0.7% 6.9% 0.1% 0.4% 3.7% 0.6% 1.3% 4.9%

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

Note: Merger-adjusted data. Deposit-taking offices only. Excludes U.S. branches of foreign institutions. Small = Institutions with consolidated deposits less than $1 billion. Midsize = Institutions 

with consolidated deposits of $1 billion to $10 billion. Large = Institutions with consolidated deposits greater then $10 billion.
FDIC Quarterly 31 2013, Volume 7, No. 1

Summary of Deposits

Table 4

The Same Number of Banking Organizations Operate in 15 or More States as Last Year

Name of Company

Number of 

States With 

Deposit Offices

Reported 

Number of 

Deposit Offices

Domestic 

Deposits 

($ billions)

Share of Total 

Domestic 

Deposits (%)

Share of Total 

Domestic 

Offices (%)

Wells Fargo & Company 40 6,316 $891.4 10.0% 6.6%

Bank of America Corporation 35 5,660 1,129.3 12.7% 5.9%

U.S. Bancorp 28 3,134 220.7 2.5% 3.3%

Bank of New York Mellon Corporation 26 56 128.0 1.4% 0.1%

JPMorgan Chase & Co. 24 5,575 865.0 9.7% 5.8%

PNC Financial Services Group, Inc. 20 3,012 203.4 2.3% 3.1%

BNP Paribas 20 702 55.4 0.6% 0.7%

First Citizens Bancshares, Inc. 18 412 17.8 0.2% 0.4%

Northern Trust Corporation 18 76 35.5 0.4% 0.1%

Citigroup Inc. 18 1,064 387.5 4.4% 1.1%

Dickinson Financial Corporation II 17 167 1.6 0.0% 0.2%

Woodforest Financial Group 

Employee Stock Ownership Plan 17 768 3.2 0.0% 0.8%

Toronto-Dominion Bank 16 1,309 170.1 1.9% 1.4%

Regions Financial Corporation 16 1,720 95.5 1.1% 1.8%

Beal Bank USA 15 18 3.2 0.0% 0.0%

KeyCorp 15 1,067 61.7 0.7% 1.1%

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

Note: Deposit-taking offices only. See SOD instructions for definition of deposit offices. 

Offices Declined More Than 1%

Offices Declined Less Than 1%

Offices Were Unchanged

Office Growth

Source: FDIC Summary of Deposits.

Labels show number of offices located within state as of 2012.

Offices Increased in Only Four States From 2011 to 2012

HI: 280

AK: 132

WY: 228

WA: 1,876

OR: 1,125

NV: 544

CA: 

7,295 MO:

2,423

IA: 1,598

MN:

1,801

ND: 439

SD: 475

NE: 1,082

KS: 1,533

TX: 6,854

CO: 1,623

TN: 2,275

LA:

1,631

MS:

1,202

AR: 1,447

FL: 5,602

IL:

4,887 IN:

2,352

OH: 4,026

PA: 4,648

NY:

5,441

ME:

MT: 394 517

NM: 512 OK: 1,397

GA:

2,651

AZ: 1,360

UT: 598

ID: 536

MA: 2,210

RI: 259

CT: 1,293

NJ: 3,276

DC: 244

MD: 1,752

DE: 293

WV: 671

KY: 1,781

WI:

2,287 MI:

2,949

AL:

1,573

SC:

1,401

NC: 2,720

VA:

2,644

VT: 257

NH: 429

Map 1
FDIC Quarterly 32 2013, Volume 7, No. 1

quarters office within the area. The Minneapolis area 

increased to second on the list in 2012. The HHI score 

for this area increased primarily as a result of Wells 

Fargo increasing its market share within the area. 

Because of changes in population, the OrlandoKissimmee-Sanford, FL, metropolitan area was added to 

the list in 2012 while the Sacramento-Arden-ArcadeRoseville, CA, metropolitan area was dropped.

Large institutions continue to exert significant market 

power in many of the largest 25 metropolitan areas. In 

15 of the 25 largest metropolitan areas, at least one 

organization reported holding at least one-fourth of 

total area deposits in 2012, the same number as in 

2011. In the Phoenix, Minneapolis, and Houston 

areas each increased from “moderately concentrated” 

in 2011 to “highly concentrated” in 2012.

HHI increased in 18 of the largest 25 metropolitan 

areas in 2012 and declined in seven metropolitan areas. 

Minneapolis, Portland, and San Francisco experienced 

the greatest increase in HHI while Pittsburgh experienced the greatest decline. The HHI score for the San 

Antonio-New Braunfels, TX, metropolitan area is the 

highest of any of the top 25 metropolitan areas in 2012, 

and increased from 4,483 in the previous year to 4,616. 

The high HHI score reflects the volume of deposits 

reported by USAA Federal Savings Bank, an institution 

that has a nationwide remote banking business model 

but assigns its deposits to its brick-and-mortar headTable 5

Seven of the Largest Metropolitan Areas Are Characterized as “Highly Concentrated” Markets 

According to the Department of Justice’s Herfindahl-Hirschman Index Measurement 

(Top 25 metropolitan areas by population as of June 30, 2012)

Metropolitan Area

HerfindahlHirschman 

Index 

Population 

Estimate 

(millions)

5-Year 

Compound 

Growth Rate 

in Offices 

5-Year 

Compound 

Growth Rate 

in Deposits 

San Antonio-New Braunfels, TX 4,616 2.2 1.4 11.5

Minneapolis-St. Paul-Bloomington, MN-WI 3,271 3.4 -0.8 20.1

San Francisco-Oakland-Fremont, CA 2,852 4.4 0.9 10.8

Pittsburgh, PA 2,433 2.4 -0.1 8.7

Portland-Vancouver-Hillsboro, OR-WA 1,977 2.3 1.3 9.9

Phoenix-Mesa-Glendale, AZ 1,848 4.3 1.5 2.1

Houston-Sugar Land-Baytown, TX 1,824 6.2 1.0 11.4

Dallas-Fort Worth-Arlington, TX 1,487 6.7 -0.1 0.6

New York-Northern New Jersey-Long Island, NY-NJ-PA 1,451 19.1 0.5 8.2

Detroit-Warren-Livonia, MI 1,441 4.3 -1.3 1.9

Baltimore-Towson, MD 1,415 2.7 -0.9 6.3

Atlanta-Sandy Springs-Marietta, GA 1,408 5.4 -1.0 1.3

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 1,352 6.0 -0.7 11.4

San Diego-Carlsbad-San Marcos, CA 1,289 3.2 1.1 5.1

Denver-Aurora-Broomfield, CO 1,268 2.6 0.2 5.6

Orlando-Kissimmee-Sanford, FL 1,261 2.2 1.3 2.9

Seattle-Tacoma-Bellevue, WA 1,243 3.5 0.4 2.1

Boston-Cambridge-Quincy, MA-NH 1,238 4.6 0.7 9.5

Riverside-San Bernardino-Ontario, CA 1,051 4.4 1.0 -1.3

Tampa-St. Petersburg-Clearwater, FL 1,002 2.9 -0.6 4.2

Washington-Arlington-Alexandria, DC-VA-MD-WV 956 5.8 0.9 4.2

Los Angeles-Long Beach-Santa Ana, CA 887 13.1 0.7 2.6

Chicago-Joliet-Naperville, IL-IN-WI 832 9.6 -0.4 3.1

Miami-Fort Lauderdale-Pompano Beach, FL 775 5.7 0.9 2.4

St. Louis, MO-IL 738 2.8 0.7 9.5

Source: FDIC Summary of Deposits and 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 in 

excess of 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 website at 

http://www.usdoj.gov/atr/public/testimony/hhi.htm. Population estimates for 2011 are from Moody’s Economy.com.
FDIC Quarterly 33 2013, Volume 7, No. 1

Summary of Deposits

metropolitan areas, two separate organizations reported 

holding more than 25 percent of total area deposits. 

Additionally, Bank of America, Wells Fargo, or 

JPMorgan Chase was the primary driver of market 

concentration in nine of the 25 largest metropolitan 

areas in 2012, accounting for more than 50 percent of 

the total HHI score in the area. The total HHI score 

was considered “highly concentrated” in six of the 

metropolitan areas where one organization accounted 

for the more than half of the HHI score.

Author: Andrew D. Carayiannis, Financial Analyst

Division of Insurance and Research