The Deposit Market Share Report by the Federal Deposit Insurance Corp. offers an interesting view of where cash is being parked in the Kansas City area.
Area banks regularly report their overall deposits. But the deposit market share report offers the only chance of the year to see Kansas City-area deposits at local bank branches apart from overall national deposits. The report was released Oct. 1.
The Kansas City Business Journal found a heavy, troubled loan portfolio is the common thread among banks with declining deposits.
Bank of America shed $534.6 million in area deposits since last year’s study but held on to the No. 3 spot. BMO Harris Bank experienced a loss of $138.3 million in local deposits and dropped to 13th from 11th. And Wells Fargo Bank managed to advance one spot in the ranking to 16th, despite seeing its local deposits drop by $74.6 million in the past year.