Palm Beach County consumers still prefer huge Wall Street banks

jimmy-stewart

Four giant banks with offices in Palm Beach County continue to gain market share, proving once again consumers like too-big-to-fail institutions despite their role in the mortgage meltdown.

The Big Four — Walls Fargo, Bank of America, JPMorgan Chase and Citibank — held 51.11 percent of Palm Beach County’s deposits as of June 30, according to new numbers from the Florida Deposit Insurance Corp. That’s up from 50.36 percent last year, 50.25 percent in mid-2013 and 48.5 percent in mid-2011.

Meanwhile, Florida-based banks’ share of Palm Beach County deposits continues to dwindle. Only 13.9 percent of Palm Beach County’s money was held by Florida-based banks as of June 30. That’s down from 15.5 percent a year ago.

Palm Beach County deposits grew to $45 billion this year, up from $40.5 billion last year.

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