Big banks continue to dominate Palm Beach County

jimmy-stewart

So much for the allure of local bankers. Big banks continue to dominate in Palm Beach County, according to newly released market share data from the Federal Deposit Insurance Corp.

Wells Fargo Bank of San Francisco remained the No. 1 institution in the county with $10 billion in deposits, a market share of 20.6 percent, according to the FDIC. Wells Fargo was No. 1 last year, too.

The deposit totals are as of June 30, before Wells Fargo was publicly shamed for a wide-ranging scandal that saw employees opening accounts without customers’ permission. But the embarrassing headlines are unlikely to matter — Palm Beach County bank customers stuck with big Wall Street banks even after the financial collapse of 2009.

Bank of America, headquartered in Charlotte, N.C., is the county’s No. 2 bank, while New York-based JPMorgan Chase is No. 3. Other big players include PNC Bank of Pittsburgh, TD Bank of Toronto and SunTrust Bank of Atlanta.

The largest bank headquartered in the county is Palm Beach Community Bank of West Palm Beach, with a market share of just 0.6 percent. Paradise Bank of Boca Raton has a market share of 0.5 percent.

In all, Palm Beach County bank branches held $48.6 billion in deposits as of June 30, up from $45 billion a year earlier.

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