Splurge and Purge

Splurge and Purge

By Francis X. Gilpin

Associate Editor

Bank of America remains the biggest holder of local bank deposits, despite losing a fraction of a percentage point in the lucrative $81 billion Gulf Coast market.

The North Carolina bank maintained a comfortable $6 billion deposit lead on the Gulf Coast over Wachovia Bank, as of June 30. B of A preserved the edge despite its cross-town rival in Charlotte buying up SouthTrust Bank in the past year.

Indeed, Wachovia appeared to be the latest example of a regional bank that loses market share – and sometimes even deposits – after swallowing up a competitor. The analysis stems from the FDIC's annual release of deposit statistics. The numbers are through June 30; the FDIC issues the report every October.

In the Tampa metropolitan statistical area, for example, Wachovia lost $893 million in deposits, when its 2005 numbers are put up against its combined deposits with SouthTrust a year earlier. Wachovia had a net gain of deposits in the Sarasota market, but still lost market share as it did in Tampa.

Fifth Third Bank is another institution still digesting a big acquisition. The Cincinnati bank took control of First National Bank of Florida within the past year. But Fifth Third suffered share losses in First National's old backyard in Fort Myers and Naples, again when the 2004 deposits of the two banks are combined in those markets.

Naples, which First National called home, was a market that did not receive the Fifth Third takeover well. Fifth Third lost nearly two percentage points of deposit share in Naples. And that occurred even as Fifth Third was spending a princely sum on an aggressive advertising campaign along the Gulf Coast, trying to hang onto First National business and reel in new customers.

A third eager acquirer, Mercantile Bank, has stumbled in the Tampa Bay area. The Orlando-based banking subsidiary of South Financial Group has picked up Tampa's Florida Bank, Central Bank of Tampa and Gulf West Banks in St. Petersburg since 2002.

Yet Mercantile is down more than $300 million in Bay area deposits during the past year, when its 2004 deposits are combined with Florida Bank's in the Tampa market and matched against the June 30 total.

Not so small anymore

What merger-minded Southeast regional banks may be giving away as they struggle with customer defections and systems integration, smaller Gulf Coast institutions are only too happy to accept.

In the Bay area, the Bank of St. Petersburg increased deposits by $98.6 million. That was one of the more respectable showings by a local bank. The Tampa-based bank has opened several new branches in Hillsborough County that put some pressure on its bottom line for several quarters.

In the Sarasota market, Century Bank picked up almost as many deposits. The local thrift reported a $95.6 million gain in 2005 deposits over 2004's total.

During the same span, RBC Centura, which bought 13 Provident Bank branches clustered in Manatee and Sarasota counties two years ago, surrendered more than a percentage point of Sarasota market share. The American banking unit of the Royal Bank of Canada saw a drop in Sarasota deposits of $107 million, too.

No banks suffered any deposit drops in the Punta Gorda market. But several banks, big and small, lost share in the smallest of the Gulf Coast markets. Among the share losers in the hurricane-ravaged area were Wachovia, B of A and SunTrust Bank, along with Peninsula and Englewood banks.

AmSouth Bank and Charlotte State Bank may have benefited. Birmingham, Ala.-based AmSouth picked up nearly 1.5 percentage points in the Punta Gorda market. Charlotte State, a unit of Wauchula-based Crews Banking Corp., gained almost a percentage point.

In the Fort Myers market, some of the biggest share gainers were local banks. First Community Bank of Southwest Florida, a 6-and-a-half-year-old unit of Southwest Florida Community Bancorp Inc., nearly doubled deposits during the past year.

Busey Bank Florida, TIB Bank of the Keys, Florida Gulf Bank and the local mainstay, Orion Bank, also gained market share in Fort Myers.

In Orion's home market, the Naples bank did even better. Orion had $124 million more on deposit in the market this year than last. That was more than Wachovia picked up in the Naples area.

In terms of market share, however, AmSouth did surprisingly well in Naples, for a bank that is viewed by some industry analysts as geared toward the downscale customer. AmSouth increased its share of deposits in affluent Collier County and environs by almost a full percentage point.

Four smaller local banks grew their deposit shares, too. The gainers were Florida Community Bank, First Florida Bank, Bank of the Keys and Marco Community Bank.

B of A fared decently on the Gulf Coast. The nation's second biggest bank by assets increased deposits by $1.7 billion from Pasco to Collier counties. The behemoth did lose deposit share in three of the five Gulf Coast markets.

Overall, though, B of A should be some inspiration to Wachovia and Fifth Third. B of A badly fumbled its takeover of Barnett in the 1990s and the bank needed several years to win back disgusted customers.

SARASOTA MSA ($s in 000s)

2004 2004 2005 2005 Deposit

Institution deposits mkt. share deposits mkt. share change

aBank of America $3,585,730 25.19% $3,928,991 24.61% $343,261

bWachovia Bank $2,270,556 15.95% $2,397,676 15.02% $127,120

SunTrust Bank $1,915,503 13.46% $2,003,916 12.55% $88,413

World Savings Bank $514,632 3.62% $746,736 4.68% $232,104

RBC Centura Bank $659,072 4.63% $552,194 3.46% -$106,878

Northern Trust Bank of Florida $480,956 3.38% $520,960 3.26% $40,004

BB&T $501,234 3.52% $454,216 2.84% -$47,018

cFifth Third Bank $365,026 2.56% $431,558 2.70% $66,532

Century Bank $321,709 2.26% $417,356 2.61% $95,647

Coast Bank of Florida $280,565 1.97% $366,421 2.29% $85,856

1st National Bank & Trust $262,334 1.84% $292,367 1.83% $30,033

AmSouth Bank $167,284 1.18% $286,047 1.79% $118,763

Liberty Savings Bank $244,123 1.72% $234,866 1.47% -$9,257

Colonial Bank $205,043 1.44% $228,978 1.43% $23,935

Bank of Commerce $150,347 1.06% $209,800 1.31% $59,453

People's Community Bank

of the West Coast $149,344 1.05% $207,007 1.30% $57,663

Landmark Bank of Florida $135,395 0.95% $188,984 1.18% $53,589

Third Federal Savings

& Loan of Cleveland $160,394 1.13% $164,018 1.03% $3,624

Regions Bank $171,960 1.21% $162,292 1.02% -$9,668

Community Bank of Manatee $122,009 0.86% $158,892 1.00% $36,883

dJ.P. Morgan Chase Bank $113,248 0.80% $132,184 0.83% $18,936

First State Bank $106,445 0.75% $128,842 0.81% $22,397

Flagship National Bank $105,562 0.74% $122,300 0.77% $16,738

Horizon Bank $101,206 0.71% $117,514 0.74% $16,308

Manatee River Community Bank $98,529 0.69% $111,633 0.70% $13,104

Suncoast Bank $83,248 0.58% $107,844 0.68% $24,596

Community National Bank

of Sarasota County $90,261 0.63% $92,955 0.58% $2,694

First Priority Bank $34,366 0.24% $86,215 0.54% $51,849

United Bank of the Gulf Coast $86,323 0.61% $83,503 0.52% -$2,820

Peninsula Bank $48,160 0.34% $81,752 0.51% $33,592

R-G Crown Bank $43,767 0.31% $70,653 0.44% $26,886

Orion Bank $31,715 0.22% $63,019 0.39% $31,304

Riverside Bank of the Gulf Coast $39,749 0.28% $57,427 0.36% $17,678

Tarpon Coast National Bank $49,024 0.34% $49,016 0.31% -$8

Bank of Venice $27,938 0.20% $40,319 0.25% $12,381

First America Bank $5,060 0.04% $39,036 0.24% $33,976

Harris Bank $41,586 0.29% $36,529 0.23% -$5,057

Englewood Bank $16,224 0.11% $16,617 0.10% $393

a Adjusted for Bank of America-Fleet National Bank merger; b Adjusted for Wachovia-SouthTrust Bank merger

c Adjusted for Fifth Third-First National Bank of Florida-First Bradenton Bank merger; d Adjusted for JP Morgan Chase Bank-Bank One merger

Note: Banks in the market fewer than 16 months were excluded

tampa MSA ($s in 000s)

2004 2004 2005 2005 Deposit

Institution deposits mkt. share deposits mkt. share change

Bank of America $10,382,897 25.85% $11,029,181 25.88% $646,284

aWachovia Bank $8,461,653 21.07% $7,568,322 17.76% -$893,331

SunTrust Bank $4,825,467 12.01% $5,416,211 12.71% $590,744

AmSouth Bank $2,799,850 6.97% $3,205,169 7.52% $405,319

World Savings Bank $1,691,719 4.21% $1,986,043 4.66% $294,324

Colonial Bank $1,064,780 2.65% $1,312,723 3.08% $247,943

BB&T $1,331,694 3.32% $1,154,282 2.71% -$177,412

Raymond James Bank $772,866 1.92% $993,738 2.33% $220,872

Third Federal Savings

& Loan of Cleveland $968,956 2.41% $988,145 2.32% $19,189

bMercantile Bank $1,132,626 2.82% $820,392 1.92% -$312,234

cFifth Third Bank $785,711 1.96% $746,092 1.75% -$39,619

Bank of Tampa $628,204 1.56% $656,072 1.54% $27,868

Intervest National Bank $436,201 1.09% $585,773 1.37% $149,572

R-G Crown Bank $340,224 0.85% $509,618 1.20% $169,394

United Bank & Trust Co. $375,011 0.93% $459,128 1.08% $84,117

Regions Bank $329,290 0.82% $324,988 0.76% -$4,302

Peoples Bank $232,104 0.58% $265,374 0.62% $33,270

First Kensington Bank $263,654 0.66% $248,952 0.58% -$14,702

Bay Cities Bank $151,051 0.38% $198,794 0.47% $47,743

Bank of St. Petersburg $94,870 0.24% $193,486 0.45% $98,616

Cornerstone Community Bank $142,047 0.35% $182,204 0.43% $40,157

BankAtlantic $138,237 0.34% $180,838 0.42% $42,601

Sunshine State Federal Savings & Loan $161,913 0.40% $173,150 0.41% $11,237

Platinum Bank $122,290 0.30% $170,021 0.40% $47,731

Signature Bank $119,005 0.30% $166,498 0.39% $47,493

First Community Bank of America $122,664 0.31% $158,436 0.37% $35,772

Northern Trust Bank of Florida $139,737 0.35% $154,842 0.36% $15,105

Washington Mutual Bank $399 0.00% $144,257 0.34% $143,858

First Citrus Bank $111,981 0.28% $143,707 0.34% $31,726

First State Bank $103,381 0.26% $138,288 0.32% $34,907

RBC Centura Bank $143,649 0.36% $137,075 0.32% -$6,574

Encore Bank $133,917 0.33% $135,703 0.32% $1,786

dCenterState Bank of West Florida $123,877 0.31% $134,381 0.32% $10,504

ePilot Bank $117,378 0.29% $134,173 0.31% $16,795

First Commercial Bank of Tampa Bay $117,122 0.29% $133,828 0.31% $16,706

fWhitney National Bank $185,717 0.46% $133,599 0.31% -$52,118

Valrico State Bank $110,867 0.28% $117,503 0.28% $6,636

TCM Bank $85,402 0.21% $111,219 0.26% $25,817

Heritage Bank of Florida $87,072 0.22% $108,704 0.26% $21,632

First National Bank of Pasco $73,953 0.18% $91,454 0.21% $17,501

Palm Bank $50,048 0.12% $89,256 0.21% $39,208

Old Harbor Bank $48,635 0.12% $88,700 0.21% $40,065

Compass Bank $75,866 0.19% $83,121 0.20% $7,255

Bay Financial Savings Bank $83,862 0.21% $76,133 0.18% -$7,729

Century Bank of Florida $56,778 0.14% $74,065 0.17% $17,287

Southern Commerce Bank $47,936 0.12% $72,664 0.17% $24,728

Hillsboro Bank $59,256 0.15% $68,875 0.16% $9,619

First Home Bank $59,934 0.15% $63,457 0.15% $3,523

Hernando County Bank $49,612 0.12% $55,762 0.13% $6,150

Gulfstream Community Bank $39,912 0.10% $48,900 0.11% $8,988

Capital City Bank $43,267 0.11% $44,550 0.10% $1,283

Cortez Community Bank $13,973 0.03% $33,319 0.08% $19,346

gFlorida Capital Bank $21,811 0.05% $32,218 0.08% $10,407

Community Bank of Manatee $10,811 0.03% $14,194 0.03% $3,383

Community Bank of Florida $10,381 0.03% $7,386 0.02% -$2,995

Armed Forces Bank $2,828 0.01% $3,423 0.01% $595

Members Trust Co. $500 0.00% $500 0.00% $0

aAdjusted for Wachovia-SouthTrust Bank merger; bAdjusted for Mercantile-Florida Bank merger; cAdjusted for Fifth Third-First National Bank of Florida merger; dChanged name from Community National Bank of Pasco County; eChanged name from Terrace Bank; fAdjusted for Whitney-Madison Bank merger; gChanged name from First National Bank

Note: Banks in the market fewer than 16 months were excluded

Fort Myers MSA ($s in 000s)

2004 2004 2005 2005 Deposit

Institution deposits mkt. share deposits mkt. share change

Bank of America $1,735,251 20.67% $2,003,569 19.42% $268,318

aWachovia Bank $1,559,108 18.57% $1,840,001 17.84% $280,893

SunTrust Bank $1,174,187 13.99% $1,369,795 13.28% $195,608

bFifth Third Bank $925,450 11.02% $1,048,602 10.17% $123,152

cColonial Bank $456,918 5.44% $594,424 5.76% $137,506

World Savings Bank $259,312 3.09% $346,922 3.36% $87,610

AmSouth Bank $237,207 2.83% $322,945 3.13% $85,738

First Community Bank of SW Fla. $158,099 1.88% $278,109 2.70% $120,010

Riverside Bank of the Gulf Coast $221,570 2.64% $270,238 2.62% $48,668

Third Federal Savings

& Loan of Cleveland $259,372 3.09% $257,751 2.50% -$1,621

Ironstone Bank $197,671 2.35% $242,547 2.35% $44,876

Northern Trust Bank of Florida $214,890 2.56% $227,683 2.21% $12,793

Florida Gulf Bank $137,607 1.64% $217,818 2.11% $80,211

Busey Bank Florida $118,166 1.41% $209,840 2.03% $91,674

Old Florida Bank $129,113 1.54% $193,920 1.88% $64,807

Edison National Bank $125,403 1.49% $150,306 1.46% $24,903

Florida Community Bank $107,039 1.27% $125,077 1.21% $18,038

TIB Bank of the Keys $38,208 0.46% $98,386 0.95% $60,178

Pelican National Bank $88,045 1.05% $98,277 0.95% $10,232

Orion Bank $43,388 0.52% $95,257 0.92% $51,869

Sanibel Captiva Community Bank $69,242 0.82% $92,565 0.90% $23,323

Encore Bank $50,528 0.60% $45,685 0.44% -$4,843

dJ.P. Morgan Chase Bank $43,784 0.52% $44,760 0.43% $976

Community Bank of Naples $6,350 0.08% $34,922 0.34% $28,572

Englewood Bank $16,898 0.20% $16,871 0.16% -$27

BB&T $20,769 0.25% $16,544 0.16% -$4,225

M&I Bank $1,841 0.02% $7,001 0.07% $5,160

First Bank of Clewiston $31 0.00% $2,679 0.03% $2,648

aAdjusted for Wachovia-SouthTrust Bank merger; bAdjusted for Fifth Third-First National Bank of Florida-

Southern Community Bank of Southwest Florida merger; cAdjusted for Colonial-Premier Community Bank of Southwest Florida merger; dAdjusted for JP Morgan Chase Bank-Bank One merger

Note: Banks in the market fewer than 16 months were excluded

Punta Gorda MSA ($s in 000s)

2004 2004 2005 2005 Deposit

Institution deposits mkt. share deposits mkt. share change

aWachovia Bank $719,509 25.08% $814,275 22.58% $94,766

Bank of America $636,039 22.17% $775,916 21.51% $139,877

SunTrust Bank $430,834 15.02% $523,011 14.50% $92,177

World Savings Bank $220,287 7.68% $310,757 8.62% $90,470

Charlotte State Bank $147,995 5.16% $217,858 6.04% $69,863

AmSouth Bank $98,932 3.45% $177,975 4.93% $79,043

Peninsula Bank $135,500 4.72% $142,905 3.96% $7,405

Englewood Bank $112,740 3.93% $121,945 3.38% $9,205

Tarpon Coast National Bank $68,850 2.40% $87,890 2.44% $19,040

First Community Bank of America $55,406 1.93% $74,028 2.05% $18,622

Florida Community Bank $60,677 2.12% $71,604 1.99% $10,927

R-G Crown Bank $38,224 1.33% $56,069 1.55% $17,845

Colonial Bank $14,127 0.49% $24,335 0.67% $10,208

a Adjusted for Wachovia-SouthTrust Bank merger;

Note: Banks in the market fewer than 16 months were excluded

Naples MSA ($s in 000s)

2004 2004 2005 2005 Deposit

Institution deposits mkt. share deposits mkt. share change

Bank of America $1,654,373 20.34% $1,958,878 20.68% $304,505

aFifth Third Bank $1,681,534 20.68% $1,780,481 18.80% $98,947

bWachovia Bank $1,090,017 13.40% $1,206,813 12.74% $116,796

Orion Bank $639,975 7.87% $764,510 8.07% $124,535

AmSouth Bank $536,798 6.60% $710,696 7.50% $173,898

Florida Community Bank $249,126 3.06% $353,804 3.73% $104,678

SunTrust Bank $297,913 3.66% $310,852 3.28% $12,939

Northern Trust Bank of Florida $285,496 3.51% $294,486 3.11% $8,990

First Florida Bank $157,911 1.94% $247,351 2.61% $89,440

Community Bank of Naples $197,437 2.43% $234,685 2.48% $37,248

Bank of Florida $187,502 2.31% $228,974 2.42% $41,472

Ironstone Bank $151,349 1.86% $179,547 1.90% $28,198

BankUnited $85,163 1.05% $130,327 1.38% $45,164

Marco Community Bank $75,823 0.93% $125,550 1.33% $49,727

Colonial Bank $72,965 0.90% $112,861 1.19% $39,896

Third Federal Savings

& Loan of Cleveland $101,257 1.25% $103,158 1.09% $1,901

Royal Palm Bank of Florida $64,457 0.79% $95,355 1.01% $30,898

TIB Bank of the Keys $41,880 0.51% $90,552 0.96% $48,672

Huntington National Bank $63,654 0.78% $72,426 0.76% $8,772

cJ.P. Morgan Chase Bank 72,562 0.89% 72,232 0.76% -$330

Bank of Naples $81,496 1.00% $67,087 0.71% -$14,409

Pelican National Bank $143,063 1.76% $52,364 0.55% -$90,699

Old Florida Bank $29,373 0.36% $51,703 0.55% $22,330

BB&T $63,838 0.78% $49,326 0.52% -$14,512

Comerica Bank $35,409 0.44% $41,681 0.44% $6,272

M&I Bank $18,798 0.23% $29,959 0.32% $11,161

Encore Bank $7,927 0.10% $27,004 0.29% $19,077

Harris Bank $23,976 0.29% $20,001 0.21% -$3,975

U.S. Trust Co. $17,733 0.22% $15,105 0.16% -$2,628

PNC Bank $3,575 0.04% $10,587 0.11% $7,012

Riverside Bank of the Gulf Coast $432 0.01% $8,067 0.09% $7,635

J.P. Morgan Trust Co. $0 0.00% $0 0.00% $0

a Adjusted for Fifth Third-First National Bank of Florida-Southern Community Bank of Southwest Florida merger; b Adjusted for Wachovia-SouthTrust Bank merger; c Adjusted for JP Morgan Chase Bank-Bank One merger

Note: Banks in the market fewer than 16 months were excluded

2005 Gulf Coast banks and thrifts

($s in 000s)

June 30 Mkt.

Institution deposits share

Bank of America $19,696,535 24.36%

Wachovia Bank $13,827,087 17.10%

SunTrust Bank $9,623,785 11.90%

AmSouth Bank $4,702,832 5.82%

Fifth Third Bank $4,006,733 4.96%

World Savings Bank $3,390,458 4.19%

Colonial Bank $2,273,321 2.81%

Third Federal Savings

& Loan of Cleveland $1,513,072 1.87%

Northern Trust Bank of Florida $1,197,971 1.48%

BB&T $1,154,282 1.43%

Raymond James Bank $993,738 1.23%

Orion Bank $922,786 1.14%

Mercantile Bank $820,392 1.01%

RBC Centura Bank $689,269 0.85%

Bank of Tampa $656,072 0.81%

R-G Crown Bank $636,340 0.79%

Intervest National Bank $585,773 0.72%

Florida Community Bank $550,485 0.68%

BB&T $520,086 0.64%

Regions Bank $487,280 0.60%

United Bank & Trust Co. $459,128 0.57%

Ironstone Bank $422,094 0.52%

Century Bank $417,356 0.52%

Coast Bank of Florida $366,421 0.45%

Riverside Bank of

the Gulf Coast $335,732 0.42%

1st National Bank & Trust $292,367 0.36%

First Community Bank

of Southwest Florida $278,109 0.34%

Community Bank of Naples $269,607 0.33%

First State Bank $267,130 0.33%

Peoples Bank $265,374 0.33%

J.P. Morgan Chase Bank $249,176 0.31%

First Kensington Bank $248,952 0.31%

First Florida Bank $247,351 0.31%

Old Florida Bank $245,623 0.30%

Liberty Savings Bank $234,866 0.29%

First Community Bank of America $232,464 0.29%

Bank of Florida $228,974 0.28%

Peninsula Bank $224,657 0.28%

Charlotte State Bank $217,858 0.27%

Florida Gulf Bank $217,818 0.27%

Busey Bank Florida $209,840 0.26%

Bank of Commerce $209,800 0.26%

Encore Bank $208,392 0.26%

People's Community Bank

of the West Coast $207,007 0.26%

Bay Cities Bank $198,794 0.25%

Bank of St. Petersburg $193,486 0.24%

Landmark Bank of Florida $188,984 0.23%

TIB Bank of the Keys $188,938 0.23%

Cornerstone Community Bank $182,204 0.23%

BankAtlantic $180,838 0.22%

Sunshine State Federal

Savings & Loan $173,150 0.21%

Community Bank of Manatee $173,086 0.21%

Platinum Bank $170,021 0.21%

Signature Bank $166,498 0.21%

Englewood Bank $155,433 0.19%

Pelican National Bank $150,641 0.19%

Edison National Bank $150,306 0.19%

Washington Mutual Bank $144,257 0.18%

First Citrus Bank $143,707 0.18%

Tarpon Coast National Bank $136,906 0.17%

CenterState Bank of West Florida $134,381 0.17%

Pilot Bank $134,173 0.17%

First Commercial Bank

of Tampa Bay $133,828 0.17%

Whitney National Bank $133,599 0.17%

BankUnited $130,327 0.16%

Marco Community Bank $125,550 0.16%

Flagship National Bank $122,300 0.15%

Horizon Bank $117,514 0.15%

Valrico State Bank $117,503 0.15%

Manatee River Community Bank $111,633 0.14%

TCM Bank $111,219 0.14%

Heritage Bank of Florida $108,704 0.13%

Suncoast Bank $107,844 0.13%

Royal Palm Bank of Florida $95,355 0.12%

Community National Bank

of Sarasota County $92,955 0.11%

Sanibel Captiva Community Bank $92,565 0.11%

First National Bank of Pasco $91,454 0.11%

Palm Bank $89,256 0.11%

Old Harbor Bank $88,700 0.11%

First Priority Bank $86,215 0.11%

United Bank of the Gulf Coast $83,503 0.10%

Compass Bank $83,121 0.10%

Bay Financial Savings Bank $76,133 0.09%

Century Bank of Florida $74,065 0.09%

Southern Commerce Bank $72,664 0.09%

Huntington National Bank $72,426 0.09%

Hillsboro Bank $68,875 0.09%

Bank of Naples $67,087 0.08%

First Home Bank $63,457 0.08%

Harris Bank $56,530 0.07%

Hernando County Bank $55,762 0.07%

Gulfstream Community Bank $48,900 0.06%

Capital City Bank $44,550 0.06%

Comerica Bank $41,681 0.05%

Bank of Venice $40,319 0.05%

First America Bank $39,036 0.05%

M&I Bank $36,960 0.05%

Cortez Community Bank $33,319 0.04%

Florida Capital Bank $32,218 0.04%

U.S. Trust Co. $15,105 0.02%

PNC Bank $10,587 0.01%

Community Bank of Florida $7,386 0.01%

Armed Forces Bank $3,423 0.00%

First Bank of Clewiston $2,679 0.00%

Members Trust Co. $500 0.00%

J.P. Morgan Trust Co. $0 0.00%