Local banking preference poll unveiled

Consumers living in Northwest Arkansas (420,000-plus) have 38 banks to choose from which makes Benton and Washington counties one of the most competitive markets for bankers in the country. In the Fort Smith market there are 23 banks to chose from and the deposit marketshare is carved up between local community banks and larger regional institutions.

Both markets also have roughly a handful of credit unions to nip away at the local deposit marketshare, so The City Wire was asked to take part in a national banking preference poll conducted by GoBankingRates.com.

It’s been nearly two years since since the Occupy Wall Street Movement called on consumers to walk away from large, impersonal banks in protest of higher fees, foreclosure practices and seemingly high bonuses for top corporate bankers, while shareholders faced losses.

While community banks are seen as the backbone of this region, there are a number of larger regionals and huge banking entities also carving up the local deposit marketshare.

"Now that the hype over Bank Transfer Day has died down, the backlash against big banks may have subdued as well," said GoBankingRates.com managing editor Casey Bond. "There are clear benefits to banking with both national and community institutions, and our American Banking Preference Poll will tell us which option U.S. citizens are presently leaning toward."

The poll is a simple, one-question survey that asks Americans: “Do you prefer banking with a national bank, local bank, or credit union?"

With one click, individuals can specify their preference for banking with a ‘national bank’ or ‘local community bank' or 'credit union.’ Participants are encouraged to leave comments explaining their preference.

"Learning what today's depositors and borrowers value most will allow us to customize the content we provide and offer more valuable information to readers. We expect this poll to open the door to gaining greater insight and starting a new conversation about where the trend is headed in national versus local banking," Bond said.

Top 10 in Deposit Marketshare  (2012)

Northwest Arkansas Metro Area
51.36%: Arvest Bank $4.55 billion
6.98%: First Security $618 million
3.47%: Bank of Fayetteville $308 million
3.30%: Signature Bank $293 million
3.06%: Bank of America $271 million
2.71%: Bank of Oklahoma $240 million
2.44%: LIberty Bank $216 million
2.27%: Simmons Bank $202 million
2.17%: Legacy National $193 million
2.14%: Chambers Bank $190 million

Fort Smith Metro Area
17.84%: First National Bank $772 million
12.49%: Arvest Bank $540 million
11.41%: Bancorp South $493 million
7.43%: Citizens Bank & Trust $323 million
5.61%: Regions Bank $243 million
5.24% Bank of the Ozarks $227 million
4.33%: Simmons Bank $187 million
4.33%: Central National Poteau $187 million
4.08%: First National Sallisaw $176 million
3.86%: Benefit Bank $167 million

Source: www.fdic.gov.