Arvest, First National hold top spots in metro area deposits

Deposits were up 3.32% and 1.45%, respectively, among banks in Northwest Arkansas and the Fort Smith metro area, according to a report issued Monday (Sept. 29) by the Federal Deposit Insurance Corp.

The report, which measured deposits as of June 30, showed that the local regions bucked a national trend in the same period as U.S. insured deposits totaled $6.1 trillion, down 0.2% from a year ago.

Economists have said several signs point to an overall stronger economy for the nation. Personal income ticked up 0.3% last month and personal saving rates remain high at 5.4%, though they have receded slightly from a two-year peak in July at 5.6%, according to the Bureau of Labor Statistics.

Consumer Sentiment surveys by Arvest Bank across the state have indicated that a higher savings mentality which could be responsible for the uptick in deposits in Northwest Arkansas and Fort Smith, two of the three most populated metro areas in the state.

NORTHWEST ARKANSAS
Surpassing the half million mark in population. banks continue to expand into Benton and Washington counties. There are 39 different banks operating in this metro area with deposits exceeding $8.552 billion, as of June 30. This compared to 38 banks holding $8.277 billion in deposits one year ago.

While there is one more bank, there was also the consolidation of Metropolitan National by Simmons First National and the acquisition of Liberty Bank by Centennial Bank.

Arvest continues to control the lion’s share of this market with 47.62% of the deposits valued at $4.072 billion, up from $3.926 billion in the previous reporting period.. Arvest managed to increase that share from 47.44% a year ago.

First Security Bank conceded some share from a year ago. The Searcy-based bank had deposits of $645.462 million as of June 30, for a 7.55% market share. Deposits dipped $25.8 million from a year ago, trimming back the market share from 8.11%.

Bank of America also picked up some added share to 3.76% of the market with deposits of $321.505 million, up from $305.633 million in the year-ago report. Signature Bank ranked fourth in terms of deposits holding steady at $297.498 million worth 3.48% of the market.

The Bank of Arkansas grew its deposits year-over-year by $34.68 million, moving it up the fifth spot, up one slot from a year ago. Conversely the Bank of Fayetteville lost some market share taking the No. 6 spot, but still saw a $5.8 million uptick in overall deposits.

Simmons FIrst picked up  market share with the purchase of Metropolitan National Bank last fall. Simmons grew market share to 2.85% or $289 million, up from $198 million a year ago.

Legacy National Bank also grew its deposits year-over-year by $20 million. As of June 30 the Springdale-based Legacy had $230.7 million in deposits worth 2.7% of the local market.

TOP 10 MARKETSHARE – NORTHWEST ARKANSAS

Arvest: 47.62%, $4.072 billion

First Security: 7.55%, $645.46 million
Bank of America: 3.76%, $321.5 million

Signature Bank: 3.48%, $297.49 million

Bank of Arkansas: 3.41%, $291.73 million

Bank of Fayetteville: 3.38%, $289 million

Simmons First National: 2.85%, $243 million

Legacy National: 2.70%, $230.76 million

Centennial Bank: 2.42%, $206.59 million

Iberiabank: 2.08%, $177.64 million

FORT SMITH METRO
The local banking sector in the Fort Smith metro area which includes eastern Oklahoma has 21 different banks holding deposits of $4.116 billion as of the June 30. Deposits in this region rose $59 million over the past year and there is one less bank.

First National Bank of Fort Smith has the majority of deposits in this region again this year. Deposits totaled $878.95 million or 21.35% of the market share, increasing $75.9 million in the past year, and growing share from 18.31%.

Arvest comes in at No. 2 and grew its deposits to $679.432 million to control 16.51% of the local market. Deposits rose $88.9 million from year ago and picked up two full percentage points in market share.

BancorpSouth controls the No. 3 spot this year with deposits of $462.13 million, or 11.23% of the market. The Tupelo, Miss.-based bank saw its Fort Smith area market deposits fall by $45.9 million and conceded 1.29% percentage points in market share.

Citizens Bank & Trust picked up market share and also grew its deposits year-over-year. The Crawford County-based bank has 7.7% of the market share with deposits of $317.32 million. This compares to 7.65% market share and deposits of $310.46 million a year ago. Citizens is owned by First Bank Corp., which is also the parent company of First National Bank of Fort Smith.

Region’s Bank rounded out the top 5 in the metro area. Regions has a market share of 4.95% with deposits of $203.69 million. Regions lost market share, falling from 5.56% a year-ago with $21.8 million fewer deposits.

The next four largest banks in terms of deposits are: Central National of Poteau: $186.55 million, 4.53%; Armstrong Bank of Muskogee: $168.16 million, 4.09%; The Community State Bank Poteau: $165.7 million, 4.03%; and Firstar Bank of Sallisaw: $163.97 million, 3.98%.

Benefit Bank ranks No. 10 in deposit size with $148.66 million or 3.61% of the market. Deposits have shrunk by $7.36 million from a year ago, when the Fort Smith-based bank held 3.85% of the market share.

Farmers Bank of Greenwood was just one spot out of the top 10 with deposits of $147.712 million at the end of June. This was 3.59% of the local market. A year ago the bank held deposits of $148.32 million or 3.66% of the market share.

TOP 10 MARKETSHARE – FORT SMITH METRO

First National Bank of Fort Smith: 21.35%, $878.95 million

Arvest: 16.51%, $679.432 million
BancorpSouth: 11.23%, $462.133 million

Citizens Bank & Trust: 7.71%, $317.324 million

Regions Bank: 4.95%, $203.691 million

Central National Bank of Poteau: 4.53%, $186.566 million

Armstrong Bank.: 4.09%, $168.165 million

Community State Bank: 4.03%, $165.701 million

Firstar Bank of Sallisaw: $163.97 million, 3.98%

Benefit Bank: 3.61%, $148.864 million

ARKANSAS MARKET SHARE
Arvest Bank again captured the top spot in terms of deposit share in all of Arkansas. Centennial Bank moved to the third spot, up from eight in 2013, after the acquisition of Jonesboro-based Liberty Bank.

Following are the top five banks in terms of market share as of June 30. The parenthesis notes the rank in 2013.

Arvest Bank
June 30, 2014: $6.635 billion, 12.33%
June 30, 2013: $6.2 billion, 11.67% (1)

Regions Bank
June 30, 2014: $4.01 billion, 7.45%
June 30, 2013: $4.188 billion, 7.89% (2)

Centennial Bank
June 30, 2014: $3.487 billion, 6.48%
June 30, 2013: $1.627 billion, 3.06% (8)

First Security Bank
June 30, 2014: $3.404 billion, 6.33%
June 30, 2013: $3.333 billion, 6.28% (3)

Bank of America
June 30, 2014: $3.237 billion, 6.02%
June 30, 2013: $2.977 billion, 5.61% (4)