First National Bank of Fort Smith remains No. 1 bank in Fort Smith metro market, Arvest gains ground

by Aric Mitchell ([email protected]) 222 views 

Consumers in the Fort Smith market have made $230 million more in local bank deposits in 2016 compared to 2015, with deposits up over 10% since 2014.

Deposits stood at $4.542 billion as of June 30, according to the Federal Deposit Market Share report from the Federal Deposit Insurance Corp. The deposits rose 5.34% year-over-year. This comes on the heels of a 4.78% increase in deposits in the prior year. Over the past two years consumer deposits in Fort Smith have grown by about $426 million or 10.36%.

Following are the previous three years of Fort Smith deposit tallies as reported by the FDIC.
• June 30, 2016: $4.542 billion
• June 30, 2015: $4.312 billion
• June 30, 2014: $4.116 billion

The First National Bank of Fort Smith holds 20.84% of the deposits in the Fort Smith market as of June 30, according to the FDIC report released Sept. 30. However, First Bank Corp., the parent company of First National Bank of Fort Smith and Citizens’ Bank & Trust in Van Buren, has 28.27% of the market. The bank’s closest competitor is Arvest Bank with 19.29% of the local market share. The next closest is BancorpSouth Bank with 11.3%. The remaining 48.57% of market share is spread across 17 area banks with each falling below 10% and most less than 5%.

First National Bank of Fort Smith had local consumer deposits of $946.762 million as of June 30, giving up 0.15% market share from 2015 and 0.51% from 2014, though it actually gained $67.812 million in deposits across the same two-year period. Over the past two years, the bank’s deposits grew 7.72%.

For the reported periods from 2014 through 2016, the FDIC shows Arvest Bank to be holding steadfast to its No. 2 position in the Fort Smith market — unlike in Northwest Arkansas where it’s No. 1. While Arvest continues to trail First National Bank of Fort Smith in overall market share within Fort Smith, it has posted comparatively aggressive gains since 2014, and where FNB has given up market share, Arvest has added 2.78% as of June 30. Over the past two years, consumer deposits have risen 28.94% to $876.07 million from $679.432 million in 2014.

At No. 3, BancorpSouth Bank posted $513.1 million in deposits as of June 30 compared to $499.884 million in 2015. Over the past two years, the 2016 number has grown 8.15% from 2014’s $462.133 million tally. Citizens’ Bank & Trust Co. supplanted Armstrong Bank for No. 4 honors – retaking its 2014 position – with $337.49 million in consumer deposits and 7.43% market share. Since 2014, Citizens has grown deposits by about 6.4%, though market share remains lower by 0.28%. Its chief rivals from 2014 and 2015, Regions Bank and Armstrong, respectively, battled it out for No. 5.

Armstrong won with 6.69% market share and $303.837 million in consumer deposits as of June 30 to Regions’ 5.04% share and $228.914 million in deposits. That said, Regions did move from No. 7 in 2015 to No. 6.

No. 7: The Central National Bank of Poteau,  $187.21 million in deposits, down 0.26% in market share from 2015
No. 8: The Community State Bank, $172.894 million, down 0.1%
No. 9: Firstar Bank, National Association, $166.11 million, down 0.11%
No. 10: Farmers Bank, $158.9 million, down 0.11%
No. 11: Bank of the Ozarks, $151.728 million, up 0.23%
No. 12: Simmons Bank, $111.359 million, up 0.14%
No. 13: First National Bank of Oklahoma, $62.359 million, down 0.13%
No. 14: Allied Bank, $54.314 million, up 0.16%
No. 15: Chambers Bank, $52.9 million, up 0.21%
No. 16: Centennial Bank, $49.951 million, up 0.04%
No. 17: Generations Bank, $48.651 million, new to the market in 2016 with 1.07% overall market share

No. 18: Spiro State Bank, $45.462 million in deposits, down 0.13% in market share from 2015
No. 19: U.S. Bank National Association,  $43.647 million, down 0.16%
No. 20: First Western Bank, $30.716 million, up 0.01%