According to the latest summary of deposits (SOD) report released in September by the Federal Deposit Insurance Corp. (FDIC), 40 banks operating 294 branches in the six-county area of Northwest Arkansas held $23.5 billion in deposits as of June 30. The six counties included are Benton, Carroll, Crawford, Madison, Sebastian and Washington counties.
According to the FDIC data, that’s up more than 10% from $21.3 billion in deposits in mid-2021. Previous summary of deposits reports listed $18.7 billion in June 2020, $15.5 billion in deposits in mid-2019 and $14.8 billion in June 2018.
The SOD data is recorded by the FDIC at the close of business on June 30 each year and serves as a snapshot for financial data.
Though there was some shuffling, the top three banks in terms of market share were unchanged from a year ago. Fayetteville-chartered Arvest Bank, owned by the Walton family members, continues to have the most extensive deposit base with $9.17 billion in 57 offices throughout the six-county region. The bank grew deposits by nearly 30% from $7.09 billion a year ago, and its market share in the six-county area is 39%.
The First National Bank of Fort Smith and Searcy-chartered First Security Bank flip-flopped from last year’s SOD report. First Security is ranked No. 2 this year with $1.66 billion (7.08% market share) in its 20 market locations.
The First National Bank of Fort Smith is No. 3 in deposits with $1.51 billion (6.46% market share) in its 17 bank locations. Those totals include the bank’s local division, First National Bank of NWA, which has six branches in Benton and Washington counties: Rogers (2), Bentonville, Centerton, Lowell and Fayetteville.
Rounding out the top five banks in market share are Bank of America N.A. of Charlotte, N.C. (four offices, $911.1 million in deposits, 3.87% market share), and Springdale-based Legacy National Bank (nine offices, $890.7 million in deposits, 3.79% market share).