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Arkansas Bank Deposit Growth Slows to 1.5%

2 min read

Arkansas bank deposits inched up just 1.5% in the 12 months that ended June 30, according to an annual report released Sept. 22 by the Federal Deposit Insurance Corp.

The FDIC’s new summary of deposits shows that total deposits in 1,287 Arkansas branches of 112 different bank charters barely topped $97 billion, up from $95.6 billion at the midpoint of 2022. That’s the slowest deposit growth in Arkansas since 2014, but the total is still almost 40% higher than the last summary of deposits before COVID stimulus money distributed by the federal government supercharged deposits nationwide in 2020.

The summary of deposits is an accounting taken each June 30 by the federal agency that insures bank deposits. It is not a holistic report card on the health of a bank or of the banking industry. It is, however, the only official report that provides state-specific data for banks that operate in multiple states.

Arvest Bank of Fayetteville maintained its position as the state’s deposit leader, claiming almost $12.4 billion in 97 Arkansas locations — 12.7% of all deposits in the state. That, however, is a decline from 2022, when Arvest controlled $13.8 billion in deposits, more than 14% of the statewide total.

Bank OZK of Little Rock, meanwhile, moved from No. 3 to No. 2 by increasing its Arkansas deposits by more than $2.6 billion, to $9.8 billion. OZK’s growth, almost 38%, pushed Simmons Bank of Pine Bluff, last year’s No. 2, to third place despite its adding almost $1.7 billion in deposits and improving its market share.

First Security Bank of Searcy moved up one spot to No. 4 despite a reduction in deposits from $6.65 billion to $6.16 billion. That’s because Bank of America, the banking giant based in Charlotte, North Carolina, reported a decline in Arkansas deposits of almost $1 billion.

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