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FDIC: Arkansas Bank Deposits Reach $56.5B

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Bank deposits in Arkansas grew by 5 percent in the 12 months that ended June 30, according to the annual summary of deposits released Monday by the Federal Deposit Insurance Corp., a pace somewhat slower than the 5.4 percent growth in bank deposits nationally.

Total deposits statewide reached a new record of $56.5 billion even as the number of separate bank charters and branch locations continued to decline.

Arvest Bank of Fayetteville, which achieved the top position in the state as measured by deposits in 2007, continued to stretch its lead by adding almost $523 million in deposits in a single year. Only 18 other banks in the state have that much in total deposits.

But an even bigger gain — $785 million — pushed Bank of America, the North Carolina powerhouse, from the fourth position in Arkansas in mid-2014 to No. 2 this year. BOA leapfrogged over Regions Bank of Birmingham, Alabama, and First Security Bank of Searcy. Despite a 4 percent drop in deposits, Regions retained a small lead on First Security, which continued to make deposit gains.

Bank of the Ozarks also experienced huge deposit growth: $605 million, up almost 22 percent — and all of that and more was gained at the publicly traded bank’s main office in Little Rock.

Tyler Vance, chief operating officer for Bank of the Ozarks, said the bank has been adding thousands of new checking accounts in Arkansas. But the whopping growth in deposits at the main office has more to do with winning bids on public deposits from state agencies and municipalities across the state, he said.

“With loan growth and additional loans being made, deposits tend to follow,” Vance said Tuesday morning.

The FDIC’s summary of deposits is an accounting taken at midyear by the government agency that insures bank deposits. It is not a holistic report card on the health of a bank or of the banking industry, but it is the only official report that provides Arkansas-specific trend data for multistate banks like Arvest, Regions and Bank of America.

Thanks to the acquisition of Delta Trust & Bank and the final merger of its sister charters, Simmons First National Bank of Pine Bluff moved up a spot to No. 5, pushing Centennial Bank of Conway to No. 6. Both actually saw slight losses in deposits inside Arkansas while growing total deposits through acquisitions outside the state.

Simmons contributed to the contraction in the number of separate bank charters, both in-state and out-of-state, that operated in Arkansas: 129 as of June 30, down from 137 a year earlier. The number of bank offices continued a post-recession contraction, down by 23 to 1,365.

Banks Ranked by Deposits in Arkansas

  Institution Name State HQ No. of Branches 2015 Deposits Change in Deposits (2014-15) Market Share (June 2015) Market Share Change (2014-15)
1 Arvest Bank AR 118 $7,158,675 7.88% 12.67% 2.76%
2 Bank of America NC 23 $4,023,209 24.25% 7.12% 18.27%
3 Regions Bank AL 96 $3,846,335 -4.09% 6.81% -8.59%
4 First Security Bank AR 78 $3,618,254 6.28% 6.40% 1.11%
5 Simmons First National Bank* AR 84 $3,532,611 -3.85% 6.25% -8.49%
6 Centennial Bank AR 85 $3,452,949 -0.98% 6.11% -5.71%
7 Bank of the Ozarks AR 80 $3,365,820 21.89% 5.96% 16.18%
8 BancorpSouth Bank MS 49 $1,637,148 -0.63% 2.90% -5.23%
9 IberiaBank LA 32 $1,246,586 6.67% 2.21% 1.84%
10 Bear State Bank** AR 41 $1,153,934 -1.73% 2.04% -6.42%
11 U.S. Bank OH 42 $943,190 6.96% 1.67% 1.83%
12 First National Bank of Fort Smith AR 18 $940,342 3.34% 1.66% -1.78%
13 Farmers Bank & Trust (Magnolia)# AR 20 $904,758 1.20% 1.60% -3.61%
14 Southern Bancorp Bank AR 24 $763,067 2.40% 1.35% -2.17%
15 First National Bank (Paragould) AR 13 $749,597 21.96% 1.33% 16.67%
16 First Community Bank (Batesville) AR 12 $690,748 11.27% 1.22% 6.09%
17 Wells Fargo Bank SD 3 $600,507 0.30% 1.06% -4.50%
18 Chambers Bank AR 18 $578,567 8.80% 1.02% 3.03%
19 First Arkansas Bank & Trust AR 22 $543,334 3.08% 0.96% -2.04%
20 First Financial Bank AR 7 $476,813 -3.23% 0.84% -8.70%

*Merged charters of Simmons First Bank of Russellville, Simmons First Bank of South Arkansas and Simmons First Bank of El Dorado on Aug. 9, 2014, and acquired Delta Trust & Bank on Oct. 25, 2014. 2014 data combined for comparison.

**Formerly First National Bank of Hot Springs; charter merged with First Federal Bank of Harrison and Heritage Bank of Jonesboro on Feb. 13, 2015. 2014 data combined for comparison.

#Acquired 1st Bank of Texarkana, Texas, which had six branches in Arkansas, on Jan. 17, 2015. 2014 data combined for comparison.

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