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In-State Bank Deposits Grow by 9.6%

2 min read
FDIC in Washington, D.C.
<p>The Federal Deposit Insurance Corp. in Washington, D.C.</p> ( Shutterstock)

Arkansas bank deposits exceeded $90 billion on June 30, an increase of 9.6% in 12 months and almost identical to the national trend line, according to a new report from the Federal Deposit Insurance Corp.

It is the second year of strong deposit growth attributed to cash stimulus flowing from the federal government during the pandemic that started in the spring of 2020.

Arvest Bank of Fayetteville extended its position as the state’s deposit leader with a 10.7% increase in deposits. Its $13.3 billion represents 14.71% of all bank deposits in Arkansas.

Bank of America of Charlotte, North Carolina, reported an increase in Arkansas deposits of almost 26% and claimed the No. 2 spot from Bank OZK of Little Rock, which reported a 14.5% decrease in in-state deposits.

In a statement, Bank OZK attributed the decline in Arkansas deposits to a reduction in brokered and wholesale deposits, which are reported as deposits at the main headquarters branch in Little Rock. The multi-state bank’s total deposits were essentially flat at $20.7 billion in the year that ended June 30, and  consumer and commercial deposits in Arkansas increased by approximately $300 million.

The FDIC released its annual summary of deposits on Friday. It 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 data for banks that operate in multiple states.

A total of 113 different banks were operating at least one office in Arkansas as of June 30, unchanged from 2020. Of those, 84 were Arkansas charters, down two from a year earlier. (Bank of Gravette was merged into its sister charter, Legacy National Bank of Springdale, on May 1, and Arkansas County Bank of DeWitt was acquired by Southern Bancorp Bank of Arkadelphia on May 15.)

The number of bank branches in the state fell from 1,330 in mid-2020 to 1,299 a year later. That decline was driven primarily by Arvest reducing its network from 121 to 108 and Regions Bank of Birmingham, Alabama, closing 12 of the 73 branches it had in Arkansas as of June 30, 2020.


The 10 Largest Banks in Arkansas
(Ranked by Arkansas deposits as of June 30)

 

 

No. of Branches

Deposits

Deposit Change

Market Share

Market Share Change

1

Arvest Bank, Fayetteville

108

$13.3 bil.

10.72%

14.71%

1.10%

2

Bank of America, Charlotte, N.C.

19

$7.9 bil.

26.95%

8.72%

15.80%

3

Bank OZK, Little Rock

78

$7.4 bil.

-14.53%

8.20%

-21.98%

4

Simmons Bank, Pine Bluff

72

$6.8 bil.

14.67%

7.53%

4.58%

5

First Security Bank, Searcy

81

$6.1 bil.

19.61%

6.68%

9.15%

6

Centennial Bank, Conway

80

$5.4 bil.

0.99%

5.91%

-7.94%

7

Regions Bank, Birmingham, Ala.

61

$4.6 bil.

8.88%

5.07%

-0.78%

8

Bancorpsouth Bank, Tupelo, Miss.

42

$2.0 bil.

7.57%

2.20%

-1.79%

9

First National Bank, Paragould

20

$1.6 bil.

5.55%

1.72%

-3.91%

10

First National Bank of Fort Smith

18

$1.5 bil.

12.53%

1.61%

2.55%

Largest banks by arkansas deposits 137141 FDIC pie chart
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Source: Federal Deposit Insurance Corp. summaries of deposit for June 30, 2021, and June 30, 2020
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