Business
Wells Fargo pads Triangle market share
Wells Fargo has expanded on its leading market share among the Triangle's banks, according to the latest data from the Federal Deposit Insurance Corp.
Wells Fargo's market share ranked by deposits in the Raleigh-Cary metropolitan statistical area rose to 30.5 percent as of June 30, up nearly 2 percentage points from 28.68 percent a year earlier, according to FDIC data released earlier this month.
Jack Clayton, president of Wells Fargo's Piedmont East region that encompasses 60 North Carolina counties from Winston-Salem eastward, hailed the size of the gain as "a big deal."
In the Durham-Chapel area, Wells Fargo's market share rose ever-so-slightly from 22.95 percent to 22.99 percent.
Rick Redden, president of the Carolinas region for Wells Fargo, credited the bank's investment in improving customer service as the driver behind the bank's gains. That includes investing more than $100 million in its branches and ATMs and adding more than 500 branch employees over the past five years in North and South Carolina.
To be sure, ranking market share based on deposits is an imperfect gauge. Deposits for regional and national banks can grow or shrink as banks shift deposits from one region to another for a variety of reasons. In addition, an influx of funds from another region boosts the size of the overall market, depressing competitors' market share numbers.
However, Redden said there weren't any deposit shifts by the bank over the past year that would impact the rankings.
In the Raleigh market, the top banks after Wells Fargo are: BB&T, PNC, First Citizens and Bank of America. In Durham, Wells Fargo is followed by SunTrust, BB&T, Bank of America and PNC.
Technically, Square 1 Bank ranks No. 1 in the Durham market. But Square 1, which targets venture capital firms and companies backed by venture capital funding, has about a dozen offices nationwide yet all its deposits are attributed to its Durham headquarters.
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