Minnesota bank battle: U.S. Bank closing gap on Wells Fargo
U.S. Bank[5] gained ground on Wells Fargo in the Minnesota bank battle.
That's according to the latest market share data from the Federal Deposit Insurance Corp. for the year ended June 30, which shows Wells Fargo and U.S. Bank gained market share and deposits to further strengthen the state's rare banking duopoly[6].
The bank arm of Minneapolis-based U.S. Bancorp[7] (NYSE: USB) went from 22.5 percent market share to 25.1 percent, growing its Minnesota deposits by nearly 18 percent, or $8 billion, to about $53.3 billion.
San Francisco-based Wells Fargo (NYSE: WFC) grew its Minnesota market share from 43.1 percent to 44 percent by adding 6.6 billion in deposits (growth of almost 8 percent), ending the period with nearly $93.2 billion in customer cash holdings.
Deposits and market share at Wayzata-based TCF Bank[8] (NYSE: TCB) were relatively flat from the prior year. With about $5.2 billion in deposits, TCF's market share dipped slightly from 2.6 percent to 2.4.
The total number of financial institutions in Minnesota dropped 3.4 percent to 414. Together they held $212 billion in assets (up 5.4 percent) and 17,160 locations dropped (down 1.5 percent).
View a slideshow of the five largest banks in the state with their Minnesota deposits, market share, offices and top executives.
Jim Hammerand reports on Twin Cities breaking business news for MSPBJ.com and manages online features and social media.
References
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- ^ U.S. Bank (www.bizjournals.com)
- ^ rare banking duopoly (www.bizjournals.com)
- ^ U.S. Bancorp (www.bizjournals.com)
- ^ TCF Bank (www.bizjournals.com)