Commerce Bank takes a commanding position as the banking leader in local deposits, according to the Federal Deposit Insurance Corp.’s Deposit Market Share Report released Sept. 30.
Commerce reclaimed the top spot in the Springfield metropolitan statistical area in deposit market share from Great Southern Bank, which fell to $995 million as of June 30 from $1.2 billion last year, based on FDIC data. Commerce posted $1.18 billion in deposits at the end of June, representing 14.7 percent of the area market. Great Southern Bank, now No. 2 in the MSA, managed 12.4 percent of area deposits, down from 14.6 percent at the same time last year.
Empire Bank held the third position, with $908 million in deposits, or 11.3 percent of the market. After Empire, there is a nearly $400 million gap between the No. 3 and No. 4 positioned banks. At No. 4, Guaranty Bank held 6.4 percent of the market with $513 million, closely followed by Liberty Bank, which held $508 million, or 6.3 percent of MSA deposits. Guaranty and Liberty flip-flopped their positions from last year.
Rounding out the top 10 is No. 6 Bank of America, 4.4 percent; No. 7 U.S. Bank, 3.8 percent; No. 8 BancorpSouth, 3.7 percent; No. 9 Springfield First Community Bank, 3.3 percent; and No. 10 Metropolitan National Bank, 2.8 percent.
As of June 30, the 41 institutions in the Springfield MSA held more than $8.04 billion in deposits, which is up 1.2 percent from the nearly $7.95 billion they managed on the same date last year.
Commerce had held the top spot in area deposits in 2011 before Great Southern Bank reclaimed the position in 2012, according to Springfield Business Journal archives. Before 2011, Great Southern held the deposit market lead for nine consecutive years.[[In-content Ad]]
Springfield event venue Belamour LLC gained new ownership; The Wok on West Bypass opened; and Hawk Barber & Shop closed on a business purchase that expanded its footprint to Ozark.
