For the first time in a decade, Chattanooga added more banks and bank branches despite record merger activity across Tennessee in recent years.
Bank deposits in metropolitan Chattanooga during the 12-month period ending June 30 rose a mere 0.3 percent to $9.74 billion among all banks with offices in the 6-county region, according to data compiled by the Federal Deposit Insurance Corp. That was the slowest growth for bank deposits in Chattanooga since 2012 when overall deposits in the market dropped in the wake of the Great Recession.
The sluggish growth in overall deposits came despite the entry into the Chattanooga market of two new banks. First Citizens National Bank of Dyersburg and BancorpSouth Bank of Tupelo, Mississippi, both entered the Chattanooga market during 2018.
Biggest banks in metro Chattanooga
The largest banks operating in the 6-county Chattanooga metro area, as measured by deposits as of June 30, 2018, are:1. First Tennessee, $2.36 billion in deposits, or 24.2 percent of the market2. SunTrust, $1.65 billion in deposits, or 16.9 percent of the market3. Regions, $1.26 billion in deposits, or 13 percent of the market4. Pinnacle, $686.3 million in deposits, or 7.05 percent of the market5. Bank of America, $516.9 million in deposits, or 5.3 percent of the market6. First Volunteer, $457.5 million in deposits, or 4.7 percent of the market7. FirstBank, $359.3 million in deposits, or 3.7 percent of the market8. SmartBank, $352.6 million in deposits, or 3.6 percent of the market9. Citizens Tri-County, $34 million in deposits, or 3.5 percent of the market10. The Bank of Lafayette, $224.4 million in deposits, or 2.3 percent of the marketSource: Federal Deposit Insurance Corp., June 30, 2018
The net effect of the acquisitions and expansions has left the Chattanooga market with 28 banks, or one more than the previous year. Collectively, those banks operated 148 branch offices in metro Chattanooga, or two more than the previous year.