By the numbers
Metro Chattanooga2002:• Number of banks in the market — 26• Number of offices — 152• Deposits — $5.43 billion2012:• Number of banks in the market — 30• Number of offices — 173• Deposits — $8.66 billionSource: Federal Deposit Insurance Corp.
Shifts in the banking industry take place with all the urgency of a winter whale migration. But when changes happen, there’s no question later that something seismic has occurred.
First Tennessee Bank widened its lead over SunTrust and Regions Bank this year in the Chattanooga metropolitan market, as the Memphis-based company grew both deposits and market share at its 21 local offices.
First Tennessee first seized the market lead in 2010, and managed to strengthen its local position despite closing one of its offices.
First Tennessee is dwarfed by both SunTrust and Regions across the United States. Combined, SunTrust and Regions have 3,356 total offices to First Tennessee’s 153 locations, and $223 billion in deposits compared to just over $14 billion at First Tennessee.