Biggest banks in metro Chattanooga

Biggest banks in metro Chattanooga

January 28th, 2018 by Dave Flessner in Business Around the Region

The First Tennessee Bank building, Liberty Tower, and Republic Center are seen from a new apartment building at 728 Market Street.

Photo by Doug Strickland /Times Free Press.

For more articles about personal finance see the 2018 Your Money Guide page

The 27 banks operating in the six-county metropolitan Chattanooga area collectively had more than $9.7 billion in deposits as of June 30, 2017, up nearly 5.1 percent from a year earlier.

Chattanooga banks boosted deposit values last year by the second biggest amount in the past decade, although the number of bank branches continues to drop as more consumers shifted to online banking.

Last year, there were 146 bank offices in the six-county Chattanooga metro area, down by 33 from the peak reached in 2009 and the fewest number of branches overall in 22 years.

The four biggest banks operating in Chattanooga are regional banking companies, including Memphis-based First Horizon Corp., the parent company of First Tennessee, Atlanta-based SunTrust Banks, Birmingham, Ala.-based Regions Bank and Nashville-based Pinnacle Bank.

First Volunteer Corp., based in Chattanooga with other bank offices in Campbell, Frentress, Knox, Putnam and McMinn counties, is the biggest locally based banking company.

1 - First Tennessee, $2.48 billion, or 25.5 percent of the market

2 - SunTrust, $1.69 billion, or 17.4 percent of the market

3 - Regions, $1.28 billion, or 13.2 percent of the market

4 - Pinnacle, $648.5 million, or 6.7 percent of the market

5 - First Volunteer, $456.2 million, or 4.7 percent of the market

6 - Bank of America, $439.5 million, or 4.5 percent of the market

7 - FirstBank, $336.3 million, or 3.5 percent of the market

8 - Citizens Tri-County, $333.9 million, or 3.4 percent of the market

9 - SmartBank, $301.3 million, or 3.1 percent of the market

10 - Bank of Lafayette, $208.5 million, or 2.1 percent of the market

11 - Synovus Bank, $200.2 million, or 2.15 percent of the market

12 - Atlantic Capital, $170.5 million, or 1.76 percent of the market

13 - Millennium Bank, $157.5 million, or 1.62 percent of the market

14 - Tower Community Bank in Jasper, $116.5 million, or 1.2 percent of the market

15 - Community National in Dayton, $111.8 million, or 1.15 percent of the market

16 - BB&T , $109.3 million, or 1.13 percent of the market

17 - Capital Bank, $106.5 million, or 1.1 percent of the market

18 - Wells Fargo, $105.3 million, or 1.08 percent of the market

19 - Bank of Dade in Trenton, Ga., $89.1 million, or 0.92 percent of the market

20 - Mountain Valley in Dunlap, $88 million, or 0.91 percent of the market

Source: Federal Deposit Insurance Corp., Deposit Market Share as of June 30, 2017. Seven other banks — Southeast Bank, Citizens Bank & Trust, Southcrest Bank, Southern Community Bank, First Citizens Bank, First Jackson Bank and First Farmers & Commercial Bank — collectively shared nearly $250 million more of bank deposits in metro Chattanooga.