Despite the economic downturn and drop in interest rates caused by the coronavirus pandemic, total deposits in the 27 commercial banks operating in the six-county Chattanooga metropolitan area grew by nearly $1.7 billion in the 12 months ended June 30.
The 13.7% gain in local bank deposits from 2020 to 2021 followed an even bigger 19.6% gain in total banks deposits in the Chattanooga market during the previous year.
Combined, the deposit gains in the past two years at Chattanooga banks represent the fastest growth since the FDIC began tracking such figures.
Chattanooga's biggest banks, ranked by deposits, are:
1. First Horizon Bank, $3.1 billion in deposits at 17 branches and a market share of 22.2%
2. Truist Bank, $2 billion in deposits at 22 branches and a 14.3% market share
3. Regions Bank, $1.7 billion in deposits at 18 branches and a 12.2% market share
4. Pinnacle Bank, $1.4 billion in deposits at 3 branches and a 9.8% market share
5. Bank of America, $1.3 billion in deposits at 4 branches and a 9.3% market share
6. Firstbank, $785.1 million in deposits at 9 branches and a 5.7% market share
7. First Volunteer Bank, $616.7 million in deposits at 11 branches and a 4.45% market share
8. Citizens Tri-County Bank, 497.7 million in deposits at 10 branches and a 3.6% market share
9. Smartbank, $466.2 million in deposits at 5 branches and 3.4% market share
10. The Bank of LaFayette, $308.9 million in deposits at 3 branches and a 2.2% market share
11. Southeast Bank, $229 million in deposits at two branches and a 1.65% market share
12. Millennium Bank, $223.4 million in deposits at six branches with a 1.6% market share
13. Synovus Bank, $197.4 million in deposits at three branches with a 1.4% market share
14. Tower Community Bank, $182.5 million in deposits at five branches with a 1.3% market share
15. BancorpSouth Bank, $144.7 million in deposits at five branches with a 1% market share
Source: FDIC Market Share data as of June 30, 2021