| FEATURE STORY
Reshuffling the Deck Back in 2008, Wells Fargo and Co.
D
o you remember when the New Orleans Hornets were the Charlotte Hornets? Or the Utah Jazz was the New Orleans Jazz? For the average sports fan it was hard
enough to track the players that bounced from team to team, but then it spread to the franchises. If you found that confusing, you may wonder about the rash of mergers and acquisitions that have dotted the financial landscape. To a certain degree, banks buying up other banks have been as common as trading baseball players after the All-Star break, but the level that has happened in the last few years is different than anything in our collective memory.
purchased Wachovia Corp., which still has the largest market share in Brevard, according to the latest FDIC data. It boasts twenty branches and just shy of $2 billion in deposits in the Space Coast, giving it an impressive 26 percent market share. Since 2005, Wachovia has closed just one branch in Brevard. In the same year, the Office of
Thrift Supervision seized Washington Mutual Bank. The FDIC then sold them to JPMorgan Chase, which operates their former banking assets as a part of JP Morgan Chase Bank. Since the consolidation, JP Morgan/WaMu has actually opened two new branches in the county, bringing its total to twelve. The bank has $393 million in local deposits and a 5 percent market share. Branch Banking & Trust Co. (BB&T)
took over the six Brevard locations of Colonial Bank to bring their total to eleven branches locally. Before this acquisition, BB&T had five local branches. With this combination, their deposits in the county swelled to $611 million and almost 8 percent of the market, making it the fourth largest bank on the Space Coast. TD Bank or Toronto-Dominion
Bank, the second largest bank in Canada, who also owned TD Waterhouse before selling it to Ameritrade, took over Riverside National Bank this year, after the FDIC closed the company and trans- ferred the operations to TD Bank. They now have fourteen branches in Brevard, $541 million in deposits and enjoy 7 percent of the market. PNC Financial Services was origi-
nally created by the merger of Pittsburg National Corporation and Provident National Corporation. When they acquired National City Bank in 2008 they became the sixth largest bank (seventh according to some accounts) in the U.S. and fifth largest in number
The strength and stability, along with the consumer services of these large national banks, allow them to command a significant share of the banking market in our area.
44]OCTOBER2010
spacecoastbusiness.com
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