Richmond-area bank deposits fell by nearly $3B over past 12 months

Posted at 6:46 AM, Oct 19, 2023

RICHMOND, Va. -- An exodus of nearly $3 billion in deposits from Richmond-area bank branches occurred over the last year, according to the latest market share report released in recent weeks by the FDIC.

As of June 30, the 260 bank branches in the Richmond region held $54.85 billion in deposits. That’s down $2.93 billion, or 5%, from the year-earlier period, when the total was $57.79 billion.

Of the 27 banks with a retail presence in the local market, 16 reported a decline in deposits in their Richmond-area locations between June 30, 2022, and June 30 of this year.

It marks the first time in recent memory that collective deposits declined in the region in a given year and coincides with rising interest rates, which have caused some customers to chase better yields elsewhere.

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