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Local Banks Own the Deposit Market in North Carolina

North Carolina is home to some of the nation's best universities and hospitals in cities like Raleigh, Durham, and Charlotte that are growing at breakneck speed, thriving tech and biotech scenes in the Research Triangle Park, and a manufacturing base that exported the sixth-most goods and services of any state in the Union (and the most of any state without a direct border with Canada or Mexico).

For businesses and individuals that bank in the Old North State, the preference is to do business with locally headquartered institutions, from Bank of America (NYSE: BAC  ) in Charlotte to BB&T (NYSE: BBT  ) in Winston-Salem to First Citizens Bancshares (NASDAQ: FCNCA  ) in Raleigh. Wells Fargo (NYSE: WFC  ) is also in the mix, a direct result of its 2008 acquisition of Charlotte-based Wachovia Bank.

In the video below, Motley Fool contributor Jay Jenkins discusses the landscape for banks competing for deposit share in North Carolina, breaking down the numbers to see which banks are winning with boots on the ground.

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9/27/2016 4:00 PM
BAC $15.29 Up +0.20 +1.33%
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