F&M dominates in Rowan with $376 million in deposits

Published 12:00 am Wednesday, December 2, 2009

By Mark Wineka
mwineka@salisburypost.com
F&M Bank, which will celebrate its 100th year in business in 2009, continues to have a dominant market share in Rowan County in terms of deposits.
Among 13 banking institutions in Rowan, Granite Quarry-based F&M has a market share of 25.5 percent, according to the Federal Deposit Insurance Corp.
The annual report reflects deposits as of June 30, 2008.
F&M Bank’s nine Rowan County offices had almost $376.3 million in deposits, according to the most recent report.
In Cabarrus County, F&M bank continued to make strides with $87.9 million in deposits and a 4.62 percent market share, which is fourth best in Cabarrus.
F&M’s deposits in Cabarrus increased by $11.5 million from 2007. F&M has two offices in Cabarrus County.
Overall, Rowan County has 13 banking institutions (not counting credit unions) which provide 37 banking offices. They collectively have more than $1.475 billion in deposits.
Rounding out the top five banks in terms of deposits in Rowan County are Wachovia, with a 20.6 percent market share, SunTrust, Citizens South Bank and CommunityOne Bank.
Trying hard to crack that top five is Community Bank of Rowan, which has a 7.3 percent market share and saw its deposits increase by $44.2 million from the 2007 FDIC report.
No other bank came close to matching Community Bank of Rowan’s growth in deposits in Rowan County. In fact, only Community Bank of Rowan, Fifth Third Bank (formerly First Charter) and Woodforest National Bank (in the Salisbury Wal-Mart) experienced deposit gains over 2007.
All the other Rowan County banks were down in total deposits.
Here are the commercial banks and saving institutions in Rowan County, their number of offices, total deposits and market share:
– F&M Bank, nine offices, $376.3 million, 25.5 percent.
– Wachovia, five offices, $304.2 million, 20.61 percent.
– SunTrust, five offices, $203.3 million, 13.78 percent.
– Citizens South, two offices, $118.5 million, 8.03 percent.
– CommunityOne, four offices, $112.8 million, 7.64 percent.
– Community Bank of Rowan, two offices, $108.1 million, 7.33 percent.
– Bank of the Carolinas, two offices, $61.3 million, 4.16 percent.
– Bank of America, two offices, $58.3 million, 3.95 percent.
– First Bank, two offices, $41.5 million, 2.81 percent.
– Fifth Third Bank, one office, $40.5 million, 2.75 percent.
– Bank of North Carolina, one office, $34.8 million, 2.36 percent.
– Fidelity Bank, one office, $14.9 million, 1.01 percent.
– Woodforest National Bank, one office, $1 million, .07 percent.
Cabarrus banks
In Cabarrus County, Wachovia is the dominant bank in terms of deposits with $701.2 million and a 36.8 percent market share, followed by Fifth Third Bank with $547.9 million in deposits and a 28.7 percent market share and SunTrust, which has $253 million in deposits and a 13.3 percent share.
Cabarrus County has 12 banking institutions with 40 offices and more than $1.9 billion in deposits.