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Bank of America still largest US deposit holder, latest FDIC summary data shows

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Bank of America still largest US deposit holder, latest FDIC summary data shows

Bank of America Corp. extended its lead as the largest U.S. bank by total deposits, according to the Federal Deposit Insurance Corp.'s 2019 Summary of Deposits.

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Deposits at the Charlotte-based bank increased 2.9% year over year to $1.365 trillion as of June 30. JPMorgan Chase & Co., the country's No. 2 bank by deposits, saw its deposits fall 0.4% to $1.311 trillion.

SunTrust Banks Inc., which announced a blockbuster deal with BB&T Corp. on Feb. 7, also reported a 1.6% year-over-year decrease in deposits, more than offsetting BB&T's 1.0% increase. The merger is expected to make the combined company, which will be called Truist Financial Corp., the sixth-largest bank holding company in the U.S.

Fifth Third Bancorp's deposits jumped 20.1% year over year, the largest increase among the top 15 bank holding companies by deposits. The increase was largely due to the completed acquisition of Chicago-based MB Financial Inc.

Two other banks not traditionally seen as retail-focused also managed to show significant year-over-year gains in deposits. Bank of New York Mellon Corp.'s deposits rose 16.6% to $162.05 billion following three consecutive years of declines, while Goldman Sachs Group Inc. reported a 9.6% increase in its deposits to $139.98 billion, following a 20.6% increase in 2018. Goldman continues to bolster its presence in the consumer banking space with its Marcus savings account offering.

Across the U.S., total deposits rose 4.1% to $12.813 trillion. Branches continued to decline for the 10th year in a row, falling to 86,374, down from 2009's peak of 99,550.

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