Bank deposits in Williamson County jumped up over the over the last year, with Tennessee banks leading the way, according to new data released by the Federal Deposit Insurance Corp.
Franklin Synergy Bank, which merged with Nashville-based FirstBank earlier this year, had the leading market share for Williamson County, holding about 23% of all local deposits as of June 30. This is the seventh straight year it has topped the list.
Franklin Synergy reported about $2.6 billion in local deposits, a 2% increase over the year before. That’s nearly twice as much as its nearest competitor, Bank of America, which reported almost $1.4 billion in local deposits.
Regions Bank, based in Alabama, had the next highest share of the Williamson County market, followed by Pinnacle Bank, First Tennessee (now called First Horizon) and Reliant Bank, all based in Tennessee.
Regions Bank, Pinnacle Bank and Bank of America all strengthened their positions in the Williamson County Market, each adding more than $200 million in deposits and more than a point to their market shares.
That boost may be partly due to their participation in the Paycheck Protection Program. Those banks represented three of the top four PPP lenders in Williamson County.
Franklin Synergy’s market share slipped slightly over the last year. However the recent report doesn’t combine Franklin Synergy’s deposits with the small, but growing, Williamson County deposits at FirstBank.
Truist Bank (the merged SunTrust-BB&T), Franklin Synergy and First Advantage Bank (which recently merged with Brentwood-based Reliant bank), posted the biggest losses in market share, all losing more than a point.
Bank of America and Pinnacle also had the highest deposits when considering the entire Middle Tennessee market.
It’s worth noting that this year’s FDIC data have been skewed — likely quite a bit — by the massive Paycheck Protection Program and other measures designed to ease the pain of the COVID-19 shutdowns this spring.
Williamson County bank offices finished June with more than $11.1 billion in deposits, up more than $950 million from mid-2019. The Williamson County deposit market grew by $563 million in 2019 and $760 million in 2018.