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 in Charlotte to BB&T in Winston-Salem to First Citizens Bancshares in Raleigh. Wells Fargo 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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The article Local Banks Own the Deposit Market in North Carolina originally appeared on Fool.com.Fool contributor Jay Jenkins has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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