The top 20 banks in Greater Washington will soon be the top 17 banks, thanks to the continuing consolidation among the local financial services industry.
Take a look through the slideshow above to see which banks top the region in deposits, and you will see that three of them are slated to be acquired by larger competitors. SunTrust Bank and BB&T Bank are merging into Truist Bank (with some leadership changes in store locally), while Sandy Spring Bank is buying up Revere Bank in a $460 million deal slated to close in the first quarter of 2020.
Meanwhile, Old Line Bank is being purchased by West Virginia-based WesBanco Inc. in a $500 million deal.
And while new entrants continue to work to gain market share in the region, banks continue to cut branches in a trend that first began in 2012.Read the full story from the Washington Business Journal.