It helps to be local.
That’s one takeaway from the Federal Deposit Insurance Corp.’s most recent deposit market share data, which showed Capital One Financial Corp. (NYSE: COF) substantially expanding its market share lead in the Washington metropolitan statistical area over its closest rivals, Bank of America, Truist Bank, Wells Fargo and PNC Bank.
Click through the gallery below to see which 15 banks hold the most deposits in the region and whether they gained or lost deposits over the past year.
How Capital One was able to widen its lead is not entirely clear, but one explanation could be its home-field advantage. Those five banks control more than 68% of Greater Washington’s $298 billion in bank deposits, yet McLean-based Capital One is the only one of the group headquartered here. While it has a much smaller branch footprint than the others it arguably has more brand recognition, as its name adorns the downtown sports arena, a concert venue adjacent to its headquarters and a newly…
Read the full story from the Washington Business Journal.
