Bank of America has become the fifth-largest bank in central Ohio in terms of deposits, barely a year after opening its first Columbus office.
Barely a year after opening its first Columbus office, Bank of America has become one of central Ohio’s largest banks.
The bank has become central Ohio’s fifth biggest bank in terms of deposits in just its first year in the Columbus market, according to new Federal Deposit Insurance Corp. data.
Bank of America had a 6.07% share of the market as of June 30. That puts the bank at No. 5 in the Columbus area.
“The in-roads we have made through our continued focus on supporting our teammates, clients and the Columbus community have enabled us to grow our deposit share and make an impact in the market,” Jeneen Marziani, Bank of America Ohio market president, said in an email.
Bank of America opened its first banking office in Columbus in the summer of 2019. As of June 30, it had four offices in Columbus, federal data show.
The bank, one of the largest in the U.S., announced a year ago that it will open a combined 30 banking centers in Cincinnati and Columbus with plans to extend the expansion to Cleveland and other parts of Ohio.
Though the bank previously offered services in Columbus and the state, it lacked a retail presence.
The expansion into Ohio has brought retail banking, investing, lending and small-business services to new and current customers in addition to the current services the bank provides already in Ohio.
The bank also has a credit-card operation in Westerville.
Huntington Bancshares remains the biggest bank in the region with a 33.82% share of the market.
JPMorgan Chase & Co., the biggest private employer in Columbus, was second with a 24.13% share.
Pittsburgh-based PNC Bank was third with a 9.54% share and Cincinnati-based Fifth Third Bank was fourth with a 7.76% share.
Statewide, US Bank kept its status as the biggest bank in Ohio with a 19.43% share of deposits.
Fifth Third was second with a 14.85% share followed by Huntington with a 14.08% share.
Cleveland-based KeyCorp, JPMorgan and PNC were bunched together at fourth, fifth and sixth.
The data also show that consumers and businesses are hoarding cash.
Total deposits in central Ohio jumped to $83.8 billion as of June 30, up from $62 billion at the same point in 2019.
It’s a similar story nationally.
The growth stems directly and indirectly from the pandemic. With an uncertain economy, businesses and consumers are choosing to hang on to their money.