Bank battle: These are the region’s fastest-growing banks
Franklin Synergy Bank 354.92% change in deposits from 2014 to 2018.
In 2014, 36 banks collected more than $100 million deposits in Middle Tennessee. Four years later, 32 of those lenders have seen double-digit local deposit growth, according to a Nashville Business Journal analysis of federal data.
That’s notable because deposit growth is top of mind lately for the area’s banks, particularly as increased competition has intensified the pressure on banks to pay more for their clients’ dollars. As a result, industry insiders argue it’s becoming more difficult for banks, especially local lenders, to generate stable, low-interest deposits.
Click through the slideshow with this story to see which banks were the region’s fastest-growing depositors over the past four years.
Deposits play an important role in tracking a bank’s influence on a market for a variety of reasons. Regional banks are not obligated to give individual market breakdowns when reporting their financial information, but the Federal Deposit Insurance Corp.’s annual report offers a glimpse at their local size and scope. For local lenders, deposit growth often fuels loan growth. That means smaller deposit growth can limit a bank’s ability to lend on a greater scale.
For a look at the region’s 10 largest depositors, click through the slideshow.