Commercial banks in Orange County continued a steady pace of growth last year, combining for $70.9 billion in local deposits, a 2.3% increase over a 12-month span ending in June.
That follows a 2.5% gain in deposits for the 12 months through June 2011 and 3% the previous period.
This week’s Business Journal list ranks the 39 largest banks with operations here—including those based here and others headquartered elsewhere—by deposits held at their OC branches as of June 30.
The totals are based on data from the Federal Deposit Insurance Corp.
The annual list, which maintains a $200 million cutoff, is longer this year.
Last year’s list featured 35 banks, also up from the 30 entries two years ago.
The gains of the past three years point to an increasingly broad spread of deposit growth in Orange County.
More than half of the banks—25—boosted their OC deposits, with 13 of them notching double-digit percentage increases. A third of the banks listed saw their deposit bases shrink, and one figure was based on a Business Journal estimate.
The listed banks collectively employed 18,529 workers in Orange County as of January, which is about on par with the prior year. A total of 16 banks increased staff and nine shed workers. Seven banks maintained the same number of employees in OC offices, and figures for seven banks were based on Business Journal estimates.
San Francisco-based Wells Fargo Bank, which had been trailing Bank of America Corp. closely for years, topped the list this year, with $16.8 billion in OC deposits at its 103 local branches at the end of June. That was a 9% increase, which followed a 2% drop a year earlier.
“Our general commercial-lending activity has certainly increased as the economy continues to improve,” said Paul O’Mara, a senior vice president and head of the Wells Fargo’s commercial-banking unit in Irvine. “We’re also starting to see increased activity among a number of our specialty groups, like our technology and venture-banking group. They address unique needs in technology, clean teach and lifesciences companies. We’ve been showing them a lot more business the last 12 months than before.”
A 14% decline nudged Charlotte, N.C.-based Bank of America to No. 2. The bank had $14.2 billion in deposits throughout its 88 branches here.
The decrease “reflects internal changes in which we now report certain deposits at a state level instead of locally,” said spokesperson Colleen Haggerty.
Bank of America is the largest employer on the list, with 5,500 workers in Orange County.
Wells Fargo and Bank of America’s operations here combine to account for nearly 44% of the total deposits shown on the list and more than half of overall employment.
New York-based Chase Bank remained at No. 3, with $7.7 billion in deposits after a 14% year-over-year gain. Chase operates locally through 86 branches, after adding eight during the past year.
Several home-grown banks also saw their local deposits climb.
Deposits for Irvine-based First Foundation Bank grew more than 35% to $437.9 million over the year through June. That landed the bank in the No. 24 spot on the list. First Foundation had previously been ranked on the Business Journal list of savings and loans institutions. It converted to a state-chartered bank in June and is now regulated by California’s Department of Financial Institutions and the FDIC instead of the Office of the Comptroller of the Currency.
California Republic Bancorp saw a 43% increase in local deposits to $265.9 million, which helped the bank debut on the list at No. 33. The bank moved its headquarters to Irvine from Newport Beach last month. It made 10 hires over the year to 104.
Newport Beach-based American Security Bank also was a newcomer to this year’s list, coming in at No. 37, with $206.9 million in deposits here, a 15% increase.
Los Angeles-based BBCN Bancorp, formerly listed as Nara Bank, had the highest percentage growth in terms of OC deposits over the year through June. Its 72% increase to $388.2 million, which put the bank at No. 26, was largely due to a merger with Center Financial Corp. in Los Angeles in late 2011, after which the bank rebranded as BBCN.
No. 14 Pasadena-based East West Bank was among several that saw OC deposits fall. Its deposit base fell by $336.1 million over the year, a drop of about 31%, to $741.1 million.
First Bank fell four spots to No. 20 after losing nearly $59 million in deposits at its 10 OC branches. The Clayton, Mo.-based bank now has $477 million in deposits here.
S&Ls
This week’s Business Journal also includes a list of savings and loans institutions with operations in Orange County.
The list includes five thrifts, which combined for a 3.1% drop in local deposits to $2.99 billion over the 12 months through June. The slip follows a 9% increase a year ago, and a nearly 47% jump the year prior.
One thrift reported growth in its deposit base, while three saw drops. One figure was based on a Business Journal estimate.
The institutions employ nearly 543 workers here, up nearly 1%, though figures for one institution was an estimate, which makes it difficult to gauge the pace of hiring in the sector.
Pasadena-based OneWest Bank FSB remained the largest operating thrift here despite a 5% drop in deposits to $1.5 billion. OneWest has 375 employees across a dozen branches in OC as of January.
No. 4 Plano, Texas-based Beal Bank, which has one branch here, had a 32% gain in deposits to $19.1 million.
No. 5 Share Plus Federal Bank, also headquartered in Plano, had a 25% decline in deposits in Orange County, to $9.9 million.
The field of savings and loans with operations here continued to shrink due to several factors.
Charter Changes
A couple of OC-based thrifts changed their charters.
Fullerton Community Bank switched to a commercial bank after it was acquired by Opus Bank. Its operations are reflected in the overall numbers for Opus on the list of commercial banks that starts on page 34.
First Foundation Bank also changed its charter, and now it is on the commercial banks list.
Several thrifts with headquarters outside Orange County exited the list—one on a charter change, another when its parent was shut down by the FDIC, and another that closed its lone local branch.
Raleigh, N.C.-based First Citizens Bank, which has a branch in Mission Viejo, changed its charter and now is included on the list of commercial banks.
Home Savings of America—which had its headquarters in Little Falls, Minn., and a branch in Laguna Woods—was closed by the FDIC in February 2012.
West Covina-based Universal Bank closed its branch in Orange and continues to operate several others in Los Angeles County.
