October 3, 2017
Deposits in county banks rise 13.4 percent in a year
With branches on Broadview Avenue and Main Street in Warrenton, Union quickly has risen to third in Fauquier County market share, according to the Federal Deposit Insurance Corp.
Deposits in Fauquier County banks increased by $206 million over the last year.
That represents growth of 13.4 percent, according to a Federal Deposit Insurance Corp. annual report issued Monday.
As of June 30, the 25 bank branches in Fauquier had total deposits of $1.74 billion, the FDIC reported.
Continuing rapid growth in this market, where it has two Warrenton branches, Union Bank & Trust accounted for more than half of the growth in local deposits.
Over the last year, the Caroline County-based bank added $117.9 million in deposits here and moved up a spot to third among 11 financial institutions in Fauquier market share.
Union in 2007 opened its first branch here, a former Provident Bank office, with about $25 million in deposits.
“You’ve got to start with a good, strong team of local bankers, led by Ray (Knott), good products and a customer acquisition strategy,” Regional President Michael T. Leake said of his bank’s rapid growth here.
The deposit growth “is good news for us and good news for Fauquier County,” he said.
Much of the growth has come from county residents and business owners moving their money from banks in other communities, according to Mr. Knott, a Union senior vice president and market executive in Warrenton.
In addition to deposits, Union’s commercial lending here has grown about 300 percent in the last three years, Mr. Leake said.
He called “maintaining the momentum” his bank’s goal. “We are looking to expand, possibly with another location in Fauquier County, and opportunities in western Prince William.”
The Fauquier Bank remained solidly atop the local market in terms of deposits, according to the FDIC report. TFB had $478.6 million in deposits as of June 30. That represents an increase of $21.6 million in a year.
But, Union picked up significant market share, rising to 13.2 percent and becoming only the third bank to reach double digits in Fauquier by that measure.
The Fauquier Bank has 27.4 percent of the county market, by deposits. BB&T has 19.9 percent to rank second.
The FDIC rankings as of June 30:
The Fauquier Bank
27.4% market share
19.9% market share
Union Bank & Trust
13.2% market share
Oak View National Bank
8.1% market share
6.7% market share
The Middleburg Bank*
5.7% market share
4.8% market share
4.6% market share
4.5% market share
3.2% market share
Summit Community Bank
1.5% market share
* Since completion of its merger in April, The Middleburg Bank appears as Access National Bank in the FDIC report.
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