Wells Fargo & Co. has been dethroned as the largest deposit taker in the Philadelphia region by TD Bank, reports the Philadelphia Business Journal, based off of annual FDIC data released Friday.
The data is recorded as of every June 30 and the Philadelphia Business Journal selected the five southeastern Pennsylvania counties and the three South Jersey river counties.
When factoring in Delaware, TD had long had more deposits than Wells Fargo. But Delaware data is skewed by the fact that several banks, including TD, have a large amount of corporate deposits in bank-centric Wilmington.
Cherry Hill-based TD, a subsidiary of Toronto-based TD Bank Group (NYSE: TD), led the pack this year with $35.4 billion in local deposits, good enough for a 16.7% market share and an increase from $32.3 billion and 15.2% in 2021. TD’s branch count held at 117.
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San Francisco-based Wells Fargo (NYSE: WFC) has long been the region’s largest deposit taker due to a series of acquisitions that led to the company’s local brand changing from CoreStates, First Union and Wachovia before becoming Wells Fargo.
Check out PBJ.com's full article for how other banks like PNC, Bank of America and Citizens Bank compare in the region.
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