The signage for the former Bank of the West branch in Downtown Fresno is changed to BMO upon the transition in September. Photo by Gabriel Dillard

The Central Valley banking landscape has undergone some notable changes in the last year, including a pair of big ticket acquisitions that swallowed more than 10% of the deposit market share.

The Federal Deposit Insurance Corp. released its updated deposit market share report in June 2023, giving the most up-to-date look at the 23 financial institutions serving Fresno, Kings, Madera and Tulare counties — and how much of the $29.35 billion in the Central Valley’s total deposits they control.

The information was presented as our Financial Institutions list from Jan. 5. print edition of The Business Journal. Here’s a quick rundown.

M&A introductions
BMO Harris Bank — pronounced “bee-mo” — and U.S. Bank are newcomers to the market share list.

Based in Toronto, BMO Financial Group acquired Bank of the West for $16.3 billion last year. With Raman Gill as market president, BMO comes in sixth for Central Valley market share with 5.47%, or $1.6 billion in deposits.

Union Bank is now known as U.S. Bank as part of an $8 billion merger in 2023, putting it at No. 7 with 4.92% of the market and $1.45 billion in local deposits. Kerry Hedrick is the vice president, relationship manager.

David Gough, chief financial officer of Grameen America, spoke in 2022 in favor of the BMO merger, noting that Bank of the West provided almost $1 million of seed capital to open a new Grameen branch in Fresno. The office has served almost 600 women entrepreneurs with $3 million in loan capital, with an average loan the size of about $2,400.

Allysunn Walker Williams, a Fresno small business owner and management consultant, spoke in favor of the Union Bank merger, also requesting more support for low wealth and underinvested communities.

Johanna Torres, a community advocate from California Rural Legal Assistance, spoke against the U.S. Bank merger, saying the bank forecloses on struggling homeowners.

Still at the top

Wells Fargo remains the largest financial institution by market share in the Central Valley, with 18.95% of deposits valued at $5.56 billion. Its market share dropped, though, compared to 20.96% in 2022.

No. 2 remains Bank of America with 18.24% market share and $5.35 billion in local deposits. Market share is up from 17.9% in 2022.

JP Morgan Chase rounds out the top 3 with 11.22% market share and $3.29 billion in assets. Market share was down from 10.44% in 2022.

Branch closures

The trend line has been to close branches, such as the Fig Garden Wells Fargo branch and the office near Friant Road and Fresno Street announced for closure last year, according to the federal Office of the Comptroller of the Currency. A Bank of America branch in Reedley is closing as well.

Local flair

Bank of the Sierra remains the largest locally owned community bank with 6.56% of the local market, ranked at No. 4. and up from 5.62% market share in 2022.

Central Valley Community Bank moved to fifth place from eight place, with 5.63% of the market share and $1.65 billion in assets.

FFB Bank, formerly Fresno First Bank, comes in at No. 10 with 3.69% market share, up from No. 11 in 2022.