American Banker (www.americanbanker.com, subscription needed to access) recently published end-second quarter 2010 deposit data for the top 200 bank holding companies in the U.S. These top 200 banks grew deposits by 2.9% between 2Q09 and 2Q10. This growth rate represents a slowdown relative to recent quarters, as many banks’ need to aggressively grow deposits as a funding source has abated (loan-to-deposit ratios have fallen below 100% and loan demand is expected to remain relatively anemic). The top 10 banks grew deposits by 1.7%.
What is most notable in the data in the continued strong deposits growth rates for leading direct (branchless) banks, including:
- ING Direct: 17th largest bank by deposits; 4%year-over-year growth
- Charles Schwab: 25th largest bank; 43%growth
- USAA: 31st largest bank; 17%growth
- Discover: 33rd largest bank; 19% growth
- American Express: 34th largest bank; 29%growth
- Ally Financial: 35th largest bank; 31%growth
- MetLife: 69th largest bank; 25%growth
- Scottrade Bank: 105th largest bank; 71%growth