Banking Report

New Mexico had 65 banks as of June 30,2007. This information and much more comes from the Federal Deposit Insurance Corporation, one of the bank-regulating entities. More precisely, we have 65 banks (including thrifts and state and national banks) for which the FDIC insures deposits. Among them, the banks had 505 offices in the state and $21.9 billion in deposits.

The big guys are Well Fargo, the market leader with 98 branches and $4.6 billion in New Mexico deposits, 20.9% of the market total, and Bank of America with 53 "banking centers" and $3.4 billion in deposits, 15.7% of the market total. 

First Community Bank, a public company headquartered in Albuquerque, is third with 8.2% of the market (NM deposits of $1.8 billion) and 37 branches.) Last time I looked, which has been a couple of years, Wachovia, a very large North Carolina-based bank, was First Community's largest shareholder. 

Los Alamos National Bank, had $1.2 billion in deposits and five offices, two each in Los Alamos and Santa Fe and one, with no deposits, in Albuquerque. While Trinity Capital Corporation, parent of Los Alamos National Bank, probably has a non-New Mexican shareholder or two, it most likely is the state largest pretty much locally owned bank. Citizens Bank, with $417 million in deposits, leads in San Juan County and also is privately held.

Charter Bank is the state's largest thrift.

Only 17 banks each have more than 1% of the deposits. The state's smallest bank, by deposit total, is DRSM National Bank, which had assets of $3.2 million and deposits of $500 million, on September 30, 2007. DRSM has one office, located in Albuquerque's Northeast Heights. New Mexico's second smallest bank is a thrift, Irwin Union Bank of Columbus, Indiana, which is south of Indianapolis. Irwin Financial Corporation, parent to Irwin Union Bank, has ten offices spread among eight states.

The coolest names go to the Farmers and Stockmens Bank of Clayton and the James Polk Stone National Bank of Portales.

The bank market share report is posted under Economic Reports at www.capitolreportnm.com.