Wells Fargo Doubles Market Share Lead

Wells Fargo Bank almost doubled its New Mexico market share lead over Bank of America between June 20, 2009, and June 30, 2010, according to figures from the Federal Deposit Insurance Corporation.
Wells has 24.16% of New Mexico’s bank deposits as of mid-2010, a three-point, one-year share increase. Wells added nearly a billion dollars ($972.9 million) to its New Mexico deposits, a 19% increase that brought total New Mexico deposits to $6.2 billion on June 30, 2010. Wells Fargo had 98 New Mexico offices in mid-2010, down one from June 30, 2009.
By major contrast, Bank of America, Wells’ main New Mexico competitor, dropped $434.6 million from its June 20, 2009, deposit total of $4 billion, an 11% decline that took 1.9 points of its 2009 market share. BofA’s New Mexico market share was 14.16% on June 30, 2010.
While the Wells-BofA gap widened significantly during the 2009-2010 year, the gap hasn’t always existed. In 1991, before the mad shuffle of bank ownership in the state began, Sunwest Financial Services, the market leader, had assets of $3.4 billion, about double the assets of United New Mexico. Sunwest morphed into Bank of America while the morphing took United New Mexico into Wells Fargo.
New Mexico had five banks with deposits of more than $1 billion in mid-2010. Bank of the West followed at $952 million.
The top six had 56% of the deposits. So far as I know, only one of the top six, Los Alamos National Bank is truly locally owned.
The next 14 banks had deposits between $217 million and $674 million.
Deposits grew $946 million, or 3.8%, in New Mexico between 2009 and 2010. The deposit total was $25.8 billion on June 30, 2010.
Wells Fargo’s one-year deposit increase, $972.9 million, was more than the statewide increase, meaning that, on net, all the state’s other banks lost deposits during the 2009-2010 year.