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WECU, Peoples Bank continue to have most local financial deposits

Whatcom Educational Credit Union had more than $1 billion in local financial deposits, topping credit unions and banks that have branches in the area.
Whatcom Educational Credit Union had more than $1 billion in local financial deposits, topping credit unions and banks that have branches in the area. The Bellingham Herald

A local credit union and bank continue to top the list when it comes to financial deposits.

Peoples Bank has the largest market share of Whatcom County deposits among banks with local branches, according to a new report from the Federal Deposit Insurance Corporation. The report determined the market share of each bank in Whatcom County at the end of June.

Peoples Bank had $779.7 million in Whatcom County deposits, 22.1 percent of the market share. The deposit amount at the end of June is up 6.7 percent from a year earlier, according to the report.

Whatcom Educational Credit Union had another year of strong growth. As of the end of June, WECU had just under $1.06 billion in deposits, according to data from the National Credit Union Administration. That’s an 18 percent increase compared to a year earlier, according to the data. WECU had 80,859 members at the end of June.

Among banks with branches in Whatcom County, Bank of America had the second-highest market share, with $489 million in deposits, followed by U.S. Bank ($322.2 million), Washington Federal ($303.3 million) and Wells Fargo ($288.7 million).

Industrial Credit Union had the second-highest total in deposits among local credit unions, with $197.4 million. North Coast Credit Union ($190.1 million) was next, followed by WestEdge Credit Union ($48.2 million).

Dave Gallagher: 360-715-2269, @BhamHeraldBiz

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