Peoples Bank, WECU maintain top spots in local market deposits

Two Whatcom County-based financial institutions continue to add deposits to maintain the top spots in market share, according to newly released data.

Peoples Bank, which has its corporate office in Bellingham, maintained the top market share among banks with deposits in Whatcom County, according to data released by the Federal Deposit Insurance Corp. on Monday, Sept. 29. Peoples increased its Whatcom County deposit total by 4.8 percent in the past year, pushing its market share from 21.9 percent to 22.5 percent. The data is for the period ending on June 30.

The 15 banks that have branches in Whatcom County tallied more than $3.1 billion in deposits held by customers as of June 30, a 2.1 percent increase compared to the previous year. The data indicates little change in market share, however, with none of the banks rising or dropping in the rankings.

Whatcom Educational Credit Union continued to keep its top spot among local credit unions with $805.8 million in deposits by June 30, a 6.6 percent increase compared to a year earlier. That’s according to data released earlier this year by the National Credit Union Administration. WECU has nearly doubled its total compared to 2008, when it had $404.4 million in deposits.

Local deposits increased year-over-year in 11 of the 15 banks that have branches in Whatcom County, with Columbia Bank posting the highest percentage jump. It went from $5.5 million in local deposits in June 2013 to $13.8 million this year, but it also has the smallest market share.