A local bank and credit union continue to maintain the top market share when it comes to Whatcom County financial deposits.
With $730.3 million in Whatcom County deposits at the end of June and a 22.4 percent market share, Peoples Bank tops the list of banks with local branches, according to a new report from the Federal Deposit Insurance Corp. Bank of America had the next highest bank market share at 13.7 percent, followed by Washington Federal (10.3 percent market share), Wells Fargo (9.1 percent) and U.S. Bank (9 percent).
Whatcom Educational Credit Union continues to have the highest amount of local insured deposits, with $895.9 million at the end of June, according to data from the National Credit Union Administration. WECU had 75,518 members at the end of June, a 3.8 percent increase compared to the previous year. Industrial Credit Union had the second-highest deposit total among credit unions in Whatcom County, with $164.6 million, followed by North Coast Credit Union at $153.8 million and WestEdge Credit Union at $43.9 million.
Pacific Northwest Credit Union, which had $18.1 million in deposits at the end of June, is scheduled to become part of North Coast Credit Union on Thursday, Oct. 1.