To big to fail banks are actually getting bigger. I was shocked when my friend sent me an email containing a link to the FDIC Deposit Market Share update that was released this week. Bank of America grew by leaps and bounds last year in my state. I thought maybe it was just a fluke, so I checked states around mine. They grew there too. Who did they steal market share from? Well, in most cases it was the smaller community banks. In a few cases they took market share from Wachovia, but I am assuming that is due to the Wells Fargo takeover. My questions is this, who is moving their deposits to Bank of America these days? I can't imagine anyone actually opening an account with them, yet the FDIC paints a different picture.
How did the big banks fair in your state?
FDIC Deposits by Market Share