What do the latest data from the FDIC tell us about banking in the Wilmington market?  

The FDIC’s yearly report, re­leased last month, showing bank deposits and market share as of June 30, 2018, points to sev­eral changes in the local finan­cial landscape since the June 30, 2017 report was issued. For one thing, the Wilmington market shed two retail banks: Park Sterling Bank and First South Bank merged with South State Bank and CresCom Bank, respectively.  
 
Of the 20 remaining banks, only Wells Fargo, PNC and TD have seen their in-market deposits decrease, year over year. BB&T’s in-market deposits are essentially unchanged. The rest of the banks have increased the amount of their in-market deposits. That trend could be seen as an indicator of a strong economy and is also reflective of the popu­lation and business growth in the Wilmington area.  
 
The big story, however, is how market share has shifted between the 2017 and 2018 FDIC reports. In the ranking of the area’s 20 banks based on the total of their in-market de­posits, Wilmington-based Live Oak Bank continues to rank first. And because Live Oak’s deposits have grown so dramatically, the bank’s market share grew from 21.7 percent in 2017 to 29.5 percent in 2018. Not only did Live Oak’s deposits increase more than $1 billion year over year, from roughly $1.9 billion in June 2017 to nearly $3 billion in June of this year, but they also totaled about $1 billion more than those of Wilm­ington’s second-ranked bank, BB&T.  
 
BB&T saw its Wilmington market share drop from about 21.7 percent in 2017 to 18.9 percent this year. Among the 20 banks, 12 lost market share or remained flat, even though the majority of the banks increased their deposit amounts.  
 
Live Oak operates digitally, lend­ing money and providing deposit services to customers all over the country. But those deposits are shown as “in-market” because the bank has only one location -- in Wilmington.  
 
As a testament to the efficiency of its digital operations, BankRate.com in May named Live Oak as “one of the nation’s best choices for online savings accounts.” Its high-yield online savings account was awarded BankRate.com’s top ranking for the ease of use category, according to a news release.  
 
Bankrate.com named its choices for best online savings accounts based on highest annual percentage yield (APY), lowest fees and best ease of use. Live Oak was recognized for its “best in class” mobile and online experiences, the release stated.