Hometown Banks and their Piece of the Pie

The three largest banks based in Memphis are, in descending order, First Tennessee, Independent Bank and Magna Bank.

First Tennessee owns about one-third of all customer bank deposits in Memphis. But while $1 out of every $3 in Memphis bank accounts is parked at a First Tennessee Branch, Independent and Magna enjoy a different trend.

Their deposit bases are growing at a strong clip.

From June 2009 to June 2010, according to numbers released by the FDIC this week, Independent Bank’s Memphis customer deposits rose from $581.3 million to $686.5 million.

Magna Bank’s Memphis customer deposits rose from $328.9 million to $342.26 million.

Read the full FDIC market share report here.

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