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.