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TowneBank still leads market, but Truist is close
TowneBank still leads market, but Truist is close
Virginia Business// September 28, 2023//
Suffolk-based TowneBank continued to lead Hampton Roads with the largest market share in fiscal 2022, 25.67%, according to the Federal Deposit Insurance Corp.’s June 30, 2022, report. However, that figure declined from fiscal 2021, when the bank held a 27.49% market share. Meanwhile, Charlotte, North Carolina-based Truist Bank is threatening to close in on that lead, jumping from 19.94% of market share in fiscal 2021 to 24.34% in fiscal 2022. Wells Fargo’s share dropped from 19.94% to 18.93% but still maintained its solid third place. In January, TowneBank closed on its $53 million acquisition of Windsor-based Farmers Bankshares, the parent company of Farmers Bank, creating a bank with about $17.5 billion in combined assets. Farmers reported 1.46% of market share, down from 1.59% from the previous period. Also of note, Newport News-based Langley Federal Credit Union’s assets increased from more than $4.8 billion in fiscal 2021 to more than $5.1 billion in fiscal 2022; the credit union also added more than 22,000 members.
