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Bank deposits grow in Jackson County Deposits at FDIC-insured institutions in the county grew 6 percent to nearly $1.661 billion in a year By GREG STILES Mail Tribune Jackson County investors apparently are finding banks more to their liking than in recent years as deposits grew by more than $95 million in the year ending June 30. The Federal Deposit Insurance Corporation collects deposit balances for commercial and savings banks annually, while the Office of Thrift Supervision surveys savings institutions. The results are released each December. Deposits at the 12 FDIC-insured institutions in the county grew 6 percent to nearly $1.661 billion from $1.565 billion a year earlier. "From June last year to June this year there was a strong increase in (checking) balances," said Joe Danelson, U.S. Bank's regional vice president, on Monday. "It was mostly money coming out of the (stock) market searching for a safe haven. That's been a pretty good source of funding for us this year." For the fourth straight year, Washington Mutual Savings Bank has topped Jackson County in customer deposit market share. The Seattle-headquartered institution with holdings throughout much of the country had $312.783 million in local deposits on June 30, when banking institutions are required to report to the federal government. While Washington Mutual's deposits outstripped U.S. Bank's by more than $68 million, its 18.83 percent market share fell below 20 percent for the first time since 1998, when it had an identical 18.83 share. Following its acquisition of Western Bank in 1995, Washington Mutual surpassed U.S. Bank to become Medford-Ashland market's deposit leader with $277.31 million in 1998. WaMu's share grew to 21.5 percent ($325.778 million) in 1999. Although deposits grew to $354.058 million in 2000, its share declined to 21.34 percent in 2000. WaMu's deposits and shares dipped as local competition heightened for a growing deposit pie. "We've certainly been in a growth mode in Oregon, Washington Mutual spokesman Mary Kelley said, "but we don't break down growth strategies by specific regions." Medford-based PremierWest Bank and Umpqua Bank, based in Roseburg, pushed past Ohio's Key Bank, which has ranked third the past three years. PremierWest deposits grew by $22 million for an 11.24 percent share, while Umpqua Bank deposits jumped by $26 million to claim a 10.98 percent share. PremierWest aims to claim 10 percent of the $12 billion worth of deposits on the Interstate 5 corridor from south of Eugene to Redding, Calif. But the Medford market is particularly important for the company that sprung into existence in 1998. "Our goal is to get an average of 10 percent - and maybe some day 20 percent," PremierWest president and CEO John Anhorn said. "There will be some places where it's higher and some where it's lower. "I think we've had a real strong year this past year. We're getting a lot of new accounts because there are a lot of people wanting to deal with our staff. We're going to probably see a steeper increase deposits by the end of the year. People pulling money out of the market wanted the safety and soundness of a bank." After seeing its share decline for three consecutive years, U.S. Bank rebounded from a 14.30 percent share in 2000 to 14.70 percent. "I'd rather the share be higher," Danelson said. "I definitely want it to be higher than 15 percent. Really, everything starts with a checking account. If we can get a consumer's primary checking account, we're going to get a large share of their banking business." The state's total FDIC-insured deposits grew by about 5 percent to $31.262 billion from $29.656 billion in 2000. Multnomah County predictably accounted for more than a fourth of the state's bank deposits at $8.673 billion, followed by Washington County ($3.417 billion). Jackson County continued to rank No. 6 in 2001. Reach reporter Greg Stiles at 776-4463 or e-mail [email protected] . Mail Tribune Home | Ottaway Newspapers, Inc. | Dow Jones & Co., Inc. | Privacy | Contact Us Copyright � 2001 Mail Tribune, Inc.