Oct. 20--BB&T Corp. tightened its market-share grip in Forsyth County and the Winston-Salem metropolitan statistical area in 2009, according to data released by the Federal Deposit Insurance Corp. yesterday.

BB&T's deposits in Forsyth totaled $12.8 billion on June 30, 2009, compared with more than $9 billion on June 30, 2008. The bank had 71.6 percent market share compared with 62.7 percent in 2008.

It was the ninth consecutive year that BB&T held the top market share in Forsyth.

However, BB&T's market share in Forsyth tends to be skewed annually because, like most banks, much of its corporate-investment deposits are placed at its headquarters. The same scenario happened while Wachovia was based in Winston-Salem.

For example, of BB&T's nearly $3.8 billion gain in market-share deposits in Forsyth, nearly $3.5 billion went to its center at 200 W. Second St.

However, an additional $265 million in deposits came from within the county, representing an 8 percent gain in market share when excluding corporate-investment deposits.

John Allison, the chairman and retired chief executive of BB&T, said last year that the bank had gained at least $1.2 billion in overall deposits in the aftermath of Wachovia's bank's collapse and purchase by Wells Fargo & Co. in October 2008.

Other banks cited similar gains against Wachovia at the time.

But according to the FDIC data, Wachovia gained 1 percent in deposits when excluding its local operational center at 100 N. Main St.

However, the deposits at the North Main center decreased from $1.25 billion to $794 million, resulting in Wachovia's overall market share dropping from 16.2 percent to 10.6 percent.

"While we attribute a slight decline in deposits in Winston-Salem to high rate certificate-of-deposits maturing, we continue to experience strong customer acquisition and retention rates, as well as superior customer-service levels," said Christine Shaw, a spokeswoman for Wachovia.

Southern Community Financial Corp. stayed in third place, but lost nearly $26 million in deposits to $727.5 million. Its market share dropped from 5.2 percent to 4.1 percent.

Piedmont Federal Savings Bank gained nearly $50 million in deposits to $642 million, but its market share slipped to 3.6 percent from 4.1 percent.

TriStone Community Bank, which was bought earlier this year by First Community Bancshares Inc., had its market share rise to 0.79 percent on deposits of $141.8 million.

Wachovia's statewide market share dropped from 43.8 percent in 2008 to 37 percent in 2009.

Bank of America moved into second at 27.5 percent because it shifted $55 billion in deposits to its headquarters center at 101 S. Tyron St. Most of those deposits likely came from its purchase of Countrywide Financial Corp. last year.

BB&T's statewide market share dropped from 12.9 percent to 11.1 percent.

Yadkin Valley Financial Corp. moved to ninth from 15th place in the state with nearly $1.7 billion in deposits. NewBridge Bancorp fell out of the top 10 statewide despite an overall gain of $5 million in deposits to nearly $1.6 billion.

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Local market share

BB&T Corp. captured the top market share in Forsyth County for the ninth consecutive year.

Bank 2006 2007 2008 2009

BB&T Corp. 55.4% 60% 62.7% 71.6%

Wachovia Corp. 23.5% 20.2% 16.2% 10.6%

Southern Community

Financial Corp. 4.8% 4.2% 5.2% 4.1%

Piedmont Federal

Savings Bank 4.6% 4.2% 4.1% 3.6%

SunTrust Banks Inc. 3.4% 3.2% 3.1% 2.4%

Note: Year runs July 1 to June 30.

Source: Federal Deposit Insurance Corp.

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