YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Banks insured by the Federal Deposit Insurance Corp. boosted their Springfield metropolitan statistical area deposits by 22.5% compared with the same time last year, according to the latest report released by the agency.
MSA deposits were $13.3 billion as of June 30, up from $10.9 billion in the corresponding period that ended in mid-2019. FDIC data released in late September show deposits rising steadily in the five-county area over the past decade, with the most recent low of $7.4 billion set in summer 2011. That was down from $7.6 billion in 2010, and represents only the third year-to-year decrease during the 2000s, after deposits dropped to $7.6 billion in 2010 from $8.2 million in 2009 and fell to $4.6 billion in 2001 from $4.8 billion in 2000, according to the FDIC data.
Joe Turner, CEO of deposit market leader Great Southern Bancorp Inc. (Nasdaq: GSBC), said customers in the market comprising Greene, Christian, Dallas, Polk and Webster counties have the “advantage of great choice and value” in choosing an institution to hold their deposits.
“The FDIC deposit market share report related to the Springfield MSA reflects the region’s financial strength and vitality,” he said via email. “The Springfield MSA deposit dollars listed in the FDIC’s report represent real-life customers that we have the opportunity to serve.
“We clearly understand that customers have many choices, as we have many outstanding and vibrant financial institutions serving the greater Springfield area.”
The Springfield-based Great Southern Bank operator had $2.2 billion in MSA deposits as of June 30, representing a market share of 16.7%.
Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) was No. 2, with $1.5 billion in deposits as of June 30, for a market share of 11.1%.
For years, Great Southern and Commerce Bank alternated spots at the top, but the former company has held the No. 1 rank since 2017, according to past Springfield Business Journal reporting.
The five banks at the top of the list held their positions from last year, with Great Southern and Commerce Bank followed by No. 3 Central Bank of the Ozarks, No. 4 Guaranty Bank and No. 5 OakStar Bank.
Central Bank of the Ozarks’ MSA market share was 10.7%, with $1.4 billion in deposits as of June 30, according to the FDIC.
The bank operated by Guaranty Federal Bancshares Inc. (Nasdaq: GFED) reported $750.6 million in deposits for a 5.6% market share, and OakStar Bank recorded $673 million in deposits, representing 5.1% of the market share.
Missouri State University’s science building, built in 1971 and formerly called Temple Hall, is being reconstructed and updated.
