Consumers National Bank Grows Deposit Share According To 2023 FDIC Deposit Report
Minerva, Ohio—Consumers National Bank experienced substantial deposit growth during the twelve-month period ended June 30, 2023, according to the Federal Deposit Insurance Corporation’s (FDIC) annual deposit survey. Within the bank’s five county market area of Carroll, Columbiana, Jefferson, Stark, and Summit counties, Consumers’ total deposit market share increased 0.40% to 3.34%, ranking the bank at seventh position among 31 financial institutions within the territory. In each of the five counties, the bank’s deposit balances grew at a faster rate than the overall market.
While total reported deposits in the five-county region decreased 5.56% to $28.5 billion in the 12-month period ended June 20, 2023, Consumers National Bank’s total deposits increased 7.44% to $952.5 million over the same period.
“The bank’s strategic plan and business development efforts resulted in faster growth than that experienced in each of the counties in which we operate. Our growth and increased market share are a result of our success in building new retail and commercial relationships and of each community’s acceptance of the community bank business model and message. More individuals and businesses are realizing the beneficial impact community banks can have on the local economy. Our business model, which revolves around accessibility, local in-market lenders, management, and technology, is resonating in communities of all sizes,” commented Ralph J. Lober II, President and CEO of Consumers National Bank.
- Consumers National Bank’s Carroll County deposits increased by 7.73% to $122 million, making it the second largest of the five depository institutions. Total deposits in the county grew 4.7% to $476 million. Operating two branches in the county, Consumers’ market share increased from 24.93% to 25.65%. of reported deposits
- Consumers National Bank’s Columbiana County deposits increased by 1.75%, to $258 million, making it the fourth largest of the ten deposit institutions. Total deposits in the county grew 1.42% to $2.07 billion. With five branches in the County, Consumers’ market share increased from 12.36% to 12.40% of reported deposits in the county.
- Consumers National Bank’s Jefferson County deposits increased 18.32% to $119 million, making it the fifth largest of the nine deposit institutions. Total deposits in the county grew 2.05%. With four Jefferson County branches, Consumers has 9.82% of the $1.2 billion deposit market.
- Consumers National Bank’s Stark County deposits increased 7.76% to $427 million while total deposits in the county increased by 2.21% to $9.5 billion. With eight locations and 4.48% of the county’s deposits, Consumers Bank is the six largest of 16 institutions. The bank’s Stark County market share increased from 4.25% to 4.48% since June 2022.
- Consumers National Bank’s Summit County deposits increased 15.75% to $27 million, making it the 22nd largest of the 24 deposit institutions. Total deposits in the county decreased 11.39%. Consumers’ two branch locations hold 0.18% of the $15.2 billion on deposit in Summit County.
“We expect to gain market share as our bankers in our 21 offices continue to make a difference in each community and as we further develop individual markets within our five-county deposit footprint. To that end, we have published notice of our regulatory application to establish a full-service office in Massillon, Ohio; which will be our ninth Stark County location,” said Lober.
The Deposit Market Share is the percentage of deposits an FDIC-insured institution has within a defined geographic market. This data is based on the annual Summary of Deposits (SOD) survey for FDIC-insured institutions as of June 30, 2023. Since its creation by the Congress in 1933, the FDIC has been an essential part of the American financial system. No depositor has lost a single penny of insured funds due to bank failure since FDIC insurance began.