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More thoughts on local banksPosted Tuesday, November 2, 2010, at 8:00 AM
I noticed an interesting trend while reviewing area bank deposits and market shares a story in Monday's paper.
Large banking chains lost deposits last year, while most locally controlled small banks saw their deposits grow.
There seems to be some backlash as a result of 2008's big bank bail out. Could consumers be associating national banking chains with the problems that got the economy into trouble in the first place?
They could be feeling their money is safer if they keep it closer to home.
Of the 18 banks in the Cape Girardeau/Jackson metropolitan statistical area, only 7 banks saw their in-market deposits grow from June 30, 3009 to June 30, 2010. They were: Montgomery Bank, Alliance Bank, First Midwest Bank, First State Community Bank, First Community Bank, Banterra Bank and Peoples Community Bank.
The bank with the biggest dip in deposits was Region's Bank, with its deposits declining 16 percent. Montgomery Bank saw the biggest jump in deposits, climbing 24 percent.
Click here to see which local banks gained or lost deposits during the past year. Look to the chart on the right side of the page.
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Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian