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First Federal dominates local banking

Deposit market share reports from county financial institutions

As of June 30, First Federal held deposits of $289.5 million, almost 30 percent of the county total, according to the Federal Deposit Insurance Corporation, an independent agency created by Congress to oversee banking.

US Bank, the number one bank statewide, runs a distant second in Yamhill County with $190.4 million in deposits for a share of 19.55 percent. And that’s more than double the share of any other bank operating locally.

Countywide, bank deposits totaled $973.8 million. That does not include holdings with credit unions, as they are regulated by a different federal agency, the National Credit Union Administration.

Jon Johnson, executive vice president and chief operating officer at First Federal, said the bank’s share has been steady in the 28 to 31 percent range for a number of the years.

He noted that deposits are up more than $20 million this year. He said that suggests people are opting for safe local options for more of their money, instead of putting it into the market.

First Federal was founded in McMinnville in 1922 as the American Savings and Loan Corporation. The name was changed to the First Federal Savings and Loan Association of McMinnville in 1936.

The bank operates branch offices in McMinnville, Newberg, Amity, Carlton and Sheridan. It has established a leading market share in two of those locations — McMinnville at 33 percent and Sheridan at 65 percent.

In Newberg, US Bank is number one with a market share of 26 percent. First Federal second at 16 percent.

US Bank is number two in McMinnville at 16.5 percent. And it accounts for the other 35 percent of Sheridan’s banking share.

According to Amy Frantti of media relations for US Bank in Minneapolis, its market share in Yamhill County was an increase from 18.35 percent on June 30, 2011. She said it’s indicative of an overall trend in the bank, with a strong growth in retail deposits.

Other banks rank in this order in terms of countywide market share:

Wells Fargo, third at 9.79 percent; KeyBank, fourth at 8.51 percent; West Coast Bank, fifth at 7.88 percent; Bank of America, sixth at 7.52 percent; JPMorgan Chase, seventh at 6.23 percent; Columbia Bank, eighth at 6.07 percent; Sterling Savings, ninth at 2.94 percent; and Citizens Bank, 10th at 1.78 percent.

Columbia Bank recently agreed to acquire West Coast Bank, effective early next year. Combined, their operations would rank third at 13.95 percent.

Countywide deposit totals and shares are depicted in the central graphic. The holdings for each bank in each community in which it operates, and its market share in that community, are listed in an accompanying chart.

Five local communities are served by only one bank — Amity, Dayton, Dundee, Willamina and, since Sterling consolidated local operations in Yamhill in June, Carlton. The sole providers are First Federal in Amity and Carlton, US Bank in Dayton, West Coast Bank in Dundee and Bank of America in Willamina.

The FDIC listed Sterling’s Carlton and Yamhill deposits separately, but they were combined for the purposes of this story to reflect the recent consolidation.

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