Deposits at banks in the Washington metropolitan area rose 13 percent in the 12 months ended Sept. 30 to a record $11.6 billion, according to a Washington Post survey. The rate of deposit growth in the recent quarter was greater than a gain of 11 percent in the 12 months ended June 30, when total deposits were $11.29 billion.
In Northern Virginia, bank deposits were up about 10 percent to $2.97 billion from $2.7 billion a year earlier but down slightly from a $3 billion total at mid-year. As reported earlier, Maryland suburban deposits rose 8 percent in the past year to $3.27 billion on Sept. 30 while D.C. deposits jumped 17 percent to $5.36 billion.
Although suburban deposits still top D.C. deposits by a margin of $6.24 billion to $5.36 billion, the gap has been narrowing over the past two years, during which the city-based institutions have become more aggressive in seeking new business from corporate and residential customers.
In the recent 12 months, First Virginia Bank resumed a deposit lead over United Virginia suburbs to First American Bank (representing a combination of the former Clarendon, Alexandria National and Arlington Trust banks, controlled by Financial General Bankshares).