DEPOSITS AND BRANCHES: “Non-Florida banks have a dominant weight in the Miami Metropolitan Area”
Large, federally chartered, out-of-state banks, including Wells Fargo, Bank of America, Citibank, and JPMorgan Chase, control a majority of the banking activity in the Miami Metropolitan Area (MMA). As of June 30, 2013, there were 113 banking institutions that managed deposits in the MMA, statistical area comprised of Miami-Dade, Broward and Palm Beach Counties, 74 of which were Florida-based banks (65%) while 39 were out-of-state banks (35%) (see Figure 1). Out-of-state banks managed deposits of $132.5 billion, representing 75% of total deposits in Miami Metro branches which amounted to $176.0 billion, while Florida-based banks managed $43.5 billion, or 25% of the market (see Figure 2). The two largest banks operating in the MMA, Wells Fargo and Bank of America, control 43.1% of deposits of out-of-state banks and 32.4% of total deposits. When analyzing bank branch presence, out-of-state banks also dominate the banking landscape in the MMA. Of the 1,665 branches, 1,206 or 72% were administered by out-of-state banks, while 459 or 28% by Florida-based banks (see Figure 3).