Atlantic Union Bank has the largest market share of all banks in the Fredericksburg region by customer deposits, according to data released by the Federal Deposit Insurance Corporation (FDIC).
As of June 30, the Richmond-based bank held about $1.79 billion in deposits in the local market (Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties). That gave it a 28.9 percent market share, outpacing runner-up Truist Bank by 8.64 percentage points. Those banks were also the top two in the market by deposits as of June 30, 2023, but Atlantic Union’s market share in the subsequent year increased by 2.47 percentage points while Truist’s fell by 2.76 percentage points.
The data are based on the annual Summary of Deposits (SOD) survey for FDIC-insured institutions as of June 30. The Deposit Market Share is the percentage of deposits an FDIC-insured institution has within a defined geographic market.
Overall, the 16 banks in the area market as of June 30 held about $6.2 billion in customer deposits, up about $124 million from the year prior. Here is how the 16 banks stacked up by deposits and market share as of June 30:
| Bank | Deposits ($000) | Market Share (%) | Year-over-year change (%) |
| Atlantic Union Bank | 1,793,567 | 28.94 | 2.47 |
| Truist Bank | 1,257,800 | 20.3 | -2.76 |
| Wells Fargo Bank | 975,619 | 15.74 | -0.37 |
| Bank of America | 579,049 | 9.34 | No change |
| PNC Bank | 502,360 | 8.11 | -0.61 |
| LINKBANK | 311,679 | 5.03 | -0.11 |
| Carter Bank & Trust | 229,679 | 3.71 | 0.14 |
| United Bank | 147,531 | 2.38 | 0.16 |
| Shore United Bank | 116,705 | 1.88 | 0.24 |
| Citizens and Farmers Bank | 98,356 | 1.59 | 0.13 |
| First Citizens Bank and Trust | 54,764 | 0.88 | 0.05 |
| Manufacturers and Traders Trust | 52,115 | 0.84 | 0.19 |
| Burke & Herbert Bank & Trust | 33,122 | 0.53 | 0.23 |
| Blue Ridge Bank | 17,630 | 0.28 | No change |
| JPMorgan Chase Bank | 14,860 | 0.24 | 0.24 |
| Woodforest National Bank | 11,981 | 0.19 | No change |
Bill Freehling covers local business for the Fredericksburg Free Press. He can be reached at [email protected].
