U.S. Bank tops 5/3 in Cincinnati market share

U.S. Bank has retaken the lead as the biggest bank in Cincinnati, based on local deposits. It swapped places with Fifth Third, according to data released Monday by the Federal Deposit Insurance Corp.

Local deposits are those in the banks' branches in 15 counties in Southwest Ohio, Northern Kentucky and Southwest Indiana. The FDIC's market share report is based on deposits as of June 30 and issued once a year.

U.S. Bank had deposits of about $31.2 billion at 120 Cincinnati area offices for a 39.5 percent share of the market, boosted by deposits at its main Downtown branch. Fifth Third had deposits of $25.3 billion at its 130 local offices for a 32.1 percent market share.

Fifth Third led Minneapolis-based U.S. Bank locally in 2010, 2012 and 2013.

Together, the two regional banking powerhouses hold more than two-thirds of the roughly $79 billion in local bank deposits. That total was up $4.5 billion, or 6.1 percent, from 2013.

The FDIC data shows the number of financial institutions in the region dropped by four to 70, while the number of bank branches rose by four to 788.

Forty-two of the local banks had deposits of less than $100 million, while only eight had deposits of more than $1 billion.

There was only one other change in market share among leading local banks. LCNB National Bank of Lebanon joined the top 10 with deposits of nearly $665 million at its 21 local branches and a market share of 0.84 percent. It edged out Green Township-based Guardian Savings Bank, which holds nearly $664 million at its 9 local branches for a market share of 0.81 percent.

PNC Financial Services Group Inc. remained the region's No. 3 bank with $6.0 billion in local deposits and 83 branches. The Pittsburgh-based bank has a 7.6 percent local market share.

Huntington Bancshares stayed in the No. 4 spot with nearly $2.3 billion in local deposits, 41 branches and a 2.9 percent market share.

Downtown Cincinnati-based First Financial Bancorp held at the No. 5 position; it had nearly $1.9 billion in deposits, 41 branches and a 2.4 percent market share.■