Wells Fargo Bank, NA -- held by Wells Fargo (WFC - Get Report) -- is in second place for Florida Deposits, with a 16% share as of June 30, 2011, declining slightly from a year earlier. Wells Fargo's extensive Florida operations were acquired when the company doubled in size through the purchase of the troubled Wachovia of Charlotte, North Carolina, when that company was pressured by regulators to sell amidst the worst of the credit crisis in 2008.
Since the Wachovia acquisition, Wells Fargo's deposit market share in Florida has fallen from Wachovia's #1 ranking in June of 2008, with a 19% share.
SunTrust Bank -- the main subsidiary of SunTrust Banks (STI - Get Report) -- ranks third in Florida, with a 10% market share as of June 30. Although it's headquartered in Atlanta, SunTrust has been a major presence in Florida for generations, and counts the state as "our largest banking state in terms of loans and deposits." As of Dec. 30, 20% of SunTrust's commercial loans were in Florida, while 27% of its residential real estate loans were secured by properties in the Sunshine State.
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