An analysis of an annual report from Federal Deposit Insurance Corp. shows Wilmington-based WSFS bank extending its lead in the Delaware market over M&T bank.
WSFS now has a 23% market share, based on deposits from “full-service” banks.
According to FDIC reports, WSFS edged out M&T in 2019, about a decade after the Buffalo-based financial institution acquired Wilmington Trust, at the time the state’s largest full-service bank.
WSFS has since grown through acquisitions that included the First National Bank of Wyoming in Kent County.
More recently, WSFS focused on the Philadelphia area by acquiring Beneficial and Bryn Mawr Trust. Both acquisitions doubled the size of WSFS.
WSFS has strived for a business mix similar to the old Wilmington Trust, with a combination of fee-based banking and fund management services. A recent example is the acquisition of Bryn Mawr Trust and its fee-based business
M&T retained the Wilmington Trust name for its fee-based business. M&T expanded outside of Delaware by acquiring regional banks. Lately he has struggled with a systems conversion to Peoples United, a Connecticut-based bank, recently merged.
TD banks and credit card banks that host deposits in Delaware are excluded from the ranking below.
TD has a dozen branches in Delaware and in all likelihood ranks among the top 10 full-service banks by market share.
The new kid on the block is Chase, which has opened several branches across the state and plans to expand into the Delaware Valley. Bank of America, which now rivals Wells Fargo in total deposits, is also moving up the rankings. Both Chase and Bank of America have a large customer base embedded from their workforces.
See the rankings below:
|Bank||Active (000) (1)||Estimated market share % (1)||Desks|
|Bank of America||$2,711,878||7.9%||9|
|Bank of Delmarva||$263,921||0.8%||4|
|Shore United Bank||$237,299||0.7%||4|
|Ocean City Bank||$75,500||0.2%||1|