On September 28, 2015, the FDIC published the 2015 summary of deposits information. Using this data, we compared the deposit data for Georgia, comparing 2015 to 2005. Without even looking at the numbers, we knew the period would represent significant change, as the Great Recession had a significant impact on the banking industry, particularly in Georgia.
As a headline number, the total number of banks with branches in Georgia fell from 367 to 248, a decline of over 32%. However, as with many reports showing the number of bank charters, this number overstates the effect of consolidation as it also reflects internal holding company reorganizations in which multi-bank holding companies have consolidated into one bank charter. These internal consolidations reduced the number of bank charters in Georgia by 51, as the number of multi-bank holding companies fell from 18 to 6 (one of which combined their subsidiary bank charters after the reporting deadline for the 2015 summary of deposits). Notwithstanding the overstatement by the headline number, consolidation is certainly occurring in Georgia. The number of independent banking organizations in Georgia fell from 303 to 235, a decline of approximately 22%.
For Georgia, the total amount of deposits assigned to branches rose from $149 billion to $213 billion, a 42% increase, while the total number of branches fell from 2,642 to 2,482, a 6% decline. These combined to increase the average amount of deposits per branch in Georgia from $57 million to $86 million, a 52% increase.