Banks in South Carolina
75 banks currently operate in the state of South Carolina. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 46 are also headquartered in the state. Therefore, these 46 banks can be considered South Carolina-based banks though they might operate nationally or internationally. Banks operating within the state had in total $46 billion of assets, $41 billion of deposits and $27 billion of loans outstanding as of this writing. Looking at the asset composition of banks in South Carolina, residential mortgages made up 16% of the assets managed by these banks. In addition to this, these banks in total employ 6,783 people within the state. This represents 0.1% of the population.
Density of Banks in South Carolina
There are a total of 1,171 bank branches located within the state of South Carolina. This works out to a ratio of approximately 2.3 branches per 10,000 people in South Carolina. Comparing the banks in South Carolina to banks operating in other states on this measure, South Carolina ranks 35th out of 52 states and territories in terms of branches per capita. Another way to view this is by looking at the physical accessibility. On this basis, banks in South Carolina had on average 3.9 branches per 100 square miles. As a result, South Carolina ranks 22nd out of 52 states and territories in terms of most branches per square mile.
Performance of Banks in South Carolina
- Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in South Carolina is ranked 13rd out of the 52 states and main territories in the country.
- Return on Assets – banks in the state of South Carolina are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in South Carolina is ranked 23rd out of the 52 states and main territories in the United States.
- Return on Equity – banks in the state of South Carolina are on average generating a higher return on equity than the average bank in the United States. In total, the return on equity for banks in South Carolina is ranked 24th out of the 52 states and main territories in the United States.
- Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in South Carolina are ranked 33rd out of the 52 states and main territories in the country when it comes to loan to deposits.
- Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in South Carolina are ranked 6th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.
5 Largest Banks in the state of South Carolina
As of this writing Wells Fargo Bank is the largest bank operating in South Carolina and this is based on its share of deposits within the state. Wells Fargo Bank currently has a 17% share of the deposits within the state. Below is summary information on the top 5 largest banks in South Carolina.
Wells Fargo Bank
Wells Fargo Bank currently has the largest share of deposits within the state and has $20.3 billion of deposits. In addition to this the bank also has 116 offices within the state, which represents 2% of its total domestic offices.
Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104
Website: www.wellsfargo.com
Bank of America
Bank of America currently has the second largest share of deposits within the state and has $18.6 billion of deposits. The bank also has 76 offices within the state, which represents 2% of its total domestic offices.
Main Office Address: 100 N Tryon St Charlotte, NC 28202
Website: www.bofa.com
Truist Bank
Truist Bank currently has the third largest share of deposits within the state and has $14.6 billion of deposits. The bank also has 112 offices within the state, which represents 4% of its total domestic offices.
Main Office Address: 214 N Tryon St Charlotte, NC 28202
First-Citizens Bank & Trust Company
First-Citizens Bank & Trust Company currently has the fourth largest share of deposits within the state and has $11.0 billion of deposits. Further, the bank also has 126 offices within the state, which represents 24% of its total domestic offices.
Main Office Address: 239 Fayetteville St Raleigh, NC 27601
Website: https://www.firstcitizens.com
South State Bank
South State Bank currently has the fifth largest share of deposits within the state and has $10.1 billion of deposits. In addition, the bank also has 90 offices within the state, which represents 30% of its total domestic offices.
Main Office Address: 1101 1st St S Winter Haven, FL 33880
Website: www.southstatebank.com