The slow build - Express

Jeffrey MacMillan/Capital Business
NEW NAMES: Wachovia bank branches began the transition to the Wells Fargo
name in the late spring. All the former Wachovia branches unveiled Wells Fargo
signage by September.
BANKS &
CREDIT
UNIONS
Large out-of-state financial institutions make up most of the region’s
biggest banks, though many of the nation’s largest credit unions are based
here. Banks are ranked by their share of deposits in the local market, and
credit unions by their assets.
Rank Bank State or city Branches
POST 200. CAPITAL BUSINESS . 12/19/11 40
Deposits
(thousands)
2011
marketshare
1 Wells Fargo California 152 $20,546.2 15.84%
2 Bank of America North Carolina 180 19,618.2 14.56
3 SunTrust Banks Georgia 180 15,716.4 12.11
4 Capital One Financial McLean 210 12,534.6 9.66
5 BB&T North Carolina 185 12,451.6 9.60
6 PNC Financial Services Pennsylvania 190 8,692.1 6.70
7 Citigroup New York 41 5,167.8 3.98
8 M&T Bank New York 101 3,497.8 2.70
9 HSBC Holdings London 13 3,177.5 2.45
10 Virginia Commerce Bancorp Arlington 29 2,260.5 1.74
Rank Credit union City
Assets
(billions)
1 Navy Federal Vienna $45.57
2 Pentagon Federal Alexandria 15.09
3 Bank Fund Staff Federal Washington 3.17
4 Northwest Federal Herndon 2.07
5 Tower Federal Laurel 2.38
BANK OF AMERICA
730 15th St. NW
Washington, D.C. 20005
202-624-4719
Founded: 1904
CEO: Brian T. Moynihan
Employees (local): 290,509 (3,000)
The Washington area’s second-largest
bank by deposits announced plans in
September to slash 40,000 jobs nationwide
in light of continued losses from
the 2008 takeover of mortgage lender
Countrywide. In this region, though, it
did some selective hiring, adding smallbusiness
bankers and financial advisers
for wealthy clients. In November, the
bank scrapped a $5 monthly debit card
fee after protests from customers. The
company had said it instituted the
charge to offset lost revenue from the
congressional cap on swipe fees.
BB&T
6400 Arlington Blvd.
Falls Church, Va. 22042
703-531-2800
Founded: 1872
Chairman and CEO: Kelly S. King
Employees (local): 31,000 (2,092)
The October purchase of Columbiabased
Atlantic Risk Management, a
commercial property, casualty and
employee benefits broker, gave BB&T’s
insurance division a stronger foothold
in the Washington and Baltimore markets.
The bank followed that deal in
November with the $301 million acquisition
of BankAtlantic, a Fort Lauderdale,
Fla.-based bank with $3.3 billion
in deposits and 78 branches. Also in
November, BB&T snapped up California
employee-benefits consulting firm
Precept Group.
Jeffrey MacMillan/Capital Business
Gelbert Signs employee Elaine Hart
glued letters onto a new sign for
Capital One. The bank made two
significant deals in 2011 to buy ING
Direct as well as the credit card
portfolio of HSBC.
CAPITAL ONE FINANCIAL
1680 Capital One Dr.
McLean, Va. 22102
703-720-1000
Founded: 1988
CEO: Richard D. Fairbank
Employees (local): 30,000 (4,400)
Capital One announced two blockbuster
deals last summer. In June, it
scored a $9 billion deal to buy online
bank ING Direct, a transaction that, if
approved by regulators, could catapult
it from being the eighth-largest bank
by deposits to the fifth-largest. That
acquisition was followed up in August
with a $2.6 billion deal for the U.S.
credit card portfolio of London-based
HSBC Holdings. Both deals have come
under fire from consumer groups that
have worried the credit card giant
could become “too big to fail.”
CITIGROUP
12401 Prosperity Dr.
Silver Spring, Md. 20904
301-384-5960
Founded: 1812
CEO: Vikram S. Pandit
Employees (local): 263,000 (739)
Washington’s seventh-largest bank by
deposits established its first dedicated local
lending group for middle-market government
contractors in May. The five-person
team serves businesses with $20 million to
$250 million in revenue. Citibank selected
Foggy Bottom for its second high-tech,
flagship branch in the country. Opened in
June, the location features, among other
things, check-scanning ATMs, a video-assisted
hotline and Wi-Fi lounge. Meanwhile,
Citigroup agreed in November to pay
$285 million to settle civil fraud charges that
it misled buyers of mortgage investments.
HSBC BANK USA
1130 Connecticut Ave. Suite 1201
Washington, D.C. 20036
202-496-8740
Founded: 1865
President and CEO: Irene Dorner
Employees (local): 300,000 (173)
Shakeout from the financial crisis is
still being felt at this bank, which
announced plans in August to cut some
30,000 jobs worldwide by the end of
2013. It laid off 15 middle managers from
its District office in June and eliminated
its mid-Atlantic regional president position,
held by Aimee Daniels, in April.
HSBC also sold its U.S. credit card
portfolio to Capital One and sold off its
Upstate New York branch network. The
bank, the ninth-largest in the Washington
area, added one branch here, in
Rosslyn.
M&T BANK
1 Research Ct., Suite 400
Rockville, Md. 20850
240-632-7800
Founded: 1856
Chairman and CEO: Robert G. Wilmers
Employees (local): 15,694 (1,186)
M&T said in April that it would
repay $700 million of the more than $1
billion it received through the Troubled
Assets Relief Program by issuing
preferred shares, rather than common
stock like its peers. The same month,
the company said it was acquiring
Wilmington Trust of Delaware. That
purchase allowed M&T to beef up its
wealth management business. The
bank held onto its title as the area’s
most active Small Business Administration
lender.
PNC FINANCIAL SERVICES GROUP
800 17th St. NW
Washington, D.C. 20006
800-762-2265
Founded: 1852
Chairman and CEO: James E. Rohr
Employees (local): About 52,000 (NA)
Gaining a larger footprint south of
the Mason-Dixon Line, PNC inked a
$42 million deal in July to buy or lease
27 bank branches in Georgia from
Flagstar Bank. That transaction followed
the company’s announcement in
June to buy RBC Bank (USA), the U.S.
retail banking subsidiary of Royal Bank
of Canada, for $3.45 billion. Purchasing
RBC Bank will add 424 branches
stretching from Virginia to Florida for
PNC, and bump it up from the sixthlargest
bank in the country based on
branches to the fifth-largest.