Huntington Bank Widens Market Share in Valley
YOUNGSTOWN, Ohio – Huntington Bank widened its lead in its share of the market in the Youngstown-Warren-Sharon, Pa., statistical metropolitan area during the 12 months ended June 30, Frank Hierro reported Tuesday.
Hierro, president of the Mahoning Valley Region of the bank, cited Federal Deposit Insurance Corp. data that show his bank remained first, with a 21.90% market share for the year ended June 30, up from 21.12% for the same 12 months in 2010 and 2011, as measured by deposits.
The data also show the four next largest banks with a presence in the SMA lost market share: First National Bank of Pennsylvania saw its share fall to 12.86% from 13.79%, PNC Bank to 12.82% from 13.15%, First Place Bank to 12.35% from 13.11%, and Home Savings and Loan Co. to 9.84% from 10.28%.
Huntington saw its deposits rise to $2.02 billion from $1.915 billion in part because it added eight offices in Giant Eagle supermarkets between July 1, 2011 and June 30 – nine all together – after opening three offices in Giant Eagles the year before.
First National Bank saw its deposits in the SMA fall to $1.186 billion over the 12 months from $1.25 billion. Deposits in the 26 PNC Bank offices dipped to $1.183 billion from $1.192 billion, at the 19 First Place Bank offices to $1.14 billion from $1.188 billion, and at the 14 offices of Home Savings to $907.84 million from $931.65 million.
Farmers National Bank of Canfield, with 14 offices in the SMA (none in Pennsylvania), saw its deposits and market share grow. Deposits at June 30 within the SMA were $746.56 million compared to $652.83 million a year earlier as market share climbed to 8.11% from 7.2%.
The 17 offices of JP Morgan Chase Bank in the SMA saw their deposits fall but market share grow. Deposits fell to $732.48 million for a 7.94% market share from $861.88 million and a 7.3% market share.
Cortland Banks, with nine offices in the SMA, saw their deposits and market share grow. Deposits grew to $363.7 million from $346.5 million and market share to 3.94% from 3.82%.
KeyBank, based in Cleveland, has five offices in the SMA. Deposits in those offices fell to $114.17 million from $123.4 million and market share went to 1.24% from 1.36%.
The Home Federal Savings and Loan Association of Niles, which has one office, saw its deposits rise to $82.18 million from $61.47 million and its market share nearly unchanged, 0.67% from 0.68%.
The Middlefield Banking Co., which has an office in Cortland, recorded deposits of $45.45 million, up from $43.74 million a year earlier and its market share rise to 0.49% from 0.48%.
The Mahoning Valley Region of Huntington Bank saw its greatest growth in deposits in Columbiana County, Hierro said, attributing much of the increase to activity in the Utica shale.
“We’ve ranked No. 1 in market share for several years,” Hierro said. “2012 was a nice increase.” He attributed the gains to a decision Huntington leaders made in the last quarter of 2010 when the bank introduced Fair Play Banking. Since its introduction -- which includes “Asterisk-Free Checking,” free use of Huntington ATMs, free online bill payments and free online banking – Huntington Bank has seen a 20% increase in the number of checking accounts in the Mahoning region, Hierro said, adding, “We’ve been adding more checking accounts in one quarter than we used to see in one year.”
Copyright 2012 The Business Journal, Youngstown, Ohio.
Copyright 2015 Youngstown Publishing Co. DBA The Business Journal
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