Local Banks Doing Well After Great Recession

Banks in Franklin and Hart Counties continue their climb back from the Great Recession.

The Federal Deposit Insurance Corporation has released its annual survey of bank deposits.

According to the survey, in 2015 Franklin County banks had deposits of $346,086,000 – up $9.9 million dollars from 2014 but still well below the peak during the real estate boom.

In 2007, total deposits in the county were $371,895,000.

No change in the ranking of the largest banks in Franklin County based on total deposits:
Pinnacle is first with 36.89% , Northeast Georgia is second at 30.83% and First Citizens is 3rd at 17.8%.

The results in Hart County were similar.

2015 Bank Deposits for Hart County were $332,498,000 up $8.7 million from 2014.

Hart County banks have surpassed the level of deposits during the heyday of real estate.

The 2015 results were the best for Hart County since the peak of 2010 when they totaled nearly $331,000,000.

The order of largest banks in Hart County has changed since last year….Northeast Georgia remains the largest with 29.62% of the county and Athens First remains second largest with 23.13% but Pinnacle Bank overtook Bank of America for third largest bank in Hart County this year compared to last.

Bank of America is now 4th largest in the county.

While Bank of American deposits remained steady, Pinnacle grew its deposits from $53.7 million in 2014 to $62.6 million this year earning it the third largest designation.

Stephens County deposits also grew in 2015 from last year totaling nearly $284 million as did all other counties in our listening area except Elbert County.

Deposits there dropped some $2.5 million.

These deposit results do not include credit unions which do business in Franklin and Hart Counties.