Richmond city, Virginia, a core county of the Richmond, VA market, holds $43.6B in deposits across 17 insured institutions and 39 branches. Bank of America, National Association is the largest deposit holder at 72.7% share. The top three institutions hold 89.7% of deposits, which places the county in the concentrated band. Deposits have grown 39.5% since 2020 while the branch count fell by 4. It produces $28.1B of output, ranking #166 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 43 in 2020 to 39 in 2025. Institutions: 13 to 17. Top-three share: 89.9% to 89.7%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Bank of America, National Association | $31.7B | 72.7% | +46% |
| Truist Bank | $3.7B | 8.5% | +12% |
| Atlantic Union Bank | $3.7B | 8.5% | +70% |
| Wells Fargo Bank, National Association | $2.9B | 6.7% | -5% |
| TowneBank | $674M | 1.5% | +79% |
| SouthState Bank, National Association | $382M | 0.9% | +40% |
| Fulton Bank, National Association | $106M | 0.2% | +80% |
| Chesapeake Bank | $84M | 0.2% | +19% |
| Peoples Bank | $78M | 0.2% | no 2020 presence |
| JPMorgan Chase Bank, National Association | $71M | 0.2% | no 2020 presence |
The 10 insured institutions with a branch presence in this county, as of June 30, 2025. Five-year change compares the same institution’s county deposits in 2020 and 2025. Institutions are tracked by FDIC certificate number, and where an institution acquired another bank, the acquired bank’s prior deposits are folded into the baseline so the change reflects the combined, continuing franchise rather than reading as new. Even so, a large gain can reflect acquisition rather than organic growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Richmond market
Richmond city is one of 17 counties that make up the Richmond, VA market, a Metropolitan Statistical Area (ranked #40 of 293 U.S. markets by economic output). It produces 29.0% of the market’s output and holds 64.5% of its deposits.
| Measure | Richmond city | Share of Richmond market |
|---|---|---|
| 2024 GDP | $28.1B | 29.0% |
| Deposits | $43.6B | 64.5% |
| Population | 237,257 | 17.1% |
View the full Richmond market profile →
Recruiting in Richmond city
Deposits are held closely by the largest banks, which often means the bankers worth recruiting are inside a small number of institutions. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like Richmond city, on a retained basis.
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