Richmond city, Virginia, a core county of the Richmond, VA market, holds $35.9B in deposits across 16 insured institutions and 37 branches. Bank of America is the largest deposit holder at 64.1% share. The top three banks hold 88% of deposits, which places the county in the Concentrated band. Deposits have grown 15.4% since 2021 while the branch count fell by 5.1%. It produced $28.1B of real gross domestic product in 2024, ranking #166 of the 1,523 ranked counties by economic output.
Ranks show where the county stands among the 1,523 ranked counties (those within a Combined or Metropolitan Statistical Area that have a branch). They describe relative position, not a rating of market quality or suitability.
Deposit trend
Branches: 39 in 2021 to 37 in 2026. Institutions: 14 to 16. Top-three share: 91% to 88%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Bank of America | $23.0B | 64.1% | +7% |
| Atlantic Union Bank | $4.9B | 13.6% | +173% |
| Truist Bank | $3.7B | 10.2% | +4% |
| Wells Fargo Bank | $2.7B | 7.7% | -13% |
| TowneBank | $688M | 1.9% | +55% |
| SouthState Bank | $390M | 1.1% | +36% |
| Fulton Bank | $120M | 0.3% | +59% |
| Chesapeake Bank | $77M | 0.2% | +18% |
| Peoples Bank | $69M | 0.2% | +33% |
| JPMorgan Chase Bank | $65M | 0.2% | no 2021 presence |
| Citizens and Farmers Bank | $65M | 0.2% | +647% |
| First Bank | $42M | 0.1% | no 2021 presence |
| Manufacturers and Traders Trust Company | $30M | 0.1% | -1% |
| Blue Ridge Bank | $28M | 0.1% | -77% |
| Virginia National Bank | $26M | 0.1% | no 2021 presence |
| Woodforest National Bank | $4M | <0.1% | +17% |
The 16 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s county deposits in 2021 and 2026. 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. “No 2021 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year. Deposit figures are nominal and are not adjusted for inflation.
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 59.1% of its deposits.
| Measure | Richmond city | Share of parent market |
|---|---|---|
| 2024 GDP | $28.1B | 29.0% |
| Deposits | $35.9B | 59.1% |
| 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.
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