Salem city, Virginia, a core county of the Roanoke, VA market, holds $1.0B in deposits across 9 insured institutions and 11 branches. Truist Bank is the largest deposit holder at 34.1% share. The top three banks hold 76% of deposits, which places the county in the Concentrated band. Deposits have grown 16.2% since 2020 while the branch count fell by 15.4%. It produces $1.3B of output, ranking #1,085 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: 13 in 2020 to 11 in 2025. Institutions: 10 to 9. Top-three share: 74% to 76%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Truist Bank | $356M | 34.1% | +7% |
| Wells Fargo Bank | $230M | 22.1% | +18% |
| Atlantic Union Bank | $207M | 19.9% | +57% |
| CNB Bank | $75M | 7.2% | no 2020 presence |
| First-Citizens Bank & Trust Company | $59M | 5.7% | +82% |
| Pinnacle Bank | $46M | 4.4% | -53% |
| Bank of Botetourt | $42M | 4.0% | +87% |
| Carter Bank & Trust | $24M | 2.3% | +7% |
| Woodforest National Bank | $3M | 0.3% | +25% |
The 9 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, 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. “No 2020 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 Roanoke market
Salem city is one of 6 counties that make up the Roanoke, VA market, a Metropolitan Statistical Area (ranked #145 of 293 U.S. markets by economic output). It produces 7.7% of the market’s output and holds 12.0% of its deposits.
| Measure | Salem city | Share of parent market |
|---|---|---|
| 2024 GDP | $1.3B | 7.7% |
| Deposits | $1.0B | 12.0% |
| Population | 25,816 | 8.2% |
View the full Roanoke market profile →
Recruiting in Salem 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 Salem city.
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