Harrisonburg-Staunton-Stuarts Draft, VA holds $5.8 billion in deposits across 18 insured institutions and 72 branches, ranking #163 of 293 U.S. markets by economic output. Truist Bank is the largest deposit holder at 17.7% share. The top three institutions hold 49.7% of deposits, which places the market in the moderate band. Deposits have grown 23% since 2020 while the branch count fell by 17.
Deposit trend
Branches: 89 in 2020 to 72 in 2025. Institutions: 19 to 18. Top-three share: 48.5% to 49.7%. Deposits per branch: $80M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Truist Bank | 1.0B | 17.7% | -0% |
| Farmers & Merchants Bank | 1.0B | 17.1% | +54% |
| The First Bank and Trust Company | 0.9B | 14.9% | +104% |
| Atlantic Union Bank | 0.7B | 11.5% | +9% |
| Wells Fargo Bank | 0.5B | 9.3% | +16% |
| United Bank | 0.4B | 7.2% | +21% |
| City National Bank of West Virginia | 0.3B | 4.4% | +6% |
| Pendleton Community Bank, Inc. | 0.2B | 3.7% | +210% |
| Bank of America | 0.2B | 3.6% | -0% |
| Burke & Herbert Bank & Trust Company | 0.1B | 2.5% | new since 2020 |
The 10 largest of 18 insured institutions with a branch presence, as of June 30, 2025. Five-year change compares the same institution's deposits in 2020 and 2025; an acquirer absorbs the balances of banks it bought.
Counties in this market
| County | State | GDP | Population | Share of GDP |
|---|---|---|---|---|
| Rockingham County | Virginia | $5,318M | 89,316 | 38.3% |
| Augusta County | Virginia | $3,371M | 78,940 | 24.3% |
| Harrisonburg city | Virginia | $3,027M | 50,839 | 21.8% |
| Staunton city | Virginia | $1,145M | 26,801 | 8.2% |
| Waynesboro city | Virginia | $1,023M | 23,951 | 7.4% |
Recruiting in Harrisonburg
Deposits are neither closely held nor widely dispersed, which usually leaves room for a well-led team to take share without competing head-on with a dominant holder. 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 this one, on a retained basis.
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