Richmond, VA holds $67.7 billion in deposits across 29 insured institutions and 262 branches, ranking #40 of 293 U.S. markets by economic output. Bank of America is the largest deposit holder at 50.5% share. The top three institutions hold 75.6% of deposits, which places the market in the concentrated band. Deposits have declined 45% since 2020 while the branch count fell by 37.
Deposit trend
Branches: 299 in 2020 to 262 in 2025. Institutions: 26 to 29. Top-three share: 84.2% to 75.6%. Deposits per branch: $258M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Bank of America | 34.2B | 50.5% | +44% |
| Wells Fargo Bank | 8.8B | 12.9% | +10% |
| Truist Bank | 8.2B | 12.1% | -12% |
| Atlantic Union Bank | 6.1B | 9.0% | +38% |
| TowneBank | 2.2B | 3.3% | +84% |
| Citizens and Farmers Bank | 1.5B | 2.2% | +39% |
| Primis Bank | 1.4B | 2.0% | +98% |
| Blue Ridge Bank | 0.8B | 1.2% | new since 2020 |
| United Bank | 0.8B | 1.2% | new since 2020 |
| SouthState Bank | 0.7B | 0.9% | +33% |
The 10 largest of 29 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 |
|---|---|---|---|---|
| Henrico County | Virginia | $29,755M | 342,775 | 30.6% |
| Richmond city | Virginia | $28,128M | 237,257 | 29.0% |
| Chesterfield County | Virginia | $18,546M | 397,148 | 19.1% |
| Hanover County | Virginia | $7,022M | 116,423 | 7.2% |
| Goochland County | Virginia | $2,979M | 29,187 | 3.1% |
| Prince George County | Virginia | $2,689M | 43,936 | 2.8% |
| Hopewell city | Virginia | $1,424M | 23,261 | 1.5% |
| Petersburg city | Virginia | $1,306M | 33,734 | 1.3% |
| Dinwiddie County | Virginia | $1,119M | 28,896 | 1.2% |
| Powhatan County | Virginia | $950M | 32,591 | 1.0% |
| New Kent County | Virginia | $810M | 28,022 | 0.8% |
| Colonial Heights city | Virginia | $726M | 18,738 | 0.7% |
| King William County | Virginia | $634M | 19,617 | 0.7% |
| Sussex County | Virginia | $331M | 10,755 | 0.3% |
| Amelia County | Virginia | $292M | 13,632 | 0.3% |
| Charles City County | Virginia | $260M | 6,623 | 0.3% |
| King and Queen County | Virginia | $156M | 6,743 | 0.2% |
Recruiting in Richmond
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. 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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