McLean-based Capital One Financial Corp. (NYSE: COF) is now the biggest bank in the D.C.-area market by total deposits, according to new data released by the Federal Deposit Insurance Corporation.
Capital One, with more than $49 billion in local deposits, captured 15.66% of the market as of June 30, overtaking banking giant Bank of America, which has $42 billion in deposits and a 13.43% market share. Capital One had just $36.38 billion in local deposits in 2019.
It is the first time Capital One has been on top of all local retail banks since June 30, 2012. But Capital One also surpassed E*Trade Bank, the deposit arm of investing giant E*Trade, which has just one location in Arlington and is not a consumer-oriented retail bank. It is also the first time E*Trade — which posted $44 billion in deposits — has not been the largest local bank by deposits since June 30, 2005, according to the FDIC.
