An Important Note: While this page mostly relates to local and community banks, one word of caution when it comes to wanting to help area credit unions. Not always, but sometimes credit unions can actually be hurt financially if they get too many deposits all at once. What is often times better for a credit union is for you to consider moving your car loan or mortgage to a credit union. Thank you for keeping this in mind when you think about where to move your money and always feel free to ask a manager at your local credit union about this.
According to the FDIC website, the total for bank deposits in 2010 for the Pioneer Valley was $11,958,992,000 or nearly 12 Billion dollars.
Total bank deposits held at local and community banks: $5,875,099,000 or 49%
Total bank deposits held at national banks: $3,631,600,000 or 30%
Total bank deposits for regional banks: $2,452,293,000 or 20.5%
For 2012, according to the FDIC website, the total of bank deposits held at all banks (excluding credit unions) is $13,193,603,000 (over $13.1 Billion) for Hampden, Hampshire and Franklin Counties.
Total bank deposits held at local and community banks: $6,603,667,000 or 50%
Total bank deposits held at national banks: $4,304,999,000 or 33%
Total Bank Deposits held by regional banks: $2,284,937,000 or 17%
Pioneer Valley Local First is working to encourage people, businesses and other institutions to shift their bank deposits away from non-local banks to local and community banks and credit unions.
If just 10% of the deposits were moved away from non-local banks, it would be half a billion more dollars in the hands of financial institutions owned and located right here in our community.