The banking landscape in Jefferson County has seen a notable fluctuation in deposit trends over the past couple of years, mirroring broader economic shifts both locally and nationally. According to data sourced from the Jefferson County Banks list, annual Jeffco deposits across banking institutions collectively fell by 9% between 2022 and 2023, painting a nuanced picture of financial activities within the region.
The trajectory of deposits tells a story of peaks and troughs. In 2021, local deposits stood at $17.2 billion, experiencing a surge to $20 billion in 2022 before retreating to $18.2 billion in 2023. This pattern reflects a broader trend observed across the United States, where domestic deposits declined by 4.8% in the year ending June 2023, as reported by the Federal Deposit Insurance Corp.
Interestingly, while large banks experienced the brunt of deposit declines, community banks in the nation collectively reported growth. Community banks, characterized by their smaller size and focused business model, recorded a 1% increase in deposits year-over-year.
Amidst these broader trends, individual banks within Jefferson County showcased varying performances. Bank of Colorado led the pack with a 49.5% increase in local deposits, followed by Solera National Bank with a notable 35.9% uptick. Bank of America and First Western Trust Bank also demonstrated significant improvements in Jeffco, registering increases of 24.3% and 38.7%, respectively.
In contrast, some banks experienced substantial declines in local deposits. Fortis Private Bank saw a notable 54.2% drop, followed by Zions Bank with a 32.3% decrease, and First Interstate Bank with a 29.3% shrinkage.
The data also sheds light on evolving banking behaviors within Jefferson County. Young Americans Bank, tailored for individuals aged 21 and younger, reported a remarkable 47.8% increase in deposits, hinting at a potential rise in local youth savings.