The Finch Formerly Known As Gold

28 November 2007

Where the dollars are

It wasn't that long ago when you couldn't even have branch banks in Oklahoma, the sort of policy which discouraged out-of-state banks from competing — which, I have to assume, was the whole idea. Now that this rule and some others have been scrapped, you might wonder if the Big Boys from the Coast have taken over.

Don Mecoy reports in the Oklahoman that no, they haven't:

Oklahoma and its largest metropolitan areas are highly competitive banking markets, Federal Deposit Insurance Corp. statistics show. Oklahoma had the fifth-lowest concentration in its banking market in 2004, the FDIC said.

The state's largest bank, Bank of Oklahoma, controls just more than 11 percent of deposits, and the five biggest institutions manage about one-third of all deposits. By contrast, the five largest banks in Texas hold more than half of all deposits. In Arizona, the three largest banks control nearly two-thirds of state deposits.

Things I noticed:

  • We still prefer our homegrown banks. The top three — BOk, MidFirst and BancFirst — are all based in Oklahoma. And the out-of-state bank with the greatest market penetration is Arvest, right next door in Arkansas.

  • None of the aforementioned Big Boys from the Coast has scored 5 percent of the market; Bank of America comes closest, at 4.59 percent.

  • If you were wondering if everything's going to BOk, well, they've got a long way to go before they become the 800-lb gorilla of the state.

One of the Big Boys bought out my bank, and I haven't moved. Yet.

Posted at 6:57 AM to Common Cents , Soonerland


My bank went from First National Bank of Norman to Liberty to Bank One. Before Bank One became Chase, I joined the credit union in the building where I work.

As always, thanks for reading.

Posted by: Don Mecoy at 8:16 AM on 28 November 2007

I banked at Libery Bank because a) the phone co. paychecks were drawn on it and one could cash them at the drive-thru at any hour of any day and b) service like that meant shoot yes they got my business. In the 1990s when they suddenly became Bank One I was somewhat perturbed but I have been relieved since that became Chase as believe it or not the service is better. Bank One had a lot less service for a lot more fees. Chase eliminated most of the pesky fees and picked up the service to a great degree. So for now things are OK.

Posted by: ms7168 at 10:35 AM on 28 November 2007

I also was a Liberty Bank customer that was very disappointed with Bank One's service, especially at the 23rd and Classen branch that was consistently understaffed after the change. I am now (and for the last several years) a very satisfied MidFirst Bank customer.

Posted by: Jason at 12:27 AM on 29 November 2007