Tommy Lloyd, Fifth Third’s retail executive for the Carolinas, said the bank has “zero intentions” of closing the existing branch less than a mile away at Torrence Chapel and West Catawba.

Aug. 3. By Dave Yochum. With Fifth Third Bank officially opening its “Next Gen” financial center on West Catawba today, there are now more than a dozen banks dividing up more than $1.35 billion of deposits in Cornelius.

Fifth Third is the only one with two branches in Cornelius. Of course, Aquesta’s main branch is here, with total deposits of $235.8 million one year ago, as per the Federal Deposit Insurance Corp.

Both branches will stay

Tommy Lloyd, Fifth Third’s retail executive for the Carolinas, said the bank has “zero intentions” of closing the existing branch less than a mile away at Torrence Chapel and West Catawba.

“Lots of folks are retrenching and closing,” he said, explaining that banks are nevertheless benefiting from stimulus checks and the extra cash generated by COVID lock-downs and closings.

Fifth Third originally had plans to open 100 new financial centers in the South, but that has morphed to 130.

“We think this is a really valuable market,” Lloyd said.

Cornelius data

The June 30, 2020 FDIC market share report, the most recent one available, shows 13 bank branches in Cornelius. Since then, Chase has opened its first branch at Jetton and West Catawba.

Aquesta is the king of market share in Cornelius, with 17.45 percent of total local deposits—twice as much as Fifth Third (8.13 percent).

Wells Fargo is No. 2, with 16.87 percent, and Region’s Bank is third, with 15.73 percent of Cornelius bank deposits.

Select Bank & Trust Co. comes in last, with .21 percent of local market share as of June 30, 2020.

Davidson data

It’s a different story in Davidson, where Wells Fargo is first in market share with 64.64 percent of a total deposit base of $304.5 million. Second and third place are Fifth Third with 17.9 percent and Aquesta with 17.4 percent.

Total deposits in Cornelius, at $1.35 billion, are more than four times greater than in Davidson.

More coming

HomeTrust Bank plans to open a two-story, 7,000-square-foot branch on West Catawba as well.