Fifth Third Bank takes First Citizens spot as fourth-largest bank in Charlotte

CHARLOTTE — Fifth Third Bancorp surpassed First Citizens BancShares Inc. to become the Charlotte area’s fourth-largest bank by deposits, according to Federal Deposit Insurance Corp. data released on Sept. 22. First Citizens is now the area’s fifth-largest bank. It has held that position between 2018 and 2021 before climbing to the fourth spot last year.

The latest FDIC market-share data follows several moves made over the last few months by Cincinnati, Ohio-based Fifth Third. One was the bank’s decision to stop all new commercial real estate lending for office projects, Fifth Third CEO Tim Spence announced during an investor conference in June. The move comes as further weakness in that sector creates risk for banks and prompted it to halt new lending altogether.

Earlier this month during a separate conference, Spence also said Fifth third isn’t on the lookout for “large non-bank acquisitions” like it has done the past two years to add major financial technology capabilities.

Fifth Third’s local deposits dropped over the year by about $405 million. That’s as First Citizen’s deposits in the local area fell over the year by a little more than $1 billion.

Here’s how the region’s other top banks ranked.

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