Huntington, First National have highest market shares in Valley
By Karl Henkel
First National Bank and Huntington National Bank had the biggest market-share growth in the region from 2010 to 2011, according to the latest FDIC deposit and market-share data.
Huntington Bank claimed the largest share of the Mahoning Valley pie — 21.12 percent — which represented a 0.7 percent gain compared with last year and upped its regional deposits by 2 percent.
“Customers have really embraced our strategy,” said Frank Hierro, president of Huntington’s Mahoning Valley region, speaking of the Asterisk-Free checking accounts the bank introduced this year. “We have our lofty goals, and our No. 1 priority is to maintain that No. 1 market share.”
First National Bank had a 13.79 percent market share and 1.42 percent market-share growth and finished second among the 19 institutions in the region. It increased regional deposits by nearly 10 percent.
“We have a pretty solid strategy focused on new client acquisition,” said Vincent J. Delie Jr., CEO of First National Bank and president of F.N.B. Corp. “We’ve had considerable expansion in the commercial segment and really enhanced the focus on the retail side.”
PNC Bank (13.15 percent market share, down 0.43 percent; 4.4 percent regional deposit decline), First Place Bank (13.11 percent, 2.6 percent decline; 17.5 percent deposit decline) and The Home Savings and Loan Co. (10.28 percent, 0.8 percent increase; 0.6 percent deposit decline) rounded out the top five in the market-share category.
The increases occurred during the period from June 30, 2010, through June 30 this year.
Overall regional deposits fell 1.3 percent, from $9.1 million to slightly more than $9 million. Outside of the Valley, deposits for the 19 institutions, which also include Chase, Cortland Banks and Farmers National Bank, increased 12.5 percent, from $1.18 billion to $1.3 billion.