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Banking in Central PA

Banking in Central PA
December 2015
Category: Business

The banking industry is a highly competitive marketplace. If you drive down any "Main Street, USA", near any retail and commerce district, you are likely to see a handful of banks closely clustered together. These days as banking consumers, we have a variety of choices for banking options - everything from your neighborhood brick-and-mortar stores to several different online options. Either way, the banking market is robust and aggressive.
 
What does this landscape look like for Central Pennsylvania? Below are some statistics to help answer that question. 
 
bank data in central pennsylvania
According to the latest release from the Federal Deposit Insurance Corporation (FDIC), there are currently 801 federally insured banks located throughout the nine Central Pennsylvania Counties (Adams, Berks, Cumberland, Dauphin, Franklin, Lancaster, Lebanon, Perry, and York Counties). These banks had a total of $49.6 billion worth of deposits (an average of $61.9 million per bank) as of June 2015 according to the data. Berks County tops the list of Central Pennsylvania counties with approximately $13.7 billion in total bank deposits. The chart below displays a breakdown by the total sum of deposits within each of the region's counties:
Summary of Deposits Central PA Banks-ROCK Commercial

Bank Summary of Deposits Map - ROCK Commercial
The map above displays the total sum of deposits throughout Central Pennsylvania by zip code as well as the location of each of the banks throughout the region. The green-shaded areas represent the total sum of deposits within zip codes. The darker green shaded areas represent higher sums of total bank deposits. The green markers represent the locations of banks and are sized based on the total deposits of each bank location (for example: a bank location that has $30 million worth of deposits will have a smaller green location marker than a bank  that has $100 million in deposits.)

consumer banking behaviors - in person versus online
Much like anything else, the internet is changing the way the banking industry is evolving. While there are still a large number of people who do their banking in person, the number who are conducting their banking online  and on mobile devices is increasing. The most recent numbers indicate that just about 1.1 million people have conducted their banking in person in the past 12 months, while during that same time period about 663,000 people conducted banking on-line.
 
The graph below is a comparison of banking in person versus banking online by households in Central Pennsylvania, showing the change in each from 2008 to 2014. The blue bars represent the number of households who did banking in-person. While there was an overall increase in the number of households banking in person from 2008 to 2014, there has been a continual decrease each year since 2011. On the other hand, the number of households doing their banking online (green bars) has seen a continuous uptick each year since 2008.
 
Banking in person vs online - ROCK Commercial 
 

additional consumer banking behaviors
  •  About 443,000 Central Pennsylvanians say they like going to the bank, while about 670,000 say they do not mind going to the bank
  • 172,000 Central Pennsylvanians say they hate going to the bank
  • 581,000 individuals in the region do not use the phone for banking transactions, while 515,000 frequently use the phone for banking transactions
  • 65,300 Central Pennsylvanians did banking by mail over the past 12 months

 
 
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