As you drive in and around the Richmond District, you have no doubt noticed the wide variety of banks that line our streets. Nestled in among national heavyweights like Bank of America and Wells Fargo are smaller savings and loans like United Commercial Bank, The Bank of East Asia, California Bank, Affinity Bank, Sterling Bank, and countless other names you may not have heard before.
It turns out that the Richmond District has the most balanced, and possibly most competitive banking market in the country. This is according to a recent article in the New York Times entitled “A Banking Battleground”. The article discusses the power of small banks which nationwide, hold nearly half of bank deposits overall ($1.05 billion).
In this era of large banks failing, some people are moving their money to smaller community banks and credit unions.
So where do you bank? Are you with a big player like BofA or Wells? Or have you placed your savings or investments with a smaller local or regional institution, perhaps right here in the neighborhood?
Thanks to Woody for the tip.
Sarah B.
Map courtesy of the New York Times. See larger version.