Business North Carolina An annual listing of the top 50 banks and credit unions in the state.
10 things you need to know about North Carolina Banks and Credit Unions
- Profits are hard to come by: 29 of the 50 largest financial institutions based in North Carolina
In 2023, the company will see a decline in annual net profits or a loss, compared with 17 companies the previous year. - Based in Charlotte Truist Financial The company is undergoing restructuring in an effort to revive sluggish growth.
The insurance division posted a $10 billion profit and embarked on a $750 million cost-cutting initiative. - Of the 50 North Carolina-based financial institutions, just 23 achieved a return on assets of 1% or more — a traditional measure of bank success — down from 31 a year ago.
- State Employees Credit Union Lee Brady is named CEO, the first woman to hold the position since the company was founded in 1937. The bank borrows $5 billion from a Federal Reserve program to help banks and credit unions with liquidity.
- Bank of America Speculation over who will succeed him has been growing since CEO Brian Moynihan turned 65 in October, and he has been in the position since 2010. Bank of America shares have been flat over the past three years, while Wells Fargo, JPMorgan and the S&P 500 have risen more than 30%.
- Skylar Credit Union Charlotte's Skylar jumped from 23rd to 16th, adding more than $400 million in assets following its merger with Parsons Federal Credit Union of Pasadena, Calif. Parsons is a national engineering firm with its main office in Charlotte. Skylar was founded in 1962 to serve Charlotte city officials.
- Lawry's Dogwood State Bank Dogwood is likely to jump up the rankings next year thanks to its acquisition of Community First Bank of Seneca, South Carolina, which will bring Dogwood's assets to $1. $2 billion.
- First Citizen The largest in the United States The company, which acquired the assets of Silicon Valley Bank after it collapsed in a government-backed bailout following the country's first banking crisis in 15 years, has posted profits of $11.5 billion for the full year 2023 and first-quarter profits that beat expectations.
- Despite the closure of a well-known paper mill in Canton, Haywood County; Champion Credit Union The company, which turned a profit last year, completed its merger with Ecusta Credit Union, which opened in 1976 and operated one branch.
- In the past 10 years, Wilmington Live Oak Bank It has grown from $400 million in assets and $50 million in capital to $11 billion in assets and nearly $1 billion in capital. CEO Chip Mahan said in May that the company was growing at a compound annual rate of 34%. â–
Finance50
Largest Banks and Credit Unions Based in North Carolina
Thirty North Carolina-based institutions managing at least $1 billion in assets.
Twenty-six of the 30 managers on the list reported year-over-year increases in assets under management, including eight that saw increases of 20% or more — a complete reversal from the previous year, when only five managers reported increases.
Of course, that helps when the stock market is booming: As of mid-May, most indexes were trading at or near all-time highs.
The list is based on the most recent annual filings with the Securities and Exchange Commission, which requires data on employee numbers, assets and major owners.
The list does not include large asset managers based in other states, such as Fidelity, Morgan Stanley and Vanguard.
We want to shine the spotlight on local people in this field, many of whom have incredible track records despite not getting much publicity.
This year's No. 3, Sterling Capital Management, was owned by Truist for many years before being acquired by a Canadian asset manager, but the companies on this list tend to be fairly stable, reflecting their long-term approach to business.
Click here to see the full list of Billionaires Club