ServisFirst officially opens in April 2024 on Bailey Road

March 14. By Dave Yochum. There are billions of reasons ServisFirst Bancshares has opened in Cornelius—1.288 billion to be exact.

The FDIC says there are $1.288 billion in total deposits in Cornelius bank branches—including two Fifth Third branches—and all 15 branches want their share.

While ServisFirst officially opens on Bailey Road next month, it joins 14 other bank branches that are chasing not just consumer deposits, but commercial loans, cash management clients and upscale private banking clients.

Here are the Top Five bank branches by size of deposits:

Wells Fargo: $266 million
Bank of America: $213 million
United Community: $156 million
Regions Bank: $132 million
Fifth Third: $117 million

Truist is a fairly distant sixth, with $83 million in deposits. The smallest: First Bank, with $4,785 in deposits, according to the FDIC and a market share of 0.37 percent

Here are the Top Five banks branches by market share:

Wells Fargo: 20.65 percent
Bank of America: 16.55 percent
United Community: 12.12 percent
Regions Bank: 10.32 percent
Fifth Third: 9.1 percent

What economists say

Economists say the demographics of people moving here run toward higher incomes, many with two incomes. At the same time, the population continues to grow.

John Silvia

“You’re not bringing in a lot of the non-educated. In-migration here is very different from the immigrants that grew cities like New York City generations ago,” said John Silvia, founder of Dynamic Economic Strategy and former chief economist for Wells Fargo.

—There are 15 bank branches in Cornelius, but there are 14 banks because Fifth Third has two branches.