Wells Fargo deposits plunge 27% in Charlotte, outpacing market contraction

Wells Fargo’s deposits in the Charlotte metropolitan area fell 27% for the 12-month period ending June 30, 2026. FDIC data confirms this was the most significant decline among the city’s five largest banks.

The drop resulted in a loss of local market share for the company. Charlotte’s total deposit market also contracted, shrinking by nearly $45 billion during the same period.

While the city's top five banks maintained their rankings, Wells Fargo lost ground to Bank of America and Truist Financial Corp. Both competitors reported deposit decreases but at smaller margins than Wells Fargo.