Wells Fargo, U.S. Bank and KeyBank controlled three-fifths of all deposits in the Treasure Valley, according to a 2014 FDIC report, making small players out of the mostly regional banks that follow.
Merger activity among Valley banks slowed from six between mid-2013 and mid-2014 to two in the past year. Tom Van Hemelryck, Idaho market president of Seattle’s Washington Federal Bank, says he expects banks with less than $5 billion in assets to continue merging here and across the country. All Idaho-based banks fall into that group.
“I can’t state exactly why merger activity slowed down last year,” Van Hemelryck says. “We’re interested in acquisitions, but I wouldn’t go so far as to say we’re looking in this market.”