Business North Carolina’s annual list of the state’s 50 biggest banks and credit unions.
10 things to know about North Carolina’s banks and credit unions
- Profit is hard to come by. Twenty-nine of the 50 largest N.C.-based institutions reported
lower annual net income or a loss in 2023, compared with 17 a year earlier. - Charlotte-based Truist Financial is restructuring to revive its sluggish growth. It sold
its insurance division, booking a $10 billion gain, and started a $750 million cost-reduction effort - Only 23 of the 50 N.C.-based institutions had return on assets of more than 1%, a traditional banking measure of success. That compares with 31 a year earlier.
- State Employees’ Credit Union named Leigh Brady as CEO, its first female CEO since its founding in 1937. It borrowed $5 billion from a Federal Reserve program to assist bank and credit union liquidity
- Bank of America CEO Brian Moynihan turns 65 in October, raising speculation over succession. He has been CEO since 2010. BofA shares have been flat over the past three years, while Wells Fargo, JPMorgan and the S&P 500 Index have increased more than 30%.
- Skyla Credit Union of Charlotte jumped to 16th from 23rd, and added more than $400 million in assets, partly through its merger with Parsons Federal Credit Union of Pasadena, California. Parsons is a national engineering firm with a key office in Charlotte. Skyla started in 1962 to serve Charlotte city employees.
- Raleigh’s Dogwood State Bank is likely to jump in next year’s rankings after buying Community First Bank of Seneca, South Carolina. It will put Dogwood’s assets at more than $2 billion.
- First Citizens uniquely benefited from the biggest U.S. banking crisis in 15 years, acquiring assets of failed Silicon Valley Bank in a government-assisted rescue. It booked an $11.5 billion profit for 2023, while first-quarter earnings topped expectations.
- Despite the closing of the famous paper mill in Canton in Haywood County, Champion Credit Union profited last year. It completed its merger with Ecusta Credit Union, which opened in 1976 and operated one branch.
- Over the past decade, Wilmington’s Live Oak Bank has grown from $400 million in assets and $50 million in capital to $11 billion in assets and nearly $1 billion in capital, compounding 34% annually, CEO Chip Mahan noted in May. ■
FINANCIAL50
LARGEST BANKS AND CREDIT UNIONS BASED IN NORTH CAROLINA
It’s been a great year to manage money for the wealthy, which is the core business of North Carolina’s major investment advisers. Our annual listing includes
30 North Carolina–based institutions that oversee at least $1 billion in assets.
Twenty-six of the 30 managers on the list reported more assets under management than a year earlier, including eight that had gains topping 20%. That was a direct reversal from the previous year, when only five managers showed gains.
It helps when the stock market is roaring, of course. Most indices were trading at or near record high levels as of mid-May.
The list is based on the most recent annual filings with the Securities and Exchange Commission, which requires data on the number of employees, assets and principal owners.
It doesn’t include large asset managers based in other states, such as Fidelity, Morgan Stanley and Vanguard.
We want to spotlight the sector’s local folks, many of whom have outstanding track records while receiving little publicity.
Sterling Capital Management, which ranks third this year and has been owned by Truist for many years, is being acquired by a Canadian money manager. But the companies making up the list tend to be quite stable, reflecting a long-term approach to their craft.
CLICK HERE TO VIEW THE FULL BILLIONAIRE’S CLUB LIST
