Lubbock area banks take in $6.77B in depositsLubbock area banks take in $6.77B in depositshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=52812014-01-14T07:12:00Z2014-01-13T00:00:00Z

LUBBOCK - Funds on deposit in local banks increased by nearly $300 million between July 2012 and June 2013, according to the Federal Deposit Insurance Corp. (FDIC).

The Lubbock area’s 28 banks, including banks in Crosby and Lynn counties, had combined deposits of nearly $6.77 billion, a 4.46 percent increase from $6.47 billion in June 2012.

PlainsCapital, City Bank and Prosperity held the first second and third spots for the seventh consecutive year. The three represent just over 49 percent of the market.

Of the 25 banks that carried over from 2012’s list, 20 increased their funds on deposit, led by Happy State Bank’s 374 percent rise.

Home mortgages are still an active loan product, according to Greg Jones, Lubbock executive vice president at Prosperity Bank, noting that rates have climbed back from historic lows to interest rates at about 4.25 percent.

“We expect another good year in the housing sector,” said Jones.

Read more at the Lubbock Avalanche-Journal.

Lubbock Avalanche-Journal
http://lubbockonline.com/business/2014-01-11/stashing-cash-lubbock-banks-see-funds-deposit-growing-45-percentRead more at {Source}

 Search NewsTalk Texas