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Cornelius News

There are more than 1.35 billion reasons for a new bank in Cornelius

HomeTrust plans to open later this year

Aug. 24. By Dave Yochum. When HomeTrust Bank opens on West Catawba at One Norman later this year, it will join more than a dozen banks dividing up more than $1.35 billion of deposits in Cornelius. And those are 2020 data, as as per the Federal Deposit Insurance Corp.

HomeTrust’s new branch, at almost 10,000 square feet, will have retail, mortgage, commercial, professional and investment bankers.

Asheville-based HomeTrust, like other banks, is attracted to Mecklenburg County’s economic growth, not to mention the concentration of private wealth in Cornelius, more so than Davidson and Huntersville.

Total deposits in Cornelius, at $1.35 billion, are more than four times greater than in Davidson.

Aquesta’s main branch on Jetton had total deposits of $235.8 million as of June 2020, or 17.45 percent of the market.

Wells Fargo is No. 2, with 16.87 percent, and Region’s Bank is third, with 15.73 percent of Cornelius bank deposits.

Select Bank & Trust Co. comes in last, with 0.21 percent of local market share as of June 30, 2020.

The June 30, 2020 FDIC market share report, the most recent one available, shows 13 bank branches in Cornelius. Since then, Chase has opened its first branch at Jetton and West Catawba and Fifth Third opened at Magnolia Plaza.

Fifth Third officials say the existing branch at Torrence Chapel will remain open. “We think this is a really valuable market,” said Tommy Lloyd, Fifth Third’s retail executive for the Carolinas.