There are about 50 companies with bank branches in Florida, but nearly two thirds of the 4000 branches in Florida are operated by the 10 biggest banks.
Even among the top 10, the top four: Wells Fargo, Truist, Band of America and Chase are all in "the 400 Club" and each of them operates over 400 branches. While Florida's population has record growth, the top 10 banks are still shrinking by 1.5%. In 2023, they closed 41 branches out of the nearly 3,000 they operate in the state. Amongst the top four, Wells Fargo and Truist both shrank by about 5% which is a substantial contraction. On the other hand, Bank of America and Chase basically remained unchanged. In 2023, Fifth-Third Bank grew by 10% and TD Bank grew by nearly 5%. As Florida's population continues its record growth, Woolbright predicts that over the next 5 years, Florida's banks will start to expand once again with much of that growth likely coming from the smaller banks.
