MUMBLINGS June 8, 2006

Money! Money! Money! -- -this is a more discussed subject, even than the weather, or so it seems.

Three years ago we told you about the number of banks and branches, total deposits, etc., in this great county. Everybody was amazed at the growth. I think you will be equally amazed at the growth during the last three years.

Remember I told you that in 1936 when I came to Baldwin, the total deposits in all banks, only four at the time, was less than $1 million. The four banks were The State Bank of Elberta, Farmers and Merchants Bank, Foley, First National Bank of Fairhope and Baldwin County Bank, Bay Minette. I don’t remember the total deposits of each bank, but I do remember that Baldwin County Bank was about $150,000 and S. F. Holmes was the president.

The banking business is exciting and certainly highly interesting to millions of people. Causing a lot of discussion now is the announcement of several days ago of the merger of Regions and AmSouth Bank, both of Birmingham.

Naturally, this huge merger affects many people, including the loss of thousands of employees.

Also causing anxiety is which branches are going to be sold, where each of the two combined banks have them. For example in Bay Minette, Regions has a beautiful new building on Courthouse Square and AmSouth has a nice branch on D’Olive, just west of the courthouse. The likelihood of AmSouth closing this branch seems to me to be reasonable, but what will happen and when, no one knows at this time. Regions, already the largest bank in Baldwin and with the addition of the number six, AmSouth, will be by far the biggest, with total deposits of $1,027,820,000.

In the state and nation as a whole, this merger will have total assets of about $150 billion and will be the tenth largest bank in America. There is already speculation that this new huge bank, retaining the name of Regions, will make an ideal purchase for some of the larger banks in the nation, such as Wells Fargo, etc.

Even though the merger of these two huge banks is of great interest, we in Baldwin are more interested in the strength and how local banks are doing.

In 2002, the total number of banks in the county, including branches was 70, with deposits of $1,202,794,555. Now, the number of banks is about the same, but with total deposits of $3,099,617,000. Anyway you look at it that is a lot of money. Even with inflation, you’ll have to give the credit to the fast growth in Baldwin.

Overall, the gain during this period has been 68 percent, or $1,245,658,000. A comparatively new bank in 2002, was the First National of Baldwin County, Foley which is currently showing a gain of 580 percent.

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Continued

Following are the banks showing the total deposits, location, percentage of growth and the amount of deposits three years ago.

Regions, Robertsdale, (12) $736,416,000, 64 percent gain; up from $450,321,000.

Wachovia, Daphne, (7) (formerly Southtrust) 444,382,000, 51 percent gain, up from $295,703,880.

First Gulf, Gulf Shores, (7) $377,944,000, 116 percent gain; up from $175,021,000.

Vision, Gulf Shores, (6) $330,303,000, 307 percent increase from $107,816,351,

Colonial, Foley, (7) $300,547,000, 35 percent increase from $223,095,000.

Amsouth, Fairhope, (8) $291,404,000, 38 percent increase from $211,511,000.

Compass, Fairhope, (4), $261,020,000, 26 percent increase from $208,000,000.

First National, Foley, (3), $139,064,000, 580 percent up from $24,000,000.

Citizens, Robertsdale, (4) $71,505,000, 20 percent increase from $59,573,000.

United, Atmore, (7) $59,277,000, 65 percent, up from $35,914,854.

Whitney, Gulf Shores, (4) $52,196,000, 43 percent, up from $35,381,000.

Banktrust, Foley, (3) $35,559,000, 80 percent increase from $19,822,000

See you again soon, I hope.