U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Tennessee
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-21-2018, 11:51 AM
 
11,603 posts, read 31,771,782 times
Reputation: 8203

Advertisements

The numbers are out for 2018. Bank deposit growth has slowed state-wide from 2017, and several prominent counties have experienced declines. McMinn County's bank deposits dropped by 2.8%, knocking it out of the top 20.

county...2018 deposits x $1000...% change from 2017
  1. Davidson...$35,589,944...7.2%
  2. Shelby...$26,119,301...6.8%
  3. Knox...$11,903,022...6.0%
  4. Williamson...$9,620,727...8.6%
  5. Hamilton...$7,811,936...-0.5%
  6. Rutherford...$4,560,093...8.1%
  7. Sumner...$3,516,191...5.6%
  8. Montgomery...$2,626,209...4.4%
  9. Wilson...$2,621,159...5.8%
  10. Sevier...$2,480,474...1.3%
  11. Sullivan...$2,224,298...-3.1%
  12. Washington...$2,183,456...3.0%
  13. Blount...$2,059,400...4.0%
  14. Putnam...$2,016,207...5.0%
  15. Madison...$1,769,522...-0.1%
  16. Bradley...$1,709,763...9.5%
  17. Maury...$1,579,643....4.5%
  18. Cumberland...$1,060,107...2.6%
  19. Coffee...$1,019,527...-0.1%
  20. Anderson...$987,732...5.9%
TENNESSEE...$154,892,603...5.0%
__________________


IMPORTANT READING:
Terms of Service

---
its - possession
it's - contraction of it is
your - possession
you're - contraction of you are
their - possession
they're - contraction of they are
there - referring to a place
loose - opposite of tight
lose - opposite of win
who's - contraction of who is
whose - possession

Last edited by JMT; 09-29-2018 at 08:55 AM..
Reply With Quote Quick reply to this message

 
Old 09-21-2018, 02:32 PM
 
Location: Nashville, TN
1,216 posts, read 1,797,232 times
Reputation: 858
Interesting. Thanks for posting.
Reply With Quote Quick reply to this message
 
Old 09-29-2018, 08:07 AM
 
11,603 posts, read 31,771,782 times
Reputation: 8203
And now the per capita figures.

county...2018 deposits x $1000...per capita...change from 2017
  1. Davidson...$35,589,944...$51,487...6.1%
  2. Shelby...$26,119,301...$27,877...6.5%
  3. Knox...$11,903,022...$25,772...4.7%
  4. Williamson...$9,620,727...$42,521...5.2%
  5. Hamilton...$7,811,936...$21,603...-1.6%
  6. Rutherford...$4,560,093...$14,378...5.0%
  7. Sumner...$3,516,191...$19,157...3.6%
  8. Montgomery...$2,626,209...$13,119...2.1%
  9. Wilson...$2,621,159...$19,211...3.0%
  10. Sevier...$2,480,474...$25,405...0.3%
  11. Sullivan...$2,224,298...$14,153...-3.3%
  12. Washington...$2,183,456...$17,084...2.7%
  13. Blount...$2,059,400...$15,850...3.0%
  14. Putnam...$2,016,207...$25,957...2.6%
  15. Madison...$1,769,522...$18,122...-0.1%
  16. Bradley...$1,709,763...$16,197...8.4%
  17. Maury...$1,579,643....$17,140...2.0%
  18. Cumberland...$1,060,107...$17,944...1.9%
  19. Coffee...$1,019,527...$18,525...-1.4%
  20. Anderson...$987,732...$12,953...4.9%
TENNESSEE...$154,892,603...$23,063...3.8%
__________________


IMPORTANT READING:
Terms of Service

---
its - possession
it's - contraction of it is
your - possession
you're - contraction of you are
their - possession
they're - contraction of they are
there - referring to a place
loose - opposite of tight
lose - opposite of win
who's - contraction of who is
whose - possession
Reply With Quote Quick reply to this message
 
Old 09-30-2018, 07:27 AM
 
Location: Loudon, TN
4,901 posts, read 4,211,785 times
Reputation: 16288
Again, we don't know how this is figured. Is it by the zip code of the depositor, or the particular branch it's deposited in, or where the banks headquarters is? They obviously don't hold all of your money in your neighborhood branch.

I know that less than 10% of my net worth is in "the bank". The other 90%+ is in mutual funds, bonds, home equity, etc. I don't even use my own bank for high yield checking, I use an online bank for that. My bank just holds my current month's income, and my emergency fund.
Reply With Quote Quick reply to this message
 
Old 10-01-2018, 09:31 AM
 
Location: Knoxville, Tennessee
22,533 posts, read 46,067,135 times
Reputation: 13302
Quote:
Originally Posted by JMT View Post
And now the per capita figures.

county...2018 deposits x $1000...per capita...change from 2017
  1. Davidson...$35,589,944...$51,487...6.1%
  2. Shelby...$26,119,301...$27,877...6.5%
  3. Knox...$11,903,022...$25,772...4.7%
  4. Williamson...$9,620,727...$42,521...5.2%
  5. Hamilton...$7,811,936...$21,603...-1.6%
  6. Rutherford...$4,560,093...$14,378...5.0%
  7. Sumner...$3,516,191...$19,157...3.6%
  8. Montgomery...$2,626,209...$13,119...2.1%
  9. Wilson...$2,621,159...$19,211...3.0%
  10. Sevier...$2,480,474...$25,405...0.3%
  11. Sullivan...$2,224,298...$14,153...-3.3%
  12. Washington...$2,183,456...$17,084...2.7%
  13. Blount...$2,059,400...$15,850...3.0%
  14. Putnam...$2,016,207...$25,957...2.6%
  15. Madison...$1,769,522...$18,122...-0.1%
  16. Bradley...$1,709,763...$16,197...8.4%
  17. Maury...$1,579,643....$17,140...2.0%
  18. Cumberland...$1,060,107...$17,944...1.9%
  19. Coffee...$1,019,527...$18,525...-1.4%
  20. Anderson...$987,732...$12,953...4.9%
TENNESSEE...$154,892,603...$23,063...3.8%
Quote:
Originally Posted by TheShadow View Post
Again, we don't know how this is figured. Is it by the zip code of the depositor, or the particular branch it's deposited in, or where the banks headquarters is? They obviously don't hold all of your money in your neighborhood branch.

I know that less than 10% of my net worth is in "the bank". The other 90%+ is in mutual funds, bonds, home equity, etc. I don't even use my own bank for high yield checking, I use an online bank for that. My bank just holds my current month's income, and my emergency fund.
Agreed. HOWEVER, looking at the per capita numbers, this is a very accurate assessment of where the wealthier, poor and in-between communities are located. For someone that is not familiar with the state, this might be a decent guide for those that worry about such things.
Reply With Quote Quick reply to this message
 
Old 10-01-2018, 10:02 AM
 
11,603 posts, read 31,771,782 times
Reputation: 8203
Quote:
Originally Posted by TheShadow View Post
Again, we don't know how this is figured. Is it by the zip code of the depositor, or the particular branch it's deposited in, or where the banks headquarters is? They obviously don't hold all of your money in your neighborhood branch.

I know that less than 10% of my net worth is in "the bank". The other 90%+ is in mutual funds, bonds, home equity, etc. I don't even use my own bank for high yield checking, I use an online bank for that. My bank just holds my current month's income, and my emergency fund.
It's calculated by bank branch. So yes, it's not a totally accurate representation of where the money is since someone living in one county might use a bank in a different county, particularly if they work in that different county. Or if someone moves, but their previous bank has branches in their new location, these figures would not reflect that. My bank, for example, is still officially on Unioin Ave in Memphis even though I live 250 miles away from there now.

You can visit the fdic web site for yourself to play with the data:
https://www5.fdic.gov/sod/sodInstBranch.asp?barItem=1

But as hiknapster said, it's nonetheless a pretty good representation of where the wealth is in the state. Per capita income figures, for example, skew lower for towns with a high concentration of college students since college students typically don't make much money. But college students often have money in the bank from student loans, grants, or parents. Same for places with lots of retirees who may not have much of an annual income but who nonetheless have money stockpiled in bank accounts (like my mother).
__________________


IMPORTANT READING:
Terms of Service

---
its - possession
it's - contraction of it is
your - possession
you're - contraction of you are
their - possession
they're - contraction of they are
there - referring to a place
loose - opposite of tight
lose - opposite of win
who's - contraction of who is
whose - possession
Reply With Quote Quick reply to this message
 
Old 10-01-2018, 11:10 AM
 
Location: Loudon, TN
4,901 posts, read 4,211,785 times
Reputation: 16288
Most of the retirees in my neighborhood keep their "stockpile" with their broker. And I don't think that qualifies as a bank deposit in the county for the purposes of this statistic. So I still have to differ with the premise that the bank balance in a local bank is representative of the "wealth" of the residents, especially when it comes to retirees, and areas with large clusters of retirees.

I back up my belief by the data available right on C-D information, which you can see by county. On your list, the #1 county with the highest deposits is Davidson County (surrounds Nashville). Checking city data, the median household income for Davidson County (for 2016, the last year shown) is $54,855, and the median resident age is 34.2. http://www.city-data.com/county/Davidson_County-TN.html

However, for my county, Loudon County, which on your list doesn't even rate in the top 20 counties, C-D shows that the median household income is $55,240, but the median resident age is 47.3. http://www.city-data.com/county/Loudon_County-TN.html So the income is a bit higher than your #1 county, but the average age is MUCH higher. So it follows that this population's wealth, or source of income, has nothing to do with bank deposits in local banks. If you want to measure wealth, or as you put it "where the money is", it seems that branch bank balances might not be the most accurate barometer.

Last edited by TheShadow; 10-01-2018 at 11:37 AM..
Reply With Quote Quick reply to this message
 
Old 10-01-2018, 11:39 AM
 
Location: Knoxville, Tennessee
22,533 posts, read 46,067,135 times
Reputation: 13302
Meh. I see that playing out more in several places in Florida. For instance, Fort Myers can appear fairly wealthy, thanks to copious amounts of retirees in the area. However, a lot of the working people in the area are poor. That stands to reason since there are no major employers and it is a service/tourist-based economy.

But looking at JMT's list, it's a good reflection of those counties. The only one that seems a bit skewed is Sevier. Lots of poor people there, but also lots of retired transplants. I suspect the same could be said for, ahem, Loudon County to some degree.
Reply With Quote Quick reply to this message
 
Old 10-01-2018, 03:30 PM
 
Location: Loudon, TN
4,901 posts, read 4,211,785 times
Reputation: 16288
Completely agree, the presence of large numbers of retirees with healthy net worth changes the dynamic. Loudon County has many retired transplants, of which I am one. Far from wealthy, but as I mentioned bank deposits are woefully inadequate to represent my holdings or those of many people. That's my point. "Where the money is" is the thread title, but "where the money is" is not necessarily best measured by people's savings and checking accounts. That's where many people keep their monthly spending money and emergency fund, but not the bulk of their net worth. Even median income is probably not the best determinant, but it is probably the only easily comparable measure. No doubt Davidson county has some pretty high rollers, what with the music industry, the state government, etc. But the bulk of the folks in those counties aren't country singers or industry big-wigs, or CEO's, or legislators etc. Indeed there is an entire mini-economy in areas with large retiree communities of folks serving the needs of the retired folks. I know that unemployment in our county is NIL. Numerous employers, large and small, have permanent help wanted signs up.

A lot of many people's net worth is tied up in farms, real estate, stock options, mutual funds, etc. I'm saying that this particular list and the methodology behind it might be flawed, since even the median household income in a small, somewhat rural county exceeds that of the biggest metro area in the state, and that's WITHOUT a music industry and state government puffing up the median. I'm saying this statistic is not as meaningful as some might imagine. I guess to some it says something, but I don't know what.
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 09:56 AM
 
868 posts, read 1,512,532 times
Reputation: 1147
It definitely isn't a perfect measure, but I think it is a good proxy for where monetary transactions take place and where the capital for investment lies. There's no question that Nashville serves as the financial center of the state and this confirms that. You can roughly equate deposits to the size of the financial sector.

I think it is also reasonable to suspect that Nashville's private banking system attracts the wealthy from all over middle tennessee. A wealthy businessman or retiree in Montgomery County or Maury County may very well have their accounts with a branch in Nashville because that's where the private banking rep sits. These numbers are also going to include business accounts. Obviously, when HCA or Bridgestone or Vanderbilt have their accounts in Nashville, it is going to make those deposit number significantly larger. I honestly don't know if those entities have their accounts in Nashville or not, but I suspect many of the large corporations based here do.

Median income is an imperfect measure of wealth because it only includes wages. In places like Southern Davidson and Franklin/Brentwood/Williamson County there is definitely a segment of the population with relatively low incomes in relation to their net worth. A not insignificant number of people may have an income of only $100,000 but their net worth may be 8 figures. You also need to consider per capita income as well. When a county has a significant difference in median age you're going to have differences in averages sizes of households. There are going to be lots more single income households in a place like Davidson County than Loudon County which shows up in per capita income (the per capita income in Davidson is higher than Loudon).
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Tennessee
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top