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Old 04-27-2016, 08:13 PM
 
11,603 posts, read 31,771,782 times
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With nothing to do tonight while waiting for a hockey game I decided to do some research on just where the money is in Tennessee. So, using the most recent data available from the FDIC (June 30, 2015), here are the 20 wealthiest counties in Tennessee by bank deposits.

county...population...#banks...#branches...deposit s ($millions)
  1. Davidson...678,889...35...208...28,217,926
  2. Shelby...938,069...34...231...22,122,428
  3. Knox...451,324...35...160...10,261,056
  4. Hamilton...354,098...18...106...7,277,315
  5. Williamson...211,672...34...102...6,752,925
  6. Rutherford...298,612...30...76...3,482,821
  7. Sumner...175,989...23...60...2,867,944
  8. Montgomery...193,479...11...52...2,258,454
  9. Wilson...128,911...15...43...2,176,600
  10. Sevier...95,946...10...56...2,107,817
  11. Sullivan...156,791...16...46...1,911,675
  12. Washington...126,302...20...49...1,903,342
  13. Blount...127,253...16...45...1,845,271
  14. Madison...97,610...15...38...1,709,823
  15. Putnam...74,553...16...34...1,614,900
  16. Bradley...104,091...13...31...1,512,521
  17. Maury...87,757...8...27...1,368,757
  18. Cumberland...58,229...8...19...963,956
  19. Anderson...75,749...12...19...942,286
  20. McMinn...52,639...10...17...918,122
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Old 04-27-2016, 08:48 PM
 
Location: Nashville, TN
4,272 posts, read 3,336,466 times
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Very interesting data JMT. Thank you. It looks like Williamson is coming for Hamilton very soon.
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Old 04-27-2016, 10:00 PM
 
6,385 posts, read 10,365,395 times
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Quote:
Originally Posted by JMT View Post
With nothing to do tonight while waiting for a hockey game I decided to do some research on just where the money is in Tennessee. So, using the most recent data available from the FDIC (June 30, 2015), here are the 20 wealthiest counties in Tennessee by bank deposits.

county...population...#banks...#branches...deposit s ($millions)
  1. Davidson...678,889...35...208...28,217,926
  2. Shelby...938,069...34...231...22,122,428
  3. Knox...451,324...35...160...10,261,056
  4. Hamilton...354,098...18...106...7,277,315
  5. Williamson...211,672...34...102...6,752,925
  6. Rutherford...298,612...30...76...3,482,821
  7. Sumner...175,989...23...60...2,867,944
  8. Montgomery...193,479...11...52...2,258,454
  9. Wilson...128,911...15...43...2,176,600
  10. Sevier...95,946...10...56...2,107,817
  11. Sullivan...156,791...16...46...1,911,675
  12. Washington...126,302...20...49...1,903,342
  13. Blount...127,253...16...45...1,845,271
  14. Madison...97,610...15...38...1,709,823
  15. Putnam...74,553...16...34...1,614,900
  16. Bradley...104,091...13...31...1,512,521
  17. Maury...87,757...8...27...1,368,757
  18. Cumberland...58,229...8...19...963,956
  19. Anderson...75,749...12...19...942,286
  20. McMinn...52,639...10...17...918,122
Deposits per capita (only among counties listed):

Davidson - $41,564
Williamson - $31,903
Shelby - $23,983
Knox - $22,735
Sevier - $21,969
Putnam - $21,661
Hamilton - $20,552
Madison - $18,905
McMinn - $17,442
Wilson - $16,885
Cumberland - $16,555
Sumner - $16,296
Maury - $15,579
Washington - $15,070
Bradley - $14,531
Anderson - $12,440
Sullivan - $12,193
Montgomery - $11,673
Rutherford - $11,663
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Old 04-28-2016, 05:30 AM
 
355 posts, read 270,804 times
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So if a very rich person kept their money in a financial institution outside the county or even the state then they would not move the needle?
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Old 04-28-2016, 06:48 AM
 
Location: On the plateau, TN
15,205 posts, read 10,306,931 times
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Quote:
Originally Posted by Jumeby View Post
So if a very rich person kept their money in a financial institution outside the county or even the state then they would not move the needle?

Off-shore accounts do not count....
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Old 04-28-2016, 07:01 AM
 
355 posts, read 270,804 times
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Quote:
Originally Posted by Bones View Post
Off-shore accounts do not count....
True ... and an off-shore account might also protect wealth in another 2008 style financial collapse. I keep reading from various reputable sources that another collapse is near and that this time the Treasury and Fed can't control it and paper over it. Makes one wonder what is the best way to protect ones money if it hits the fan.
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Old 05-03-2016, 09:27 AM
 
240 posts, read 348,350 times
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Quote:
Originally Posted by Jumeby View Post
True ... and an off-shore account might also protect wealth in another 2008 style financial collapse. I keep reading from various reputable sources that another collapse is near and that this time the Treasury and Fed can't control it and paper over it. Makes one wonder what is the best way to protect ones money if it hits the fan.
what about credit unions?
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Old 05-03-2016, 09:55 AM
 
355 posts, read 270,804 times
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Quote:
Originally Posted by mee9mee9 View Post
what about credit unions?
Credit unions can be as safe or unsafe as banks. It's always good to check and monitor a banks or credit unions rating before assuming they are financially healthy and safe.

Although, you can choose a credit union that caters to a particular business segment that is somewhat immune to a recession ... where you can assume most members of that credit union won't be significantly impacted in a recession resulting is less loan defaults.
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Old 05-09-2016, 08:37 PM
 
1,204 posts, read 4,095,124 times
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The best way to protect your money is to be sure it is fully insured. If you have more money than you can deposit in one institution without exceeding the maximum amount of insurance coverage (FDIC or NCUSIF), simply spread that wealth among more than one institution...bank or credit union - the choice is yours. Rich peoples problems...

The most recent recession (2008) came before I retired from a credit union. Although there were credit union failures, no depositor lost any money unless they made the mistake of having uninsured funds in a failing institution that was too far gone to be merged into a financially much stronger credit union and thus had to be liquidated with the insurance fund covering any insured losses. FWIW, credit unions are self insured. The NCUSIF is 100% funded by the credit unions themselves. After 2008 they were required to pump additional funds into the insurance fund to keep it solvent...

Sorry for the thread drift....
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Old 05-13-2016, 02:41 PM
 
Location: Gallatin, TN
3,647 posts, read 6,716,037 times
Reputation: 2698
Interesting stats, JMT.


I assume the FDIC is measuring this by branch deposit versus zip code of the depositor/account holder.


Why that matters is I could live in Brentwood and have a high net worth but my "banker" is downtown Nashville. My deposits count under the downtown Nashville office even though I live and perhaps use the bank branches in Williamson County.


I also wonder if these stats include corporate/business deposits or are simply personal deposits. I suspect it includes business deposits which would also skew towards metropolitan areas.


Very interesting...
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