Tables
Table 1 - North Carolina's Top Banking Employers, 2007
| Company | Primary NAICS Codes1 | No. of Locations, 100+ Employees2 | Approx. NC Employment | Total Sales (US$ mil.) |
Approx. Number of Branches2 | |
|---|---|---|---|---|---|---|
| 1 | Bank of America Corp. | 523, 55 | 2 | 6,700 | 1 trillion+ | 200 |
| 2 | Wachovia Corp. | 522-523, 55 | 5 | 5,546 | 520,880 | 500 |
| 3 | Branch Banking & Trust Corp. (Laureate Capital LLC, Regional Acceptance Corp., Sheffield Financial LLC, Stanley Hunt Dupree & Rhine, Sterling Capital Mgmt. LLC) | 522-523, 525, 532, 55 | 13 | 1,520 | 109,170 | 350 |
| 4 | Vanguard Group | 523 | 1 | 800 | 300 | NA |
| 5 | Burlington Worldwide Apparel | 315 | 1 | 700 | 300 | NA |
| 6 | SunTrust Bank | 522 | 1 | 700 | NA | 200 |
| 7 | AON Consulting | 524 | 1 | 650 | 300 | NA |
| 8 | First Citizens Bancshares, Inc. | 522-523, 55 | 5 | 625 | 90 | 300 |
| 9 | RBC Centura Banks Inc. | 522, 55 | 2 | 552 | 1,500 | 200 |
| 10 | First Charter Corp. | 55 | 1 | 480 | 4,232 | 50 |
| 11 | Wake County Human Svc. | 525 | 1 | 480 | 35 | NA |
| 12 | Americredit Financial Svc. Inc. | 522 | 1 | 430 | NA | NA |
| 13 | State Employees' Credit Union | 522 | 2 | 400 | 110 | 200 |
| 14 | Greensboro War Meml. Auditorium | 522 | 1 | 400 | 75 | NA |
| 15 | Federal Reserve Bank | 522 | 1 | 370 | NA | NA |
| 16 | Regions Financial Corp. | 522 | 2 | 300 | NA | 10 |
| 17 | ACS | 525 | 1 | 300 | 35 | NA |
| 18 | Deluxe Financial Svc. | 522 | 1 | 300 | 300 | NA |
| 19 | United Chemi-Con Inc. | 334 | 1 | 300 | 8 | NA |
| 20 | Volvo Commercial Finance | 522 | 1 | 300 | NA | NA |
| 21 | LSB Bancshares Inc. | 522-523 | 4 | 279 | 300 | 35 |
| 22 | First National Bank of Shelby | 522 | 2 | 250 | 300 | 3 |
| 23 | Shaw University | 611 | 1 | 250 | NA | NA |
| 24 | FNB United Corp. | 522, 55 | 3 | 240 | 1,102 | 25 |
| 25 | Cooperative Bankshares Inc. | 522 | 2 | 225 | 208 | 20 |
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1. North American Industrial Classification System (NAICS) Primary NAICS Codes: 522 (Credit Intermediation), 523 (Securities and Other Financial Investments), 525 (Funds, Trusts, and Other Financial Vehicles) 2. Only establishments over 100 employees were tallied for this table. Number of branches is included to provide relative sizes of banks, but employees of these branches are not tallied. Source: Reference InfoUSA, 2/07 |
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Map - North Carolina's Top Banking and Finance Employers, 2007
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Table 2a - Offices and Employment in North Carolina's Banking Industry, 1996-2006
| NAICS | Number of Offices | Annual Average Employment | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1996 | 2001 | 2006 | change 96-01 | change 01-06 | 1996 | 2001 | 2006 | change 96-01 | change 01-06 | ||||
| Credit Intermediation & Related Activity | 522 | 4,229 | 5,542 | 6,203 | 31% | 12% | 66,945 | 68,811 | 87,770 | 3% | 28% | ||
| Depository Credit Intermediation | 5221 | 2,230 | 2,650 | 3,276 | 19% | 24% | 39,212 | 45,017 | 62,218 | 15% | 38% | ||
| Nondepository Credit Intermediation | 5222 | 1,816 | 2,280 | 2,017 | 26% | -12% | 22,848 | 17,107 | 18,831 | -25% | 10% | ||
| Other Credit Intermediation Activities | 5223 | 182 | 613 | 911 | 237% | 49% | 4,885 | 6,832 | 6,721 | 37% | -2% | ||
| Financial Investment & Related Activity | 523 | 787 | 1,505 | 1,951 | 91% | 30% | 7,114 | 11,254 | 15,266 | 58% | 36% | ||
| Funds, Trusts & Other Financial Vehicles | 525 | 58 | 114 | 127 | 97% | 11% | 294 | 750 | 860 | 155% | 15% | ||
NAICS = North American Industry Classification System. |
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Table 2b - Average Annual Wages in North Carolina's Banking Industry, 1996-2006
| NAICS | Average Annual Wage per Employee | % change | % change | ||||
|---|---|---|---|---|---|---|---|
| 1996 | 2001 | 2006 | 1996-2001 | 2001-2006 | |||
| Credit Intermediation & Related Activity | 522 | 32,807 | 45,051 | 70,221 | 37% | 56% | |
| Depository Credit Intermediation | 5221 | 28,477 | 42,508 | 69,461 | 49% | 63% | |
| Nondepository Credit Intermediation | 5222 | 41,509 | 55,615 | 78,735> | 34% | 42% | |
| Other Credit Intermediation Activities | 5223 | 26,864 | 35,145 | 53,403 | 31% | 52% | |
| Financial Investment & Related Activity | 523 | 84,337 | 112,609 | 109,307 | 34% | -3% | |
| Funds, Trusts & Other Financial Vehicles | 525 | 41,621 | 52,203 | 59,001 | 25% | 13% | |
NAICS = North American Industry Classification System. Note: The average annual wage found in the annual data is computed by dividing total wage payments by the average insured employment. These figures are not true average wage scales because (1) the wages, but not employment, of all the different persons on the payroll are reflected, and (2) the assumption is made that workers worked the full quarter or year although a number of workers are not employed the whole year or quarter, and certain plants may stand idle a portion of the quarter or year. These average wages should be considered merely as indicators of wage trends rather than actual wage rates. |
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Table 3a - Establishments in North Carolina, 1990-2006
Table 3b - Employment in North Carolina, 1990-2006
Table 4 - Banking and Finance Layoffs and Office Closings in North Carolina, 2006
| City | County | Date | Company | Product | Reason | Number Affected | |
|---|---|---|---|---|---|---|---|
| Greensboro | Guilford | 1/1/06 | GE Money Home Loans | Consumer loans | Not stated | 100 | |
| TOTAL | 100 | ||||||
| Hendersonville | Henderson | 8/1/06 | Certified Estate Planners | Estate planning | Fraud allegations | 3 | |
| TOTAL | 3 | ||||||
| Charlotte | Mecklenburg | 3/1/06 | Laughter's Tops Mortgage | Mortgage company | Legal problems | NR | |
| Charlotte | Mecklenburg | 5/1/06 | Bank of America Corporation | Banking | Consolidation | 130 | |
| Charlotte | Mecklenburg | 5/1/06 | Wachovia Corp. (2 locations) | Financial center | Streamlining | NR | |
| Charlotte | Mecklenburg | 7/1/06 | Mangan & McColl Partners | Hedge fund management | Business decision | 12 | |
| Charlotte | Mecklenburg | 8/1/06 | HSBC Mortgage Services | Mortgage services | Relocation to SC | 460 | |
| Charlotte | Mecklenburg | 10/1/06 | Madison Keats, LLC | Investment banking | Unprofitable | 15 | |
| TOTAL | 617 | ||||||
| Chapel Hill | Orange | 9/1/06 | Chapel Hill Mortgage | Mortgage company | Bankruptcy | NR | |
| TOTAL | 0 | ||||||
| Spindale | Rutherford | 5/1/06 | Wachovia Corp. | Financial center | Streamlining | NR | |
| TOTAL | 0 | ||||||
| Statewide | Statewide | 3/1/06 | Check Into Cash | Payday lender | Agreement with AG | 117 | |
| Statewide | Statewide | 3/1/06 | Check 'n Go | Payday lender | Agreement with AG | 171 | |
| Statewide | Statewide | 3/1/06 | First American Cash Advance | Payday lender | Agreement with AG | 135 | |
| TOTAL | 423 | ||||||
| Apex | Wake | 5/1/06 | Wachovia Corp. | Financial center | Streamlining | NR | |
| Raleigh | Wake | 5/1/06 | Wachovia Corp. | Financial center | Streamlining | NR | |
| TOTAL | 0 | ||||||
| Grand Total | 1,143 | ||||||
| SOURCE: North Carolina
Employment Securities Commission (http://www.ncesc.com) NR - Not Reported SIC Codes: Depository Institutions (60); Nondepository Institutions (61); Security and Commodity Brokers (62); and Holding and Other Investment Offices (67) |
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Table 5 - Layoffs in North Carolina, 1990-2006
SECTION LAST UPDATED: July 20, 2007
