Patch Stats: Elk Grove's Bank Balance

Economists maintain that the Great Recession ended two years ago, while unemployment still hovers at around 12 percent statewide. There is no shortage of numbers quantifying the state of the economy these days, some of the data seemingly conflicting. To learn a little more about how our community is faring in this sputtering recovery, Patch looked at Elk Grove's bank balance.

The Federal Deposit Insurance Corporation tracks the deposits in every bank backed by the FDIC. While not a perfect reflection of the wealth in a particular community, looking at the total deposits in a zip code can provide a partial portrait of economic health. For example, in the nearby Carmichael zip code of 95608 there was $434 million deposited in 7 banks as of 2010. In 2005, there was $533 million. That’s a decline of around 20 percent. But the real nadir was in 2008, when total deposits were $389 million. In Carmichael, at least, things might be improving.

In three zip codes that make up Elk Grove, there was a total of $1.26 billion deposited in bank accounts in 2010, up from $1.11 billion in 2005. While deposits shrank in the 95624 zip code over that period, they grew substantially in the more newly developed zip codes of 95757 and 95758.

We have three maps showing savings and checking bank deposits by zip code.

Percent change in bank deposit values by zip code, 2008-2010

Percent change in bank deposit values by zip code, 2005-2010

Bank account values by zip code 2005-2010

As you look at the maps, there a couple of important points to keep in mind.

The amounts are the total deposits in all FDIC-insured banks as of June 30 of that year.

Accounts stay with the branch where it was first opened. For example, if you open an account in Davis and move to Roseville, your subsequent deposits will still be reflected in Davis.