Rausch has been the business editor since September 2008, previously serving as senior business reporter. He joined the Chronicle in April 2007. He has written for newspapers in Napoleon, Ohio, Moline, Ill., and Lima, Ohio. He holds a bachelor of science in journalism from Ohio University (1992). In 2006, he received a second place award in business writing from the Association Press in Ohio.
Posted October 11, 2012 12:55 pm

Georgia Bank & Trust catching up to Wells Fargo

It’s been decades since a locally-owned bank has been the market share leader. That moment is again growing nearer.


This week, the Federal Deposit Insurance Corp. released its annual tally of deposits in the Augusta metro area. In the 20 banks that serve the region, there is $7.45 billion deposited in them.


The market share leader is still Wells Fargo, which was Wachovia here for years, which has 20.9 percent of all the money.


Augusta-based Georgia Bank & Trust has been climbing closer over the last decade, now standing at 19.2 percent of the market share. There’s $1.4 billion in deposits in the local bank.


And Wells Fargo hasn’t been in decline. They’re growing in deposits year after year too. There’s $1.5 billion of Augusta money sitting in its coffers, slightly higher than last year.


FASTENATING: General Fasteners Co. has moved and increased the size of its Augusta facility, one of its 23 facilities in North America, which was out near Columbia Industrial Boulevard.


“The new location provides 21,000 square feet that is better suited for our needs and will enhance our customer service. The structure also has room for further expansion as needed, and ensures our ability to support the growth of our customers in the Augusta region,” said Paul Ciani, the vice president for sales for General Fasteners.


The company is based in Livonia, Mich., and does fastener manufacturing, stampings, sorting equipment, steel supply and plating.


It just opened a new facility in McConnellsburg, Penn., too.


BASS PRO: Scuttlebiz stirring up some scuttlebutt. Driving behind Costco and Comcast, there seems to be a lot of open ground there toward the river. Bass Pro Shops might still be able to fit a store in that space.


The sporting good chain no longer has a star on Augusta as a future store location and hasn’t said anything since December when they said they had no longer had plans for Augusta.


HERCULES: Workers at the Aiken plant for BAE Systems will be involved in a contract just announced for the military contractor to produce eight M88A2 Heavy Equipment Recovery Combat Utility Lift Evacuation Systems – the HERCULES – for the Iraqi Army.


BAE Systems, which is headquartered in the U.K. by the way, just got the $31.8 million contract.


The company’s York, Penn., facility will fabricate the new hulls and the Aiken facility will manufacture some of the parts for vehicles. Work is expected to begin in late 2013 and is anticipated to be complete in 2014.