Photo by NCinDC

Where exactly does the District keep most of its money?

The Washington Business Journal’s Michael Neibauer went about finding out, and he discovered that some 35 banks hold over $2.1 billion of the District’s money. Leading the charge is Wells Fargo at $404 million, following by Bank of America with $281 million. Local banks get a measly four percent of the total deposits, though — EagleBank ($25 million), Bank of Georgetown ($20 million), Industrial Bank ($16.5 million), Bethesda’s Congressional Bank ($5 million) and Rockville’s Colombo Bank ($20 million).

That could change, though, if legislation introduced by Councilmember Jack Evans (D-Ward 2) passed the D.C. Council. Under his proposal, local banks could get more of the city’s deposits if they also promised to increase their loans to local small businesses.