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September 29, 2020

Bank of America widens CT deposit market share lead

HBJ Photo | Greg Bordonaro A Bank of America branch in Hartford.

The pecking order at the top of the Connecticut banking food chain has remained intact over the past year.

That’s according to newly released data from the Federal Deposit Insurance Corp. (FDIC), which reveals that Bank of America continues to have the highest in-state deposits by far, at $40.4 billion as of June 30, up from $32.1 billion a year prior. That gives the North Carolina-based giant a nearly 25% share of all Connecticut bank deposits, up from just under 23% in 2019.

Connecticut bank deposits overall have continued to climb in the past year, growing 16% to a total of nearly $163 billion in June, up from just under $140 billion a year ago, and up from $101.5 billion a decade ago.

That growth has come amid steady consolidation. This year, there are 56 banks operating in Connecticut, with a total of 1,094 branches and offices, compared with 59 banks and 1,129 offices in 2019. A decade ago, the state had 70 banks, with 1,301 offices.

A key driver of some of that consolidation has been People’s United Bank, which over the past few years has gobbled up Hartford-based United Bank and Farmington Bank. 
People’s United’s in-state deposits overtook rival Webster Bank in the 2019 market share ranking, and People’s United remains in second place in the 2020 ranking.
The Bridgeport-based bank had $27.5 billion worth of Connecticut deposits in June, up from $21.2 billion in 2019.

Waterbury-based Webster remains in third place in the Connecticut deposit ranking this year, with $23.3 billion, up from $19.7 billion in June 2019.

The FDIC data is released annually, and provides a rare public glimpse into how banks stack up against one another at the state, county and local levels.

Deposits are an important indicator of a bank’s overall strength, and a high ranking confers some bragging rights for a bank, but the data reveal only a piece of the overall picture.

For example, commercial lending is a key focus for many banks and highly competitive within respective geographic markets, but the FDIC doesn’t similarly publish market share data for those loans.

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September 29, 2020

Webster has lost its fire since the Smiths stepped away.
And Santander which was getting competitive seems to have
almost expired. BOA has the highest and most onerous charges
of any of them and I'd put my money in a shoebox before them.
Maybe sheer size keeps the fearful with them and unwilling
to look for a better place to do business.

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