Hartford Business Journal

10 Hartford Business Journal • November 25, 2019 • www.HartfordBusiness.com FOCUS: BANKING & FINANCE Matt Fleury President and CEO Hartford Business Journal Nonprofit Executive of the Year ANALYSIS Bank of America loses market-share edge in CT By Greg Bordonaro gbordonaro@hartfordbusiness.com B ank of America is still Connecticut's deposit market-share leader, but its closest competitors are gaining ground. Meantime, Bridgeport regional lender People's United Bank eked ahead of its main rival — Water- bury-based Webster Bank — to take over the No. 2 deposit market- share spot in the state, according to recently released data by the Federal Deposit Insurance Corp. Bank of America, which is the second largest U.S. bank behind JPMorgan Chase, recorded $32.1 billion in Connecticut deposits at the end of June, controlling 22.94 percent of the deposit market in the state, FDIC data shows. A year prior, it owned 23.6 per- cent of the Connecticut market. In comparison, People's United Bank had 15.2 percent of the deposit market, up from 12.9 percent a year earlier. People's United added almost $3.8 billion in deposits over the last year, helped largely by its $544 mil- lion purchase of Farmington Bank. And People's is poised to increase its market share even more after recently closing its $759-million acquisition of United Bank. That deal isn't reflected in the latest FDIC market-share report. The Farmington Bank deal helped People's United surpass its chief rival, Webster Bank, in the deposit- share rankings, the first time they flip-flopped positions since 2016. Webster Bank controlled 14.11 percent of Connecticut deposits ($19.7 billion) at the end of June, up 3 percent from a year earlier. The state's 10 largest banks, most of which have a national or regional pres- ence, own about 79 percent of Con- necticut deposits, FDIC data shows. Bank of America has long domi- nated the Connecticut market, but its position has weakened a bit. At the end of June 2014, for example, the bank owned 25.72 percent of Connecticut deposits, FDIC data shows. Another big gainer over the last year was Boston-based Berkshire Bank, which entered the Connecti- cut market in 2012 with its $30-million pur- chase of Con- necticut Bank and Trust Co. In May, Berkshire Bank bought Windham lender Savings Institute Bank & Trust Co. for $180 million, adding more than $1.6 billion in assets to its arsenal. Its Connecticut deposit base grew from $294 million to $1.4 billion over the last year. Overall, deposits for Connecti- cut's 59 banks totaled $139.8 billion at the end of June, a 3.2 percent increase from a year earlier. The new deposit-share data comes CT bank deposit market share Market share % Deposits Institution name June 2019 June 2019 June 2018 % Change Bank of America 22.94% $32.1B $32B 0.10% People's United Bank 15.18% $21.2B $17.5B 21.51% Webster Bank 14.11% $19.7B $18.6B 6.09% Wells Fargo Bank 5.68% $7.9B $8.3B -4.95% TD Bank 4.92% $6.9B $6.7B 2.95% JPMorgan Chase Bank 4.16% $5.8B $5.8B 0.95% Citibank 3.87% $5.4B $5.6B -3.39% KeyBank 3.24% $4.5B $4.3B 5.21% United Bank 3.06% $4.3B $4.1B 5.58% Liberty Bank 2.84% $3.9B $3.6B 9.82% Source: Federal Deposit Insurance Corp. WE PROVIDE CT BUSINESS LEADERS WITH THE INFORMATION THEY NEED TO SUCCESSFULLY RUN THEIR BUSINESS. ARE YOU IN THE KNOW? SUBSCRIBE BY GOING TO WWW.HARTFORDBUSINESS.COM CLICK ON "SUBSCRIBE"

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