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www.HartfordBusiness.com • November 25, 2019 • Hartford Business Journal 11 amid what's been a very competitive banking landscape as lenders com- pete in a state with a shrinking popu- lation and slow economic growth, which makes finding new commer- cial and individual depositors and borrowers more challenging. Money-center banks' woes Another trend is that out-of-state, money-center banks continue to struggle with maintaining or grow- ing their deposit base in Connecticut. Besides Bank of America seeing its deposit market share decline slightly over the last year, California's Wells Fargo Bank (No. 4 in overall Connecti- cut deposits), New York's Citibank (No. 7), and New York-based HSBC Bank all shed Connecticut deposits and market share in the latest 12-month period, according to FDIC data. Wells Fargo, which has been hit with various billion-dollar fines in recent years for mishandling auto and mortgage loans, among other issues, shed the most — $694 million in deposits, an 11-percent decline. On top of that, Wells Fargo and Citibank have seen their Connecti- cut deposits slide in each of the last three years, FDIC data shows. JPMorgan Chase Bank saw a small $54-million bump in its depos- it base, but it is aggressively trying to grow its Connecticut market share. Earlier this year, Chase Bank opened its first branch in downtown Hartford and it's planning other locations in Avon, South Windsor, Cheshire and Ridgefield. Santander Bank, the U.S. unit of Spain's Banco Santander, was actually a big-bank outlier, growing its deposit base 12 percent, add- ing $192.6 million in funds. That reversed three straight years of deposit losses by the bank. Once you understand the value of your business, and the key drivers affecting its value, you can make sound, forward-thinking decisions about the future of your business. A business valuation can assist in and support the following situations: Learn more at WAdvising.com Do You Know the Value of Your Business? 14 Bobala Road 3rd Floor Holyoke, MA 01040 Tel: 413.536.3970 www.WAdvising.com Headquarters 280 Trumbull St 24th Floor Hartford, CT 06103 Tel: 860.522.3111 One Hamden Center 2319 Whitney Ave, Suite 2A Hamden, CT 06518 Tel: 203.397.2525 • Succession planning • Mergers and acquisitions • Charitable contributions • Gift and estate tax planning • Buy/sell agreements • Divorce • Stockholder disputes • Intangible asset valuations A Bank of America branch in Hartford. HBJ PHOTO | GREG BORDONARO