Hartford Business Journal

www.HartfordBusiness.com • November 16, 2020 • Hartford Business Journal 19 THE LISTS Largest out-of-state banks in Connecticut Ranked by Conn. deposits as of June 30, 2020 Source: Federal Deposit Insurance Corp. website: www.fdic.gov. (1) Acquired Putnam Bank effective May 1, 2020. —Compiled by Timothy Doyle. Congress passes more lenient loan- forgiveness rules. While that could still happen, Mi- chael Maksymiw Jr., a partner with ac- counting and advisory firm Marcum LLP, said it's probably best for many companies to get the forgiveness process underway, assuming they fol- lowed the loan-forgiveness guidelines. Loans of $50,000 or less are particularly likely to get forgiveness approval, since the SBA has reduced the amount of information the bor- rower must supply. "If none of your expenses are ques- tionable, … then you might want to go ahead and apply," Maksymiw said. However, he said there are PPP scenarios about which the SBA has not yet issued extensive guidance, meaning waiting to apply may be prudent. One involves companies that laid off workers after receiving a loan and then hired family mem- bers to replace them. Another in- volves companies that have different tax structures for their real estate and operations. "If anything is giving you pause as a borrower, so far the best course of action throughout every aspect of this has been patience," he said. Largest out-of-state banks in Connecticut (Ranked by Conn. deposits as of June 30, 2020) Rank Bank Conn. deposits 2020/2019/2018 (000) Market share 2020/2019/2018 Conn. offices/ Total offices Parent company/ Headquarters 1 Bank of America 185 Asylum St. Hartford, CT 06103 800-432-1000; www.bankofamerica.com $40,429,756 $32,073,533 $32,042,513 24.82% 22.94% 23.64% 113 4,140 Bank of America Corp. Charlotte, N.C 2 Wells Fargo Bank, NA 205 Church St. New Haven, CT 06510 203-773-9037; www.wellsfargo.com $9,088,286 $7,936,189 $8,349,780 5.58% 5.68% 6.16% 66 5,344 Wells Fargo & Co. San Francisco, Calif. 3 TD Bank 2461 Main St. Glastonbury, CT 06033 860-652-6507; www.tdbank.com $8,009,374 $6,874,983 $6,677,841 4.92% 4.92% 4.93% 62 1,164 Toronto Dominion (TD) Bank Toronto, Canada 4 JP Morgan Chase Bank 111 W. Putnam Ave. Greenwich, CT 06830 203-861-7379; www.chase.com $7,227,692 $5,822,228 $5,767,338 4.44% 4.16% 4.26% 50 4,929 JP Morgan Chase & Co. New York, N.Y. 5 Citibank 399 Post Road West Westport, CT 06880 203-635-6763; www.citibank.com $6,071,000 $5,415,000 $5,605,000 3.73% 3.87% 4.14% 14 696 Citigroup Inc. New York 6 KeyBank 195 Church St. New Haven, CT 06510 203-789-2781; www.key.com $4,816,217 $4,531,504 $4,307,262 2.96% 3.24% 3.18% 57 1,042 Key Corp. Cleveland, Ohio 7 Citizens Bank 470 Bank St. New London, CT 06320 860-444-6300; www.citizensbank.com $3,194,807 $2,952,841 $2,889,091 1.96% 2.11% 2.13% 33 1,008 Citizens Financial Group Inc. Providence, R.I. 8 Santander Bank 1010 Farmington Ave. West Hartford, CT 06107 860-570-3121; www.santanderbank.com $2,003,314 $1,791,832 $1,599,202 1.23% 1.28% 1.18% 21 560 Banco Santander SA Madrid, Spain 9 Berkshire Bank 927 Farmington Ave. West Hartford, CT 06107 860-231-8148; www.berkshirebank.com $1,460,423 $1,385,928 $294,026 0.90% 0.99% 0.22% 27 105 Berkshire Hills Bancorp Inc. Massachusetts 10 Signature Bank 75 Holly Hill Lane Greenwich, CT 06830 866-744-5463; www.signatureny.com $974,742 $761,431 $357,966 0.60% 0.54% 0.26% 1 31 Signature Bank New York 11 First Republic Bank 93 Mason St. Greenwich, CT 06830 203-422-0818; www.firstrepublic.com $649,535 $469,583 $515,580 0.40% 0.34% 0.38% 1 81 First Republic Bank California 12 BNY Mellon 10 Mason St. Greenwich, CT 06830 203-487-5758; www.bnymellon.com $434,000 $334,000 $293,043 0.27% 0.24% 0.22% 1 29 The Bank of New York Mellon Corp. New York 13 Putnam Bank a division of Centreville Bank (1) 40 Main St. Putnam, CT 06260 860-928-6501; putnambank.com $420,924 NA NA 0.26% NA NA 8 8 Centreville Bank West Warwick, RI 14 Northern Trust Co. 165 Mason St. Greenwich, CT 06830 203-863-1400; www.northerntrust.com $338,155 $272,324 $216,009 0.21% 0.19% 0.16% 1 55 Northern Trust Corp. Illinois 15 Manufacturers & Traders Trust Co. (M&T Bank) 247 Federal Road Brookfield, CT 06804 203-744-1200; www.mtb.com $297,678 $309,954 $433,911 0.18% 0.22% 0.32% 9 758 M&T Bank Corp. New York 16 bankHometown 182 Main St. Putnam, CT 06260 860-753-4500; www.hometowncoop.com $289,652 $225,866 $219,648 0.18% 0.16% 0.16% 5 10 Hometown Financial Group MHC Massachusetts 17 PeoplesBank 30 Bridge St. Suffield, CT 06078 860-668-3950; www.bankatpeoples.com $278,102 $233,895 NA 0.17% 0.17% NA 4 19 Peoplesbancorp MHC Massachusetts 18 Washington Trust Co. of Westerly 14 Clara Drive Mystic, CT 06355 860-572-2058; www.washtrust.com $105,466 $63,481 $64,174 0.04% 0.05% 0.05% 1 23 Washington Trust Bancorp Inc. Rhode Island 18 Westfield Bank 47 Palomba Drive Enfield, CT 06082 860-265-3919; www.westfieldbank.com $105,466 $80,203 $69,481 0.06% 0.06% 0.05% 2 23 Western New England Bancorp Inc. Massachusetts 20 Capitol One 45 S. Main St. Branford, CT 06405 203-481-3471; www.capitalone.com $5,189 $153,696 $153,772 0.00% 0.11% 0.11% 1 450 Capitol One Financial Corp. McLean, Va. Source: Federal Deposit Insurance Corp. website: www.fdic.gov. (1) Acquired Putnam Bank effective May 1, 2020. —Compiled by Timothy Doyle.

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