Hartford Business Journal

15 HARTFORDBUSINESS.COM | JUNE 28 2021 turn of the century, when JPMorgan merged with Chase Manhattan Bank (which brought the brand into Connecticut), and later with One Bank and Washington Mutual. The 2005 One Bank deal ushered in CEO Jamie Dimon and the launch of Chase's retail expansion, Stovall said. "They started to selectively open in large metro markets … and they have pretty much continued that strategy of wanting to be in every big market in the country," he said. While Chase is massive, its branch-to-deposit ratio is much lower than many large competitors, Stovall said. Chase has found ways to be efficient with its real estate and the returns it produces using that footprint. Part of the value big banks see in those physical branches goes beyond simple deposit accumulation. "It's really about marketing and branding, we know that's how many banks think about branches today," he said. Michael Goman, of East Hartford real estate advisory firm Goman + York, helps banks find branch locations and said he too has observed different approaches between large and small institutions. Smaller banks tend to be willing to be near a big bank so they can differentiate their local nature, but they might avoid entering a new market where there is a strong local player already present. "They are more likely to ask if the market is overbanked or underbanked," Goman said. Big banks also don't mind having a branch near smaller competitors, but they tend to want to be near other big players too, Goman added. "It's interesting, if there are other big banks nearby they feel like 'gee we should be there,' " he said. Market leader With more than $40 billion in Connecticut deposits, Bank of America claimed 25% market share in the state as of June 2020, by far the most dominant player. The bank has actually increased its local market share lead over the past three years, despite shuttering 21 branches, or 16% of its total Connecticut footprint during that time period. (By comparison, Chase has 4.4% Connecticut deposit market share, flat from 2017). BofA hasn't opened a new Connecticut branch since 2014. Danielle Cassidy, Connecticut region consumer banking executive at BofA, said the bank's footprint isn't set in stone. In fact, she said she recently had been on a call about the potential to open a few new Connecticut locations. "Well before the onset of the global pandemic, we were already implementing plans to optimize Health for an industry on the move. "Transportation professionals are under loads of stress, on the go, and just have jobs that don't make it easy to eat right and exercise. They also have people who depend on them at home. It's critically important that our program partner understands everything at stake and is invested with a commitment to provide relevant, compassionate guidance for someone on the road for 11 hours a day, 5 ½ days a week—that's huge and goes a long way." Aware of the fact that professional truck drivers are more likely to develop type 2 diabetes as a direct result of their occupational lifestyle, with 1 in 3 drivers at risk for prediabetes, Jon knew his choice of partner for Healthy Trucking of America's health and wellness solutions could save the life and livelihood of men and women across the US. He picked WellSpark's occupational diabetes prevention program and one-on-one coaching because he knew the live, personalized, and industry-focused guidance they would receive—accessible from anywhere at any time—would give these industry professionals exactly what they need to make lasting changes to their health. wellsparkhealth.com Jon Slaughter CEO, Healthy Trucking of America ENLIGHTENEDLEADERS Joe Gianni Michael Goman Bank Change % Change 2017 2020 Bank of America 134 113 -21 -15.7% Wachovia/Wells Fargo 71 66 -5 -7% KeyBank 69 57 -12 -17.4% Citizens Bank 41 33 -8 -19.5% Chase Bank 49 50 1 2% TD Bank 70 62 -8 -11.4% Big bank CT branch footprints Source: HBJ analysis of Federal Deposit Insurance Corp. data our business, in particular our financial center network," Cassidy said. Joseph Gianni, BofA's Greater Hartford market president, called his bank's branch footprint "reliable," noting that besides leading market share, BofA still has about twice Chase's branch presence in Hartford alone and many more times that in the surrounding county. "We're fortunate enough to have a wonderful network of centers around the state," he said. CT branches

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