Issue link: https://nebusinessmedia.uberflip.com/i/1528357
HARTFORDBUSINESS.COM | OCTOBER 28, 2024 5 What's Trending NBT Bank officials early this year cut the ribbon on their new West Hartford branch, at 68 South Main St. CONTRIBUTED PHOTO NBT Bank records largest deposit market share jump in CT; banks overall see slow growth By Greg Bordonaro gbordonaro@hartfordbusiness.com N ew York-based NBT Bank, following its August 2023 purchase of Salisbury Bank, saw the largest deposit increase in Connecticut over the past year, according to newly released federal data. NBT Bank, which is owned by publicly traded NBT Bancorp, grew its Connecticut deposit base by nearly 955% from June 30, 2023 to June 30, 2024, according to Federal Deposit Insurance Corp. data. The bank held $497 million in Connecticut deposits at the end of June, up from $47.2 million a year earlier. It is now the 32nd largest bank in the state in terms of Connecticut deposits held. Overall, banks showed little Connecticut deposit growth over the past year, as the high interest rate environment continued to encourage customers to chase the highest yields, including from online lenders and other non-traditional financial institutions. Banks operating in the state held $167.7 billion in Connecticut deposits as of June 30, up less than 1% from the year-ago period. That's still an improvement from the previous year, when banks saw their Connecticut deposits shrink by about 7% from June 30, 2022 to June 30, 2023, FDIC data shows. Bank of America remains the state's deposit market share leader with $37.6 billion in deposits, down 5.14% from a year earlier. It controls 22.4% of deposits in the state, down from 23.75% in June 2023. However, Stamford-based Webster Bank is closing in on Bank of Amer- ica's market share lead. It grew its in-state deposit base by 11.2% over the past year to $36.6 billion. It now controls 21.8% of deposits, up from 19.7% in June 2023. M&T Bank ranks third in the state and saw its deposit base contract by 2.75% from June 30, 2023 to June 30, 2024. It narrowed its deposit market share losses from a year earlier, when it reported a 22% decline in Connecticut deposits, following technical and other issues that arose following its $8.3 billion takeover of People's United Bank in April 2021. Meantime, Connecticut banks also closed a net 3.2% of their branches over the past year, as they continue to focus on beefing up online services, FDIC data shows. M&T Bank led the way with a net 22 branch closures. It now has 118 branches in the state. NBT Bank had the most branch additions (four), following its Salis- bury Bank acquisition. It now has six branches in Connecticut. BANKS IN CT SHED 3.2% OF BRANCHES IN PAST YEAR 2024 2023 BANK BRANCHES* BRANCHES* 1 Bank of America 87 89 -2.2% 2 Webster Bank 95 95 0% 3 Manufacturers and Traders Trust Company 118 140 -15.7% 4 TD Bank 56 56 0% 5 JPMorgan Chase Bank 61 60 1.7% 6 Wells Fargo Bank 49 54 -9.3% 7 Liberty Bank 53 53 0% 8 KeyBank 48 48 0% 9 Citizens Bank 30 32 -6.3% 10 Citibank 12 12 0% 11 Bankwell Bank 9 9 0% 12 Union Savings Bank 26 25 4% 13 Santander Bank 15 15 0% 14 First County Bank 13 14 -7.1% 15 Ion Bank 23 22 4.5% 16 Thomaston Savings Bank 16 15 6.7% 17 Fairfield County Bank 17 16 6.3% 18 Newtown Savings Bank 19 19 0% 19 Berkshire Bank 18 21 -14.3% 20 Chelsea Groton Bank 14 14 0% Total branches 944 975 -3.2% *Branch numbers are as of June 30 each year. The banks listed above are the 20 largest banks in CT based on deposits held in the state. | Source: Federal Deposit Insurance Corp. BANK DEPOSIT MARKET SHARE LEADERS IN CT RANK INSTITUTION NAME STATE HQ JUNE 2024 JUNE 2023 % CHANGE TOTAL 2024 DEPOSITS ($000) DEPOSITS ($000) MARKET SHARE 1 Bank of America NC $37,557,254 $39,590,905 -5.14% 22.40% 2 Webster Bank CT $36,558,097 $32,889,830 11.15% 21.80% 3 M&T Bank NY $18,855,792 $19,388,480 -2.75% 11.25% 4 TD Bank DE $9,393,561 $8,869,673 5.91% 5.60% 5 JPMorgan Chase Bank OH $8,666,830 $9,716,320 -10.80% 5.17% 6 Wells Fargo Bank SD $8,175,997 $8,579,257 -4.70% 4.88% 7 Liberty Bank CT $6,259,131 $5,772,446 8.43% 3.73% 8 KeyBank OH $5,025,883 $4,707,631 6.76% 3.00% 9 Citizens Bank RI $3,345,065 $3,290,563 1.66% 2.00% 10 Citibank SD $3,105,000 $3,135,000 -0.96% 1.85% 11 Bankwell Bank CT $2,673,482 $2,799,094 -4.49% 1.59% 12 Union Savings Bank CT $2,266,509 $2,191,366 3.43% 1.35% 13 Santander Bank DE $1,852,049 $1,813,079 2.15% 1.10% 14 First County Bank CT $1,773,295 $1,602,753 10.64% 1.06% 15 Ion Bank CT $1,701,923 $1,620,837 5.00% 1.02% 16 Thomaston Savings Bank CT $1,599,922 $1,513,960 5.68% 0.95% 17 Fairfield County Bank CT $1,534,401 $1,666,047 -7.90% 0.92% 18 Newtown Savings Bank CT $1,444,130 $1,447,162 -0.21% 0.86% 19 Berkshire Bank MA $1,433,037 $1,490,095 -3.83% 0.85% 20 Chelsea Groton Bank CT $1,204,089 $1,278,784 -5.84% 0.72% Source: Federal Deposit Insurance Corp.