Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 20, 2025 5 What's Trending Bank of America, Webster remain in tight race for deposit dominance in Connecticut CT Sun home attendance rises despite team's uncertain future Connecticut Sun players seen during a game at the Mohegan Sun Arena. Contributed Photo | CT Sun By Greg Bordonaro gbordonaro@hartfordbusiness.com B ank of America and Webster Bank are nearly tied for the largest share of deposits in Connecticut, according to new Federal Deposit Insurance Corp. market-share data released for 2025. Bank of America held $40.8 billion in deposits in the state as of June 30, equal to 22.96% of the market, while Webster trailed just behind with $40.4 billion, or 22.77%. Together, the two institutions control nearly half of Connecticut's $177.5 billion in FDIC-insured bank deposits. M&T Bank ranked third with $19.6 billion (11%) in deposits, followed by TD Bank at $8.9 billion (5%) and JPMorgan Chase at $8.6 billion (4.9%). Wells Fargo held $8.1 billion (4.6%). Among in-state banks, Liberty Bank was the largest after Webster, with $6.7 billion in deposits (3.8%). Overall, the top five banks accounted for about 66.6% of Connecticut deposits, up slightly from 66.2% a year earlier. The top 10 controlled 82.2%, also edging higher from 81.7% in 2024. Connecticut-headquartered banks collectively inched forward, growing their market share from 40.3% to 40.9%. Out-of-state institutions — which include Bank of America, M&T, TD and Chase — main- tained about 59% of the market. By Greg Bordonaro gbordonaro@hartfordbusiness.com E ven as questions swirl about the team's future in the Nutmeg State, the Connecticut Sun continued its streak of rising attendance in 2025 — averaging 8,653 fans per home game, up 2.4% from last season. The Sun played 22 home games this season, all but one at the 10,000-seat Mohegan Sun Arena in Uncasville. The exception was a sold-out matchup in July against the Indiana Fever at Boston's TD Garden, which drew more than 19,000 fans. That game was included in the home atten- dance average. The Sun also played a Boston home game in 2024. Home average attendance has climbed steadily in recent years, from 5,712 in 2022 to 6,244 in 2023 and 8,451 in 2024. In 2019, before the pandemic, home games averaged 6,841 fans. The Sun missed the playoffs this season after finishing with an 11-33 record. The team played its last game in September. The increase in fan turnout came as uncertainty surrounds the franchise's future. The Mohegan Tribal Nation, which has owned the team since 2003, announced in May it was exploring a sale of the team. That prompted interest from both a Boston investment group reportedly offering more than $300 million, and a Hartford-based consor- tium led by billionaire Marc Lasry, who wants to move the team to PeoplesBank Arena in Hartford. In the meantime, Connecticut officials have voiced support for keeping the team in the state. Gov. Ned Lamont has proposed using more than $100 million from the state's pension funds to buy a minority stake in the Sun — a controversial idea that's drawn both praise and criticism. Winners and losers Several institutions saw double-digit swings in deposits over the past year. Northern Trust posted the biggest gain, growing 41.1% to $384 million. Westfield Bank rose 37.9% to $307 million. Citibank grew 17.6% to $3.65 billion, while Citizens Bank increased 15.3% to $3.86 billion. Webster also ranked among the growth leaders, climbing 10.6% year-over-year, or nearly $3.9 billion. On the downside, Fieldpoint Private Bank & Trust fell 13.1% to $734 million, while Fairfield County Bank slipped 6.8% to $1.43 billion. TD Bank lost 5.3%, bringing its Connecticut deposits down to $8.9 billion. Despite these shifts, most other banks recorded only small changes, underscoring the stability of Connecti- cut's deposit base. The market remains dominated by a handful of large national and regional institutions, alongside a smaller group of community banks. Annual FDIC deposit totals can fluctuate for reasons that go beyond customer growth or attrition. Interest-rate changes are a factor, as customers often move funds in search of higher yields. Corporate and municipal cash cycles can also affect deposit levels. Companies may draw down balances to cover expenses or capital projects, while towns and institutions sometimes hold large midyear surpluses that temporarily inflate totals. National and regional banks also routinely move deposits across state lines for balance-sheet manage- ment purposes. Those internal reallocations can cause large year-over-year swings in a particular state's reported deposits even if customer behavior hasn't changed. Mergers, branch consolidations and marketing strat- egies can further reshape banks' reported deposits. The FDIC market-share report, published annually each fall, is based on branch deposits as of June 30. Branch shifts Meanwhile, Connecticut's bank branch network continued to contract over the past year, falling from 944 offices in 2024 to 932 in 2025, a net loss of 12, FDIC data shows. Only a few institutions added locations. JPMorgan Chase expanded from 61 to 63 branches, while PeoplesBank grew from four to six. Several others scaled back. Bank of America reduced its Connecticut footprint from 87 to 83 branches, and TD Bank went from 56 to 52. M&T Bank closed two offices, dropping to 116. Wells Fargo and Santander each cut two branches, while KeyBank and The Milford Bank each shed one. The pullback reflects an industry trend toward digital banking, even as some lenders continue to expand in high-traffic markets. BANK DEPOSIT MARKET SHARE LEADERS IN CT (AS OF JUNE 30, 2025) DEPOSITS MARKET BANK (IN 000S) SHARE BANK OF AMERICA $40,758,200 23% WEBSTER BANK $40,415,061 22.8% M&T BANK $19,569,100 11% TD BANK $8,895,586 5% JPMORGAN CHASE BANK $8,610,010 4.9% WELLS FARGO BANK $8,127,462 4.6% LIBERTY BANK $6,720,661 3.8% KEYBANK $5,239,774 3% CITIZENS BANK $3,858,400 2.2% CITIBANK $3,652,000 2.1% BANKWELL BANK $2,772,537 1.6% UNION SAVINGS BANK $2,395,241 1.4% SANTANDER BANK $1,896,545 1.1% ION BANK $1,771,200 1% FIRST COUNTY BANK $1,755,079 1% Source: Federal Deposit Insurance Corp. "Paula was a great advocate and strategist throughout the sale of my property..." -R.M. Con t ac t me today !

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