Hartford Business Journal

www.HartfordBusiness.com January5,2015•Hartford Business Journal 5 RepoRteR's Notebook PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Webster Bank | Bridgeport and Norwalk, CT PDS Engineering & Construction served as General Contractor for two new free standing bank facilities for Webster Bank in Fairfield County. The Bridgeport branch included mechanical, electrical, plumbing, millwork, ceramic floor & tile, metal fabrication, rough carpentry, doors & hardware, aluminum framed entrances, and gypsum board. The Norwalk branch required heavy site work and demolition to remove the original apartment building maintained on the property. Combined Project Size: 9,000 SF 107 Old Windsor Road, Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com PDS EnginEEring & COnsTRuCTiOn, inC. Design BuilDeRs • geneRal COnTRaCTORs • COnsTRuCTiOn ManageRs SPotlight on: Banking & Finance Bank of America remains CT's market share leader Bank of America widened its market share lead in Con- necticut over the past year, proving that the large, nation- al lender's deep foot- print in the state and across the nation creates formidable competition for other in-state lenders. The North Caroli- na financial services giant recorded $29.1 billion in Connecticut deposits at the end of June, controlling 25.72 percent of the market in the state, according to recent- ly released data by the Federal Deposit Insurance Corp. In comparison, B of A's closest competi- tor — Waterbury's Webster Bank — only had 11.71 percent of the deposit market share in Connecticut, down from 12.03 per- cent a year earlier. Bank of America's market share gain came despite the company shedding four branches in the past year, FDIC data shows. The bank now has 147 branches/offices in Connecticut. In the one-year period prior to June 2014, Bank of America, which has long dominat- ed the Connecticut market, strengthened its stranglehold in the state, growing its deposit base 12.1 percent. At the end of June 2013, the bank owned 24.25 percent of Con- necticut deposits, FDIC data shows. Overall, larger national and regional banks continue to dominate the Connecti- cut banking scene. Today, the state's eight largest banks, which all have a national or regional pres- ence, own 72.93 percent of Connecticut deposits, FDIC data shows. People's United Bank, Wells Fargo and TD Bank round out the top five lenders in the state, owning 11.46 percent, 7.52 per- cent and 5.59 percent of the deposit market respectively, FDIC data shows. Overall, deposits for Connecticut's 70 banks totaled $113.2 billion at the end of June, a 5.7 percent increase from a year earlier. Meanwhile, Connecticut banks also con- tinue to consolidate their real estate. There were 1,259 bank branches in the state at the end of June, compared to 1,278 a year earlier. Bridgeport's People's United Bank has the largest branch network in Connecticut with 162 bank offices, down from 165 a year earlier. – Greg Bordonaro Co-working expands in CT Co-working spac- es have sprouted across the state in recent years, allow- ing budding entre- preneurs to share office space, intelli- gence and rent costs, with other likemind- ed individuals. Hartford recently saw the launch a social enterprise incu- bator and co-working space founded by Kate Emery's non- profit group reSET. But the concept in Connecticut really got its start in New Haven, and now that city's most well- known co-working space is expanding. The Grove, which was founded in 2010 by Slate Ballard and has grown from three members to over 150 freelancers, startups, nonprofits and social entrepreneurs, is add- ing 4,000 square feet by bringing together its current 760 Chapel St. space with a neigh- boring building at 758 Chapel St. The expansion will create additional co-working and meeting rooms and be integrated with a new coffee shop called the Happiness Lab, founded by Vishal Patel. Patel and The Grove are running a Kick- starter campaign to raise the funds needed to complete and outfit the shop. – Greg Bordonaro Connecticut Bank Deposit Market Share Institution No. of Deposits Market Name Offices (000) Share % Bank of America 147 $29,110,385 25.72% Webster Bank 124 $13,252,175 11.71% People's United Bank 162 $12,975,119 11.46% Wells Fargo Bank 75 $8,508,245 7.52% TD Bank 76 $6,325,029 5.59% JPMorgan Chase Bank 54 $5,056,325 4.47% First Niagara Bank 84 $4,099,870 3.62% Citibank 17 $3,209,821 2.84% Liberty Bank 49 $2,894,842 2.56% United Bank 34 $2,633,475 2.33% S o u r c e : F e d e r a l d e p o S i t i n S u r a n c e c o r p. Entrepreneurs collaborate at The Grove co-working space in New Haven. p H o t o | H B J F i l e

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