B of A remains CT’s market share leader

Bank of America's market share lead in Connecticut has narrowed over the past year, despite the Charlotte-based lender increasing its deposit base in the state by nearly 1 percent. Meantime, Waterbury regional lender Webster Bank eked ahead of its rival Bridgeport-based People's United Bank to take over the No. 2 market-share spot in the state, according to recently released data by the Federal Deposit Insurance Corp. Bank of America, which is the second largest U.S. bank behind JPMorgan Chase, recorded $29.9 billion in Connecticut deposits at the end of June, controlling 23.68 percent of the market in the state, FDIC data shows. In comparison, Webster Bank had 13.04 percent of the deposit market share in Connecticut ($16.5 billion), up from 12.82 percent a year earlier. People's United Bank, Wells Fargo and TD Bank rounded out the top five lenders in the state, owning 13.01 percent, 7.10 percent and 5.39 percent of the deposit market respectively, FDIC data shows. Overall, larger national and regional banks continue to dominate the Connecticut banking scene. The state's 10 largest banks, which all have a national or regional presence, own 85.3 percent of Connecticut deposits, FDIC data shows. Bank of America has long dominated the Connecticut market, but its position has weakened a bit. At the end of June 2014, for example, the bank owned 25.72 percent of Connecticut deposits, FDIC data shows. The smaller market share comes as the bank shrinks its office footprint in Connecticut, a trend happening among many banks statewide, as lenders curb their branch networks and invest more in digital services. Bank of America had 140 branches at the end of June, down from 142 last year. Connecticut banks recorded a collective 1,212 branches in June, 23 less than a year earlier. Among the state's 10 largest banks, only Liberty Bank and Wells Fargo added branches over the last year. Overall, deposits for Connecticut's 62 banks totaled $126.6 billion at the end of June, a 5 percent increase from a year earlier. – Greg Bordonaro