In the all-important battle for market share among Connecticut banks, Bank of America remains king.
The North Carolina financial services giant recorded $25.9 billion in Connecticut deposits at the end of June, controlling 24.25 percent of the market in the state, according to recently released data by the Federal Deposit Insurance Corp.
In comparison, B of A’s closest competitor — Waterbury’s Webster Bank — only had 12.03 percent of the deposit market share in Connecticut.
In the one-year period prior to June 2013, Bank of America, which has long dominated the Connecticut market, actually strengthened its stranglehold in the state, growing its deposit base 5.7 percent. At the end of June 2012, the bank owned 23.92 percent of Connecticut deposits, FDIC data shows.
Overall, larger national and regional banks continue to dominate the Connecticut banking scene.
But that wasn’t always the case.
In 1994, smaller, state-chartered lenders controlled Connecticut owning 60.5 percent of the deposit market, while the 10 largest federal-chartered institutions had 38.3 percent. Since then, mergers and acquisitions helped big banks in Connecticut — including Bank of America, Wells Fargo, TD Bank, JP Morgan Chase and Sovereign Bank — grow dominant.
Today, the state’s 10 largest banks, which all have a national or regional presence, own 77.1 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 10.59 percent, 8.03 percent and 5.75 percent of the deposit market respectively, FDIC data shows.
Overall, deposits for Connecticut’s 70 banks totaled $107.1 billion at the end of June, a 4.3 percent increase from a year earlier.
Meanwhile, Connecticut banks also continue to consolidate their real estate.
There were 1,278 bank branches in the state at the end of June, compared to 1,293 a year earlier.
Bank of America shuttered six branches, but still was able to boost its deposit market share. It has 151 offices in the state, FDIC data shows.
Bridgeport’s People’s United Bank has the largest branch network in Connecticut with 165 bank offices.
Out-of-state hospital merger could impact CT
Dallas’ Tenet Healthcare Corp. has completed its $4.3 billion purchase of Tennessee-based Vanguard Health Systems.
The combined entity will now own 77 acute care hospitals across the U.S., as well as 173 outpatient centers and five health plans.
So why should Connecticut care?
Prior to the merger, Vanguard was aggressively hunting for potential acquisitions in Connecticut, even signing letters of intent to buy Bristol and Waterbury hospitals and Eastern Connecticut Health Network.
Some of those deals, however, faced stumbling blocks after state lawmakers and Gov. Dannel P. Malloy raised concerns about for profit companies coming into Connecticut to buy up nonprofit hospitals.
Lawmakers also raised questions about how Tenet’s acquisition of Vanguard would impact the Connecticut deals. So far there are no clear answers.
Tenet Health Corp. is a publicly traded company. In 2012, it generated $9.1 billion in revenue and $133 million in net income, according to U.S. Securities & Exchange filings.
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