Bank of America widened its market share lead in Connecticut over the past year, proving that the large, national lender’s deep footprint in the state and across the nation creates formidable competition for other in-state lenders.
The North Carolina 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 recently released data by the Federal Deposit Insurance Corp.
In comparison, B of A’s closest competitor — Waterbury’s Webster Bank — only had 11.71 percent of the deposit market share in Connecticut, down from 12.03 percent 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 dominated 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 Connecticut deposits, FDIC data shows.
Overall, larger national and regional banks continue to dominate the Connecticut banking scene.
Today, the state’s eight largest banks, which all have a national or regional presence, 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 percent 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 continue 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.
