Citizens grows deposits in R.I. but Santander gains most share

WHILE CITIZENS BANK remains the largest bank in Rhode Island by deposit market share, according to the FDIC, Santander Bank saw the largest growth in deposit share in the state from June 30, 2014, to June 30 of this year.
WHILE CITIZENS BANK remains the largest bank in Rhode Island by deposit market share, according to the FDIC, Santander Bank saw the largest growth in deposit share in the state from June 30, 2014, to June 30 of this year.

PROVIDENCE – The Federal Deposit Insurance Corp. released its annual summary of deposits, showing that as of June 30 Santander Bank N.A. had gained the largest portion of the Rhode Island market share in the past year and Bank of America N.A. had lost the most.
Boston-based Santander, a subsidiary of Banco Santander SA, of Spain, increased its deposit market share in Rhode Island by 0.89 percentage points in 2015, bringing its total to 8.32 percent. The bank has the fourth-most deposits inside the Rhode Island market with $2.3 billion, representing a 15.9 percent increase compared with the prior year.
Charlotte, N.C.,-based Bank of America has the second-most deposits in Rhode Island with $7.5 billion, representing 26.62 percent of the market, but realized a year-over-year decrease of 1.46 percentage points, according to the FDIC. The bank’s total deposits in Rhode Island decreased by $139.7 million, representing a 1.8 percent fall.
The FDIC annual survey provides deposit totals for each of the more than 93,000 domestic offices operated by more than 6,300 FDIC-insured commercial and savings banks throughout the country. The yearly report, which was released last week, is based on the fiscal year ended June 30.
In Rhode Island, Citizens Bank has the most deposits with $10.3 billion, representing a 36.73 percent market share. The Providence-based bank increased its Rhode Island deposits by $509.3 million – or 5.2 percent – representing a 0.59 percentage point increase in market share.
The Washington Trust Co. has the third-most deposits in Rhode Island at $2.7 billion, which represents a 6.1 percent increase compared with the previous year. The Westerly-based bank increased its market share by 0.24 percentage points to 9.58 percent.
Bank Rhode Island, a Brookline Bancorp company, has the fifth-most Rhode Island deposits at $1.5 billion and a claim to 5.32 percent of the market.
To access the full report, click HERE.

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