Citizens Bank grows share of deposits in the region

CITIZENS BANK MAINTAINED its status as the bank with the largest percentage of deposits in the region, according to the latest FDIC data. /PBN FILE PHOTO/NICOLE DOTZENROD
CITIZENS BANK MAINTAINED its status as the bank with the largest percentage of deposits in the region, according to the latest FDIC data. /PBN FILE PHOTO/NICOLE DOTZENROD

PROVIDENCE –Citizens Bank N.A. cemented its position as the bank in the region with the highest market share of deposits on June 30, according to the most recent Federal Deposit Insurance Corp. data. Citizens grew its share of deposits in the market over the 12-month period by 1.51 percentage points to 30.19 percent. Its $12.3 billion in deposits represented year-over year growth of 11 percent.

Among the banks with the top 20 market share in Rhode Island and Bristol County, Mass., Coastway Community Bank saw the largest increase in deposits, growing them 22.8 percent to $479.8 million. The Warwick-based bank claimed a 1.18 percent share of local deposits.

Charlotte, N.C.-based Bank of America N.A. has the second-largest deposit share in the region with 22.94 percent, but realized a 1.4 percentage point reduction in share compared with a year earlier. The bank lost $57.5 million in regional deposits, marking a 61 basis point reduction year over year.

Santander Bank N.A. ranks No. 3 for deposits, but likewise saw a 0.47 percentage point drop in deposit share to 8.83 percent, although the Spain-based bank saw 12 basis point growth in regional deposits of $4.3 million.

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Rounding out the top 10 for deposit share were:

  • The Washington Trust Co., $3 billion in deposits, an increase of 8.3 percent, 7.3 percent of deposit share, an increase of 20 basis points
  • Bank Rhode Island, $1.6 billion, increase of 4.7 percent, 4.05 percent share, decline of 2 basis points
  • Bristol County Savings Bank, $1.6 billion, increase of 12 percent, 3.84 percent share, increase of 23 basis points
  • BankNewport, $1.2 billion, increase of 10.2 percent, 3 percent share, increase of 13 basis points
  • Webster Bank N.A., $1.1 billion, increase of 3.8 percent, 2.74 percent share, a decline of 5 basis points
  • BayCoast Bank, $1 billion, increase of 4.9 percent, 2.49 percent share, decline of 2 basis points
  • Centreville Bank, $833.4 million, increase of 4.9 percent, 2.05 percent share, a decline of 1 basis point

 

Nicole Dotzenrod is a PBN staff writer. You can follow her on Twitter, or reach her via email at research@pbn.com.