FDIC: Citizens, Bank of America see R.I. deposits decline

CITIZENS FINANCIAL GROUP INC. saw a decline in deposits at its Rhode Island branches over the past year, according to the Federal Deposit Insurance Corp., but it still remains the largest bank in the state by deposits. Pictured is Citizens’ headquarters building in Providence. / PBN FILE PHOTO/STEPHANIE EWENS

PROVIDENCE – Citizens Financial Group Inc. and Bank of America Corp. remain the largest banks in Rhode Island by deposits, but the amount of those deposits shrank significantly over the past year – the first time both banks recorded an annual decline since 2019, according to data recently published by the Federal Deposit Insurance Corp.

Providence-based Citizens had $14.89 billion in deposits at its Rhode Island branches on June 30, down 13.8% from a year earlier. Citizens remained the largest bank in the state with 35% of the $42.49 billion in deposits held by banks in Rhode Island. Citizens’ deposit market share was down from 39% in June 2022.

Charlotte, N.C.-based Bank of America had $8.94 billion in deposits at its locations in Rhode Island on June 30, down 7.3% from a year earlier. Bank of America had 21% of the state’s market share, edging down from 21.7% in 2022.

Meanwhile, The Washington Trust Co. – No. 3 in deposits – gained slightly on Citizens and Bank of America with $5.24 billion in deposits on June 30, up 5.9% from a year earlier. And No. 4 Santander Bank N.A. had $3.16 billion in deposits at its Rhode Island branches, up 14.1% from 2022.

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Those increases gave Westerly-based Washington Trust 12.3% of the Rhode Island market share, up from 11.2% a year earlier, and Boston-based Santander a 7.4% share, up from 6.2% in June 2022.

Multinational financial services firm JPMorgan Chase & Co., which operates Chase Bank, continued to make inroads in Rhode Island. The bank has grown from no presence in Rhode Island in 2019 to 12 bank branches this year.

According to the FDIC, Chase had $354.3 million in deposits in the Rhode Island market as of June 30, a 57% increase from a year earlier. Still, it only had 0.8% of the market share of deposits, making it the 11th-largest bank in Rhode Island, out of 19 that have offices in the state.

The deposit data is part of FDIC’s annual market share report based on financial information provided by banks as of June 30.

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