FDIC market-share report shows changes among top R.I. banks

THE FEDERAL DEPOSIT Insurance Corp. recently released its 2024 deposit data for all FDIC-insured financial institutions. / AP FILE PHOTO/MANUEL BALCE

PROVIDENCE – Citizens Bank’s longtime distinction as the state’s biggest bank in terms of deposits grew by nearly $1 billion in the past year as the total amount of Citizens’ deposits edged upward, while many of its closest competitors in the Ocean State saw their deposits decline.

The annual market-share report recently released by the Federal Deposit Insurance Corp. shows that Providence-based Citizens held $15.62 billion – or 36.72% – of the state’s $42.55 billion in total deposits as of June 30. That’s up from the 35.04% market share Citizens had in 2023.

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Meanwhile, Bank of America Corp. posted $8.68 billion in deposits in the Rhode Island market as of June 30, down from $8.93 billion the year before. The Charlotte, N.C.-based bank’s market share declined from 21.02% to 20.41%, while Citizens’ lead in deposits over Bank of America grew by $982.1 million.

Likewise, No. 3 The Washington Trust Co.’s deposits declined to $4.89 billion, down from $5.24 billion in 2023. The Westerly-based bank’s market share edged down from 12.33% to 11.48%.

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No. 4 Santander Bank and No. 5 Bank Rhode Island also lost some ground as deposits declined from $3.16 billion to $2.89 billion at Santander and from $2.54 billion to $2.51 billion at BankRI.

BankNewport and West Warwick-based Centreville Bank saw gains in both deposits and market share. BankNewport, ranked No. 6 in the state in terms of deposits, posted $2.22 billion in deposits as of June 30, up from $2.06 billion a year earlier. As a result, the bank’s market share ticked up from 4.85% to 5.22%.

At the same time, Centreville Bank overtook TD Bank as the No. 7 institution in terms of deposit market share. Centreville saw its deposits increase from $1.29 billion to $1.56 billion as of June 30. Its share rose from 3.03% to 3.66%, putting it ahead of TD Bank, which saw deposits decline from $1.77 billion to $1.14 billion in a year.

That means TD Bank’s market share sank from 4.16% to 2.68%, placing it at No. 8 in Rhode Island in terms of deposits.

HarborOne Bank and Webster Bank rounded out the top 10 banks operating in Rhode Island.

HarborOne saw its deposits rise from $642.37 million to $694.24 million, increasing its market share from 1.51% to 1.63%. Meanwhile, Webster’s deposits grew from $363.12 million to $537.53 million, upping its market share from 0.85% to 1.26%.

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