PROVIDENCE – Citizens Bank continues to dominate the Rhode Island market for bank deposits, capturing more than half of the $6.26 billion increase in the last year, according to a new report from the Federal Deposit Insurance Corp.
As of June 30, federally insured institutions had $37.32 billion in FDIC-insured deposits within the Rhode Island market, a 20% increase over the $31.1 billion on the same date in 2019. Of that increase, Citizens captured more than $3.56 billion, a 34% increase over a year ago, bringing its total share of in-market deposits to $14.11 billion.
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By comparison, Bank of America, which held on to its No. 2 spot of in-market deposits, has just over half that amount: $8.55 billion, a $1.6 billion or 22% bump over the prior year.
Together, these two banks control nearly two-thirds of the in-market deposits, with 37.8% and 22.9% respectively.
The Washington Trust Co. claimed the third-highest amount of deposits, with $4.1 billion, or just over 10% of market share, followed by Santander Bank, $2.6 billion, and Bank Rhode Island, $2.3 billion.
While the rankings of the top five institutions by local market share of deposits remain unchanged from the prior year, those below it saw a shakeup, with BankNewport taking the No. 6 spot formerly held by TD Bank. BankNewport’s in-market deposits stood at $1.62 billion, a 17% jump over the $1.38 billion at the end of the second quarter of 2019. At the same time, TD Bank lost 58% of its in-market deposits, to end at $664 million as of June 30.
Out-of-market deposits also increased to nearly $4 trillion, versus $1.8 trillion on June 30, 2019.
The number of insured institutions in the market remain unchanged at 21.
