PROVIDENCE – Rhode Island consumer banking has become a little less local, as Charlotte, N.C.-based Bank of America now has the most in-state deposits, surpassing Providence-based Citizens Bank, new federal statistics show.
Bank of America had about $12.4 billion in deposits inside Rhode Island for a 35.3 percent market share as of June 30, according to recently released statistics from the Federal Deposit Insurance Corp. That was up from about $7.6 billion for a 25.2 percent market share a year earlier.
Citizens Bank, a subsidiary of Citizens Financial Group in Providence, is now second with in-state deposits of about $10.8 billion for a 30.8 percent market share as of June 30, FDIC statistics show. That was down from about $11.4 billion for a 37.6 percent market share a year earlier.
Bank of America and Citizens were the only banks among the top 10 in Rhode Island deposits to move up or down in the rankings. And, in a positive sign for banking and the state’s economy, nine of the top 10 Rhode Island banks grew their deposits from 2017 to 2018.
Westerly-based The Washington Trust Co. retained its spot in distant third with about $3.3 billion in in-state deposits for a 9.3 percent market share as of June 30. That was up from nearly $3 billion in Rhode Island deposits for a 9.8 percent market share last year.
Santander Bank, a U.S. subsidiary of Banco Santander of Spain, stayed in fourth place with about $2.4 billion in Rhode Island deposits for a 6.8 percent market share. That was up from about $2.3 billion in deposits for a 7.7 percent market share last year.
In fifth place was Bank Rhode Island, a subsidiary of Boston-based Brookline Bancorp, with nearly $1.7 billion in in-state deposits for a 4.8 percent market share. That was up from about $1.6 billion in Rhode Island deposits for a 5.4 percent market share last year.
Rounding out this year’s top 10:
- BankNewport, a subsidiary of Middletown-based OceanPoint Financial Partners, with nearly $1.3 billion in in-state deposits for a 3.7 percent market share. That was up from about $1.2 billion in Rhode Island deposits for a 4 percent market share last year.
- West Warwick-based Centreville Bank, with about $887 million in local deposits for a 2.5 percent market share. That was up from $833 million for a 2.8 percent market share last year.
- Coastway Community Bank, a subsidiary of Coastway Bancorp in Warwick, with about $507 million in local deposits for a 1.5 percent market share. That was up from $479 million in local deposits for a 1.6 percent market share last year.
- Webster Bank, based in Waterbury, Conn., with about $501 million in in-state deposits for a 1.4 percent market share. That was up from $461 million in Rhode Island deposits for a 1.5 percent market share last year.
- TD Bank, a subsidiary of Toronto-based Dominion Bank, with nearly $445 million in in-state deposits for a 1.3 percent market share. That was up from about $383 million in local deposits for a 1.3 percent market share last year.
Ten other banks each had less than a 1 percent market share of local deposits as of June 30, according to the FDIC.
Scott Blake is PBN staff writer. Email him at Blake@PBN.com.
