Report: BofA drops to No. 2 in R.I. market share after $5.4B decrease in local deposits

BANK OF AMERICA’S total deposits in Rhode Island plummeted to $7 billion as of June 30, down by $5.4 billion from a year earlier, according to new FDIC statistics. / BLOOMBERG NEWS FILE PHOTO/JIN LEE
PROVIDENCE – While other banks’ in-state deposits have remained relatively stable, Bank of America Corp.’s total Rhode Island deposits dropped by $5.4 billion as of June 30 after a similar-sized increase just a year earlier, according to new data released Friday by the Federal Deposit Insurance Corp. Bank of America did not specifically cite the…

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