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 reason for the big decrease in local deposits. In general, the bank said Monday, large swings in deposits are typically the result of “normal daily fluctuations and re-allocations” of non-retail deposits, including corporate, commercial, wholesale, and global banking domestic deposits.
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Despite the overall drop, Bank of America said its retail consumer deposits in Rhode Island actually increased between 2018 and 2019.
When asked last fall about last year’s big gain in overall Rhode Island deposits, Bank of America executives said the bank no longer transfers large sums of deposits from state to state. They explained last year’s $5 billion increase as the result of growth across the bank’s various lines of business.
As of June 30, Bank of America’s deposits in Rhode Island totaled just over $7 billion, down from about $12.4 billion a year earlier, according to FDIC data.
The big decrease dropped North Carolina-based Bank of America below Providence-based Citizens Bank, which rose to the top spot among banks in Rhode Island with more than $10.5 billion in local deposits as of June 30, despite that number being down from $10.8 billion a year earlier.
Overall, deposits of all banks in Rhode Island totaled more than $31 billion, down from about $35.1 billion a year earlier – the drop essentially due to Bank of America.
As of June 30, Citizens had a 34% market share of deposits, followed by Bank of America with 22.6%.
The order of the rest of the top five remained the same as last year: Westerly-based The Washington Trust Co. with $3.44 billion [11.1% market share], up from $3.26 billion a year earlier; Santander Bank N.A. with $2.29 billion [7.4% market share], down from $2.38 billion a year earlier; and Bank Rhode Island with $1.79 billion [5.8% market share], up from $1.69 billion a year earlier, FDIC statistics show.
Meanwhile, TD Bank N.A. moved up four spots to No. 6 with $1.6 billion in deposits and a 5.2% market share, up from $444.7 million and a 1.3% market share a year earlier.
Brockton, Mass.-based HarborOne Bank broke into the top 10 in Rhode Island following its acquisition last fall of Warwick-based Coastway Community Bank. Coastway ranked No. 8 last year with $507.4 million in in-state deposits as of June 30, 2018.
As of June 30, 2019, HarborOne’s Rhode Island deposits totaled $464. 2 million for a 1.5% market share.
Middletown-based BankNewport was also among the top 10, ranking No. 7. It increased in-state deposits to $1.4 billion for a 4.5% market share as of June 30, up from $1.3 billion and a 3.7% market share a year earlier.
Rounding out the top 10, West Warwick-based Centreville Bank’s in-state deposits increased to $921.8 million for a 3% market share from $887.5 million and a 2.5% market share one year prior; and Waterbury, Conn.-based Webster Bank N.A. saw deposits decrease to $490.3 million for a 1.6% market share from $501.2 million and a 1.4% share a year earlier.
Despite the decrease in deposits, Webster’s market share rose because total Rhode Island deposits dropped year-to-year.
In nearby Bristol County, Mass., Bank of America maintained the top spot in market share with more than $1.83 billion in in-county deposits for a 15.8% market share as of June 30, up from $1.79 billion a year earlier, according to FDIC statistics.
Taunton-based Bristol County Savings Bank remained second in in-county deposits of $1.66 billion for a 14.3% market share, up from $1.59 billion a year earlier.
Swansea-based BayCoast Bank moved up one spot to No. 3 in Bristol County with $1.35 billion in local deposits for an 11.7% market share, up from $1.09 billion a year earlier.
Boston-based Santander Bank N.A. was No. 4 with $1.31 billion in in-county deposits for an 11.3% market share, up from $1.29 billion a year earlier.
Rounding out the top five in Bristol County was Citizens Bank, with $936.2 million in local deposits for an 8.1% market share, down from $947.1 million a year earlier.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
