Photo by Matthew G. Bisanz | CC BY-SA 3.0

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While the total deposits at Connecticut banks remained steady during the 12-month period ending in June, FDIC data shows that the share of deposits once held by People’s United Bank has declined.

The FDIC’s annual Summary of Deposits survey captures bank deposits on June 30 each year. Banks with offices in Connecticut had $179.09 billion in deposits on June 30, a 0.32 percent increase over the same day last year, when banks held about $178.51 billion in deposits.

The bank with the most Connecticut deposits remains Bank of America. Like it did in 2021, Bank of America had 25 percent of the deposit share on June 30, with $44.72 billion. Bank of America saw its deposits increase year-over-year by 1.8 percent.

Stamford-based Webster Bank moved into the second spot previously held by People’s United Bank. Webster Bank, which acquired New York-based Sterling National Bank this year, had $25.93 billion in Connecticut deposits, increasing year-over-year by 2.45 percent. Webster’s deposit share in the state was 14.5 percent compared to 14.2 percent on June 30, 2021.

While M&T Bank, which acquired People’s United Bank in April, was in the top three and had more than twice as many Connecticut deposits as the next banks on the list, the Buffalo-based bank has seen a 14 percent decline in deposits when compared to People’s United Bank’s deposits on June 30, 2021.

M&T Bank in the FDIC’s latest report had $24.8 billion in Connecticut deposits. On June 30, 2021, M&T Bank had $289.22 million in deposits and People’s United Bank had $28.75 billion in deposits. While People’s United Bank in 2021 had a 16.1 percent share of Connecticut’s deposits, M&T Bank on June 30 had 13.85 percent of the state’s deposits.

Chase Bank, Wells Fargo and TD Bank were next on the 2022 list, followed by Middletown-based Liberty Bank with $6.12 billion in deposits. KeyBank, Citibank and Citizens rounded out the top 10.

While New York-based NBT Bank has just a fraction of the state’s deposit, the relative newcomer to Connecticut had the largest year-over-year deposit growth. NBT Bank entered the Connecticut market in late 2019 and opened its first two retail branches in the state in 2021. NBT had year-over-year deposit growth of 435 percent and had Connecticut deposits totaling $36.89 million on June 30.

The Connecticut-based banks with the highest deposit growth were Lakeville-based Salisbury Bank & Trust and Salisbury-based National Iron Bank. Salisbury Bank had $592.25 million in deposits, up 17.5 percent year-over-year. The National Iron Bank had $237.66 million in deposits, a 17 percent year-over-year increase.

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FDIC Data Shows Loss in Former People’s United Deposit Share

by Diane McLaughlin time to read: 2 min
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