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Photo by Matthew G. Bisanz | CC BY-SA 3.0
While total deposits at Massachusetts banks continued to increase, FDIC data shows the surge that marked the first two years of the pandemic has slowed down.
The FDIC’s annual Summary of Deposits survey captures bank deposits on June 30 each year. Banks with offices in Massachusetts had $412.97 billion in deposits on June 30, a 2.5 percent increase over the same day last year, when banks held about $402.88 billion. This analysis does not include State Street Bank.
The banks with the most Massachusetts deposits remained unchanged from 2021: Bank of America, Citizens Bank, Santander Bank and TD Bank. These four banks combined held 52.2 percent of the state’s deposits in 2022 and have remained as the top banks since June 30, 2016, according to the FDIC.
Like it did in 2021, Bank of America had 27 percent of the deposit share on June 30, with $112.2 billion in deposits. Bank of America saw its deposits increase year-over-year by 3 percent.
Boston-based Eastern Bank remains the top Massachusetts-based bank on the list and regained the fifth spot on the list after being passed by California-based First Republic Bank in 2021. Eastern Bank acquired Century Bank in November 2021, and the bank’s deposits increased 38.9 percent since June 30, 2020, to $18.87 billion.
Rockland Trust, which acquired East Boston Savings Bank in November, remained in the seventh position this year with $16.77 billion in deposits, a 39 percent increase over last year.
Other acquisitions brought two new names to the top-10 list: Buffalo-based M&T Bank, which acquired Connecticut-based People’s United Bank in April, and California-based Silicon Valley Bank, which acquired Boston Private Bank. M&T Bank took the eighth spot with $8.77 billion in deposits, down 9 percent from People’s United Bank’s deposits on June 30, 2021. Silicon Valley Bank finished 10th with $5.47 billion in deposits, down 12 percent from Boston Private’s 2021 total.
Berkshire Bank moved back into the ninth spot – occupied in 2021 by Century Bank – with $6.27 billion in deposits, up 5.3 percent year-over-year.
The two mutual banks with the highest deposit totals on June 30, Middlesex Savings Bank and Salem Five, finished just outside the top 10.
PNC Bank, which opened its first five Massachusetts retail branches in the second half of 2020, saw the largest year-over-year deposit growth. The bank had $75.28 million in deposits on June 30, 2022, an increase of about 178 percent. The bank opened another Boston branch this summer by North Station and also plans locations in Framingham and Assembly Row in Somerville, according to regulatory filings.
Of the Massachusetts Banks that did not complete a merger since the 2021 summary of deposits, Leader Bank had the largest deposit growth. The Arlington-based bank had $3.51 billion in deposits on June 30, up 58.3 percent year-over-year.
Chase Bank continued to expand in Massachusetts, with its deposits up about 37 percent year-over-year. Chase had 35 Massachusetts locations on June 30, 10 more than it had a year earlier, and deposits totaled $1.81 billion.
The number of bank offices on June 30 fell from 2,047 in 2021 to 1,960. Citizens Bank continued to have the most locations in Massachusetts with 206 as of June 30. Of the state-chartered banks, Rockland Trust Co. had the most offices with 125.
