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Seven out of the top 10 banks in terms of deposits gathered in Massachusetts saw declines in deposits as of the end of June in the wake of spring bank failures, while JPMorgan Chase and Cambridge Savings Bank joined the list this year, according to FDIC deposit data released last week.

Entering the top 10 banks for Massachusetts deposits, Chase – at seventh place – saw its deposits skyrocket to $8.4 billion as of June 30 versus the $1.8 billion same date in 2022. The bank had higher deposits in the state after acquiring the failed First Republic Bank and adding several new branches. However, that marks a significant drop-off from the simple sum of First Republic’s and Chase’s local deposits on June 30, 2022: $19.6 billion.

Another acquired bank, Silicon Valley Bank had been the 10th largest in the state last summer. Deposits in June 2022 were $5.5 billion deposits. But following a bank run and its acquisition by First Citizens Bank, only $1.6 billion in deposits remained. The acquirer did not have a footprint in-state before SVB.

Meanwhile, Cambridge Savings Bank placed 10th on the list, up from 14th placer last year, with a jump in deposits to $5.1 billion from $4.4 billion. CSB earlier reported rapid growth in deposits from its digital unit Ivy Bank.

Aside from Chase and CSB, other institutions that gained deposits were Citizens Bank and Santander Bank – ranking second and third, respectively – while M&T Bank landed at eighth place by keeping steady at $6.3 billion deposits. Deposits at Citizens went up to $58.5 billion, from $54 billion in June of last year, while Santander grew deposits to $29.8 billion from $27.3 billion in June 2022.

The majority of the top 10 banks observed declines in deposits as depositors dispersed and opted for smaller banks, deeming them safer after the bank runs of the big regional and nationwide megabanks. Banks outside of the top 10 saw increased inflows such as Salem Five ($4.9 billion, up from $4.7 billion), Cape Cod Five ($4.4 billion, up from $4.3 billion), HarborOne Bank ($3.7 billion, up from $3.3 billion), Needham Bank ($3.3 billion, up from $2.7 billion).

Here are the rest of the banks in the top 10 that saw a decline in Mass. deposits as of June 2023 versus June 2022 due to the increased competition in deposits and a challenging economic environment.

• 1st place – Bank of America, $104.5 billion from $112.2 billion
• 4th place – TD Bank, $20.8 billion from $22.1 billion
• 5th place – Eastern Bank, $17.9 billion from $18.8 billion
• 6th place – Rockland Trust, $15.4 billion from $16.8 billion
• 9th place – Berkshire Bank, $6.1 billion from $6.3 billion