Rockland Trust

Following recent acquisitions, both Rockland Trust Co. and People’s United Bank have seen their share of Massachusetts deposits grow, while Chase’s branch expansion strategy appears to be paying off.

According to the FDIC’s annual Summary of Deposits survey, Massachusetts FDIC-insured banks had a total of $407.5 billion in deposits on June 30, 2019, a 2.6 percent increase over June 30, 2018. A year ago, total deposits were $397.36 billion.

State Street Bank had the largest market share in the state as of June 30, 2019, with 26.3 percent. The other banks with the highest market share were Bank of America, Citizens Bank, Santander Bank and TD Bank. These five banks combined held 64.5 percent of the state’s deposits in 2019 and have remained as the top five since June 30, 2016, according to the FDIC’s report.

Rockland Trust moved into the sixth spot on the list after acquiring Blue Hills Bank this year and Milford National Bank and Trust Co. last fall. Deposits at Rockland Trust grew by 32.7 percent, from $7.07 billion in 2018 to $9.39 billion in 2019. Eastern Bank and First Republic Bank were next, with $9.14 billion and $9.06 billion, respectively.

The acquisitions of Belmont Savings Bank in the spring and Farmington Bank last year helped People’s United Bank’s deposits grow by 61.7 percent. The bank had $6.46 billion in Massachusetts deposits on June 30, 2019.

Overall, the state saw smaller year-over-year growth compared to last year, when deposits increased by 13.5 percent between 2017 and 2018. Much of that growth was attributed to State Street, which saw 42 percent growth in its deposits for the 12 months ending June 30, 2018.

While its marketshare was small, at 0.04 percent, JPMorgan Chase now has five offices accepting deposits in Boston, Brookline, Chestnut Hill, Dedham and Watertown as part of a larger, 50-branch push into Greater Boston. The bank’s presence has grown from only one non-deposit office in the state on June 30, 2018, had $178.72 million in deposits as of June 30, 2019.

Despite these Chase additions, Massachusetts had fewer bank offices: 2,137 in 2019 compared to 2,155 the previous year. The federally-chartered Citizens had 248 offices, the most in Massachusetts. Of the state-chartered banks, Rockland Trust had the most offices with 97. BofA had had 206 offices, 11 fewer compared to June 30, 2018.

People’s United, Rockland Grow Deposit Market Share Following Mergers

by Diane McLaughlin time to read: 1 min
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