State Street Bank and Trust Company broke away from the pack this year, adding a huge amount of assets to its business to grab a commanding lead in market deposit share in Massachusetts.

State Street jumped from 22.6 percent, or roughly $79.1 billion in assets, of market deposit share in Massachusetts at June 30, 2017 to roughly 28.3 percent, or roughly $112.4 billion in assets, on June 30, 2018, according to recently released FDIC data.

In doing so, they broke away from Bank of America, who was close behind in 2017. Midway through last year, Bank of America held nearly 21 percent market share, but this year declined to roughly 19.2 percent.

Other large banks such as Santander, Citizens and TD Bank also lost ground, while many community banks didn’t fare much better.

Eastern Bank, Rockland Trust, Boston Private, Middlesex Savings Bank, Century Bank, Salem Five and Brookline Bank all lost a little bit of ground. Berkshire Bank, however, saw its market share improve from 1.06 percent in 2017 to 1.44 percent this year. East Boston Savings Bank also increased its market share.

With Rockland Trust’s recent acquisition of Blue Hills Bank, it could pass Eastern Bank in market deposit share if it is able to retain all of Blue Hills’ deposits once the acquisition is complete.

State Street Leaps Ahead in Market Deposit Share in MA

by Bram Berkowitz time to read: 1 min
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