Matthew L. Brown
Reporter- Boston Business Journal
Bank of America continued its dominance of Greater Boston’s banking scene in the year ending June 30, with deposits of $50.3 billion in the local market, according to the Federal Deposit Insurance Corp.
That deposit total was good for a 21.5 percent market share, a slip from the 25 percent market share the North Carolina-based institution claimed a year ago.
Still, BofA’s deposits were $48.6 billion in the market last year.
And the bank shuttered a few branches during the year, too. As of June 30, Bank of America had 192 offices in the market compared to 201 a year ago.
Not much else has changed among the top banks in the so-called Boston-Cambridge-Quincy metropolitan statistical area.
Just as last year, RBS Citizens claimed the second-biggest market share, 12.94 percent, with deposits totaling $30.3 billion in the market.
A year ago, the Providence-based bank held a 14.3 percent market share with $27.9 billion in deposits in the market.
The Massachusetts-based bank with the largest market share was Boston’s Eastern Bank, which finished the year with $6.2 billion in deposits, good for a 2.67 percent market share.
Middlesex Savings Bank also made a good showing with $3.5 billion in deposits, a 1.48 percent market share for the Natick-based bank.
People’s United Bank has been growing by acquisition in Massachusetts in recent years and posted a significant increase in market share this year. The Bridgeport, Conn.-based bank had $2.9 billion in deposits in the Boston market as of June 30. That’s about a 1.25 percent market share.
A year ago, People’s United had $1.2 billion in deposits here, a 0.63 percent market share.
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