Bank of America remains the largest bank in Massachusetts as ranked by deposits, according to new data from the Federal Deposit Insurance Corp. The Charlotte, N.C., banking giant had $38 billion in deposits at its Massachusetts branches on June 30, up 3 percent from a year ago. It had 20 percent of the market, virtually unchanged from a year ago. The company also has 286 traditional branches, more than any of its rivals.
Other major retail banks retained their rankings as well. After Bank of America, the biggest banks in the state with consumer branches were Citizens Bank, with 12 percent of the deposits; Sovereign Bank, 7 percent; and TD Bank, 4 percent.
But some banks had significant gains. Citibank, which entered the Boston market a few years ago, more than doubled its deposits to $1.6 billion and leapfrogged more than a dozen small banks in size. The New York bank still has less than 1 percent of the state’s deposits, however.
Other banks that gained market share included: Rockland Trust Co., which recently merged with Benjamin Franklin Bank and increased deposits by 35 percent; Eastern Bank, which boosted deposits by 17 percent; and TD Bank, which notched a 7 percent gain. State Street Bank & Trust Co., one of the state’s largest commercial banks, showed a sharp 14 percent decrease in deposits to $20.6 billion. Its share of the state’s deposits dropped from 13 percent to 11 percent.
