Citizens Bank has most deposits in R.I., says FDIC

By PBN Staff
Twitter: @ProvBusNews

WASHINGTON – RBS Citizens Bank remained Rhode Island’s leading deposit holder during the fiscal year ended June 30, according to the Federal Deposit Insurance Corporation.

Citizens saw deposits of $9.58 billion in the local market, 21.3 percent of the market share in the state.

Although Citizens held on to the top spot, in 2011 the bank saw deposits of $10.04 billion in the local market and held 23 percent of the market share.

In Rhode Island, Bank of America Corp. held the No. 2 slot for 2012, with $7 billion in local deposits and 15.6 percent of the market share.

In 2011, Bank of America held 15.2 percent of the market share with $6.65 billion in local deposits.

The Washington Trust Co., Sovereign Bank and Bank Rhode Island rounded out the top five with $2.07 billion, $1.96 billion and $1.17 billion in local deposits, respectively.

In Bristol County, Mass., Bank of America saw the most consumer business, with $1.23 billion in local deposits, or 15.5 percent of the market share, during the year ended June 30.

Sovereign Bank, Bristol County Savings Bank, Citizens Bank and BayCoast Bank earned slots two through five in Bristol County, Mass., according to the FDIC.