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Eastern Bank edged ahead of Rockland Trust Company as the Massachusetts-based community bank holding the most deposits, according to the FDIC’s annual Summary of Deposits survey.
The annual survey captured bank deposits on June 30. Banks with offices in Massachusetts had $362.5 billion in deposits on June 30, a 20.7 percent increase over the same day last year, when banks held $300.2 billion.
The top four banks remained unchanged from 2019: Bank of America, Citizens Bank, Santander Bank and TD Bank. These four banks combined held 54 percent of the state’s deposits in 2020 and have remained as the top banks since June 30, 2016.
Bank of America had 27 percent of bank deposits on June 30 with about $98.8 billion, up 25.3 percent from 2019.
Banks have reported the Paycheck Protection Program, other government aid, less spending and tax deadline extensions as some of the factors contributing to higher deposits this year.
Eastern Bank had almost $11.4 billion in deposits, a 24.6 percent increase compared to 2019. Eastern moved ahead of Rockland Trust, which last year had the most deposits among Massachusetts-based community banks. Rockland Trust this year had $10.8 billion in deposits, a 15.2 percent increase. Neither bank had acquisitions since the June 30, 2019, report.
First Republic, Connecticut-based People’s United Bank, which acquired United Bank in November, and Berkshire Bank were next on the list. Century Bank has moved into the top 10, with $5.1 billion in deposits, a 24.8 percent increase. Middlesex Savings Bank was next with had $4.84 billion in deposits, a 15.5 percent increase.
East Boston Savings Bank saw deposits drop by 3.7 percent to $4.84 billion, slightly behind Middlesex Savings Bank. East Boston in its second quarter earnings report had cited decreases in certificates of deposit, including brokered deposits, during the first six months of 2020.
The banks with the largest deposit growth in Massachusetts were Springfield-based de novo New Valley Bank & Trust, which had just opened at the end of May 2019, and Chase Bank, which had 20 Massachusetts offices on June 30 compared to six a year earlier. Chase Bank now has $657 million in deposits, up from $178.7 million last year. KeyBank in Western Massachusetts also had significant deposit growth, up to more than $1.9 billion compared to $684.1 million on June 30, 2019.
