Bank of America and M&T Bank continue to grow deposit market share in Greater Baltimore and they now hold more than half off all deposits in the region, according to new data released Friday by the Federal Deposit Insurance Corp.
Some new names appear on the list, which provides bank deposit totals as of June 30. Almost every bank saw year-over-year increases in deposits, likely due to the federal government’s Paycheck Protection Program (PPP) and volatility in the stock market that caused retail investors to hoard their cash in checkings and savings accounts rather than brokerages. At the top though, it was a case of the rich getting richer.
Bank of America (NYSE: BAC) continued to maintain its stranglehold as the region’s largest financial institution. The Charlotte-based financial giant’s deposits increased 29.7% to $28.6 billion as of June 30, compared to $22 billion the same time a year ago. Bank of America’s market share rose slightly from 29.6% to 30.2%.
