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M&T, KeyBank expand deposit market share

M&T Bank remains dominant in deposit market share in the Buffalo Niagara region, according to newly released figures from the Federal Deposit Insurance Corp.

M&T accounted for 64 percent of local deposit market share, up from 55 percent a year ago, according to the FDIC. Ranking second was KeyBank, with 15.4 percent. Its share stepped up from 7.9 percent last year, due to its acquisition of First Niagara Bank in 2016.

Rounding out the top five were Bank of America, which retained its No. 3 spot; Northwest Bank, which moved up to No. 4 after acquiring 18 First Niagara branches; and Citizens Bank, which was slightly behind Northwest's total for the fifth spot.

The FDIC once a year provides a snapshot of banks' deposit market share, based on figures for June 30.

 

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