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Key, M&T rank among top 20 banks nationally in deposits

Buffalo's two biggest players in banking also rank among the top 20 in the country in deposits.

KeyCorp moved up to No. 17, with $105.3 billion, fueled by last year's deal for First Niagara Financial Group. M&T Bank Corp. was No. 20, with $97.8 billion.

The banks were ranked based on deposits the Federal Deposit Insurance Corp. recorded for June 30. The FDIC's annual one-day snapshot, released this week, provides a glimpse of how the banks stack up.

Key leapt from No. 24 a year ago. Its 35 percent increase in deposits was second only to the 37 percent increase reported by Huntington Bancshares, according to S&P Global Intelligence, which compiled the figures. Huntington also made an acquisition last year.

Christopher Manderfield, Key senior vice president and head of deposit, product and pricing strategy, said moving into the top 20 demonstrates Key's growth, "but we also think it's an opportunity to really better serve our clients throughout our footprint, obviously New York State being a big piece of that footprint."

Manderfield said he didn't think there was necessarily an advantage gained from moving from just outside the top 20 to No. 17. But the deal that bolstered Key's ranking has opened up the bank to new opportunities with business lines such as auto lending, and enhanced its presence in New York State markets it was already serving, he said.

M&T's ranking dropped one spot from No. 19 in 2016, even though its deposits increased 0.6 percent. M&T remains far and away the top deposit holder in the Buffalo Niagara region, with Key in the No. 2 spot.

Key's acquisition of First Niagara helped raise its national ranking in deposits. (Robert Kirkham/Buffalo News)

JPMorgan Chase surpassed Bank of America as the nation's leading deposit holder, with $1.3 trillion. The "big four," composed of those two banks plus Wells Fargo and Citigroup, controlled about 37 percent of the nation's deposits, according to S&P Global Market Intelligence. The four banks' combined deposits grew by 6.5 percent from a year ago. The top 50 banks in the country controlled about 72 percent of all deposits.

HSBC North American Holdings was No. 14 on the list. While HSBC no longer has branches in upstate New York, the bank still has about 3,000 employees in the Buffalo Niagara region. Citizens Bank, which has about 40 branches in the region, was No. 15.

First Niagara Bank ranked No. 42 in 2016, but disappeared from this year's list after it was acquired by Key.

The branch count for all banks nationwide declined about 3 percent, to just under 90,000, according to S&P Global Intelligence. The total number of branches was down about 10 percent from 2009.

M&T ranked No. 20 in deposits nationally. (Derek Gee/Buffalo News)

Here's how some banks with a local branch presence stack up in deposits nationally:

No. 2. Bank of America

  • 2017 deposits: $1.3 trillion
  • 2016 deposits: $1.2 trillion
  • Number of branches: 4,604

No. 15. Citizens Financial Group

  • 2017 deposits: $118.1 billion
  • 2016 deposits: $107.15 billion
  • Number of branches: 1,187

No. 17. KeyCorp

  • 2017 deposits: $105.34 billion
  • 2016 deposits: $78.24 billion
  • Number of branches: 1,235

No. 20. M&T Bank Corp.

  • 2017 deposits: $97.84 billion
  • 2016 deposits: $97.27 billion
  • Number of branches: 865

*Figures as of June 30.
Source: Federal Deposit Insurance Corp.



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