Chase, Citibank Continue to Control Bank Deposits in Rye; All Deposits Drop 1%

As of June 30, 2013, Rye’s seven retail banks reported just over a one percent decline in deposits compared to the year before.

 

By Allen Clark

 

As of June 30, 2013, Rye’s seven retail banks reported just over a one percent decline in deposits compared to the year before. According to the FDIC annual report of deposits by zip code, total deposits in Rye City were $1.27 billion, a drop of $13.5 million. The two largest banks, JPMorgan Chase and Citibank, increased their combined share slightly to 70.9%, up from 70.4% in 2012.

 

 

While there are many other measures of a bank’s financial position (e.g., loans), let alone profitability, deposits are one important measure of market position and trends. These reports are not published by the FDIC until many months after the June 30th end point each year, so there is always a lag in trend readings.