Rye’s seven retail banks reported close to 6% growth in deposits for the first half of the year over the same time period last year.

By Allen Clark

Rye’s seven retail banks reported close to 6% growth in deposits for the first half of the year over the same time period last year. According to the FDIC annual report of deposits by zip code, total deposits in Rye City were slightly less than $1.3 billion, a gain of $71 million. The two largest banks, JPMorgan Chase and Citibank, dominate with their combined share increasing to 74.3%.    

Of the two banks, however, JPMorgan was responsible for all of the gain, its share increasing from 40.3% last year to a high of 44.1%, while Citibank fell from 30.4% last year to 28.3%, with a drop in actual deposits of more than $30 million. The only other bank posting a gain in share of Rye deposits was TD (rising1.3 share points up to 9.1% as of June 30).

In past reports, a small share was annually shown for Manufacturers And Traders Trust Company, which had a special operation at The Osborn. According to The Osborn, that facility closed down early this year. The branch’s deposit share a year ago was just 0.3%.

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 do not get published by the FDIC until four months after the June 30th end point each year, so there is always a lag in trend readings.