Second-ranked Trustco Bank had more local branches (52 to Key’s 35), but its market share was 11.5%, less than half of KeyBank’s.
Rounding out the top five deposit holders are Bank of America (14 branches, 10.5% market share), Manufacturers & Traders Trust (14 branches, 8.5%), and Citizens Bank (16 branches) , 5.8%).
The numbers are part of a June 30 snapshot of branch deposits compiled annually by the Federal Deposit Insurance Corporation from more than 4,500 insured institutions. Banks must submit branch reports to the FDIC by the end of July, and the FDIC provides the data in a searchable database released in October.
In the case of the Albany Metro, 24 banks were on the list with a total of $29.6 billion in deposits across 267 branches. Some companies operate hundreds of branches nationwide, but many have a regional focus. Others are just in our area.
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Officially known as the Albany-Schenectady-Troy Metropolitan Statistical Area (MSA), the metro includes Albany, Rensselaer, Saratoga, Schenectady, and Schoharie counties.
KeyBank’s market share equates to $8.6 billion in domestic deposits. The bank has deep roots in the region, dating back to 1849 before a merger in the 1990s moved its headquarters to Ohio. We currently have branches in 15 states across the United States.
Local company Trustco reported local deposits of $3.4 billion. It also operates in Florida.
Bank of America, a major national corporation, had $3.1 billion in domestic holdings. Buffalo-based Manufacturers (M&T), which serves the Northeast and Mid-Atlantic, had $2.4 billion in local deposits. Citizens Bank, a similar company headquartered in Rhode Island, had $1.7 billion locally.
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Further down the market share list are small banks with familiar names that operate exclusively in the Albany metro. First National Bank of Scotia has 10 branches, $600 million in deposits, and a 2% market share. Ballston Spa National Bank, 2.4% market share, 13 branches, $703 million in deposits. Saratoga National Bank & Trust has a 2.5% market share, 11 branches, and $740 million in deposits.
Glens Falls National Bank & Trust, a sister company of Saratoga National, is the market share leader in the Glens Falls MSA, which includes Warren and Washington counties, according to FDIC data. Its $2.3 billion in deposits as of June 30 accounted for 58% of the market’s total deposits of about $4 billion. Ten banks operate 42 branches in the MSA.
Arrow Financial Corporation (Glens Falls), the parent company of both banks, announced this spring that the two banks would be combined and rebranded as Arrow Bank.
KeyBank, Trustco, and Citizens also have deposits in the Glens Falls metro, but their market shares are not as large by comparison. Key has 2%, Trustco 4.8% and Citizens 3.6%.
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