Note:
Deposit data are reported as of June 30 of each year.Source:
FDIC and OTS Reports of ConditionDeposits are a common measure of market share in the banking markets. This chart shows the share of deposits held by the largest four banking institutions in New England. As the banking market has consolidated, this fraction has increased from 30 percent in 1990 to 43 percent in 2003. These top four spots have also changed over time as the result of various mergers and acquisitions.
Notable Merger & Acquisition Activity in New England
(1) 1991: Fleet/Norstar acquires major portions
of Bank of New England Corporation.
(2) 1993: Shawmut National acquires New Dartmouth
Bank and portions of Northeast Federal Corporation.
(3) 1995: Fleet acquires Shawmut National Corporation.
(4) 1995: Royal Bank of Scotland Group acquires
First NH Bank.
(5) 1996: Bank of Boston Corporation acquires
BayBanks, forming BankBoston Corporation.
(6) 1999: Fleet merges with BankBoston.
(7) 1999: People’s Heritage Group merges
with Banknorth Group.
(8) 2003: Few mergers occured between 2000 and
2003; data do not reflect the merger between Bank of America and FleetBoston
Financial, which occured in 2004.