On the heels of a trader’s multibillion-dollar loss and resulting Congressional hearings, JPMorgan Chase & Co. recorded a significant decrease in deposits at its Chase Bank branches in Fairfield County ”“ but large gains elsewhere.
For the fiscal year ending this past June, Chase’s deposits fell by nearly $400 million in Fairfield County to about $3.8 billion, according to new data on file with the Federal Deposit Insurance Corp. That was enough to drop Chase from second to fourth in total market share as calculated by FDIC, with Wells Fargo the new No. 2 in Fairfield County, and Bank of America retaining its status as the third largest depositor.
Nationwide, however, JPMorgan Chase deposits surged $89 billion to $832 billion in all, a 12 percent gain.
In Fairfield County, People’s United Financial Inc. was the biggest beneficiary of the past year, with the Bridgeport-based bank adding more than $450 million in deposits to crack the $6 billion mark for the first time. People’s United has done so on its home turf even as it has added branches in New York and Massachusetts through acquisitions and new branches. This fall, it is scheduled to open its first Manhattan branch.
Across its Northeast territory, People’s United deposits were up nearly $3.2 billion, an impressive 17 percent rate of deposit growth.
Among all Fairfield County bank branches, total deposits increased more than $1.6 billion to about $33.7 billion in all ”“ easily surpassing the $24.1 billion in deposits on record before the financial collapse of 2008.
