People's United Bank Doubles Market Share Since Danversbank Buyout
The share of the local banking market belonging to People's United Bank more than doubled in the year after it bought out Danversbank.
The Connecticut-based bank that took over Danversbank last year has doubled its share of the greater Boston consumer banking market since the purchase, according to Boston Business Journal.
People’s United Bank announced in January 2011 it was buying out Danversbank. The deal was completed in June 2011.
Before the purchase and merger, Danversbank’s headquarters were located in Danvers. People’s United Bank is headquartered in Bridgeport, Conn.
In the past year, through June 30, People’s United Bank’s share of the greater Boston banking market went from .63 percent to 1.25 percent, according to data from the Federal Deposit Insurance Corp., the Business Journal reports. In the same time, People’s United Bank’s total depositions grew from $1.25 million to $2.9 billion.
Bank of America, with a location on Elm Street in Danvers Square and an ATM at Danvers Plaza, continues to be the market leader with 21.5 percent, or $50.3 billion in the greater Boston area.
The largest locally owned bank was Eastern Bank, with 2.67 percent of the market share and $6.2 billion in deposits. Eastern Bank has a branch on Federal Street in Danvers near Liberty Tree Mall.