55 banks currently operate in the state of Connecticut. These are banks that are also insured by the federal deposit insurance corporation. Of this amount, 32 of these banks are headquartered in the state and therefore can be considered Connecticut-based banks. Banks operating within the state had in total $136 billion of assets, $115 billion of deposits and $85 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Connecticut, residential mortgages made up 18% of the assets managed by these banks. In addition to this, these banks in total employ 12,776 people within the state. This represents 0.4% of the population.

Density of Banks in Connecticut

Banks in Connecticut currently have a total of 1,058 branches located within the state. This equates to 3.0 branches per 10,000 people in Connecticut.  If we take the data on the banks in Connecticut and compare it with the banks operating in other states, we find that on this metric, banks in Connecticut rank 20th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Connecticut had on average 21.8 branches per 100 square miles. Therefore, Connecticut ranks 5th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Connecticut

performance-of-banks-in-Connecticut

  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Connecticut is ranked 38th out of the 52 states and main territories in the country.
  • Return on Assets – in terms of this important return metric, banks in this state are on average lower than the national average. Altogether the Return on Assets for the banks in Connecticut is ranked 45th out of the 52 states and main territories in the country.
  • Return on Equity – banks in this state on average have a lower return on equity than the national average. Overall, the Return on Equity for banks in Connecticut is ranked 48th out of the 52 states and main territories in the country.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Connecticut are ranked 19th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Connecticut are ranked 38th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in Connecticut

deposit-market-share-of-banks-in-Connecticut

Based on the latest available data, Bank of America is the largest bank operating in Connecticut based on its deposit share. Bank of America currently has a 25% share of deposits within the state. Below is summary information on the top 5 largest banks in Connecticut.

Bank of America

Bank of America currently has the largest share of deposits within the state and has $43.9 billion of deposits. In addition to this the bank also has 104 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com

People’s United Bank

People’s United Bank currently has the second largest share of deposits within the state and has $28.7 billion of deposits. The bank also has 173 offices within the state, which represents 43% of its total domestic offices.

Main Office Address: 850 Main St Bridgeport, CT 6604

Website: www.peoples.com

Webster Bank

Webster Bank currently has the third largest share of deposits within the state and has $25.3 billion of deposits. The bank also has 96 offices within the state, which represents 74% of its total domestic offices.

Main Office Address: 145 Bank St Waterbury, CT 6702

Website: http://www.websteronline.com

Wells Fargo Bank

Wells Fargo Bank currently has the fourth largest share of deposits within the state and has $9.8 billion of deposits. Further, the bank also has 61 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

TD Bank

TD Bank currently has the fifth largest share of deposits within the state and has $9.4 billion of deposits. In addition, the bank also has 56 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 2035 Limestone Rd. Wilmington, DE 19808

Website: www.td.com/us/en/personal-banking/