24 banks currently operate in the state of Vermont. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 11 are also headquartered in the state. Therefore, these 11 banks can be considered Vermont-based banks though they might operate nationally or internationally. Banks operating within the state had in total $7 billion of assets, $6 billion of deposits and $5 billion of loans outstanding as of this writing. Overall and in aggregate residential mortgages made up 31% of the assets managed by banks in Vermont. Further, these banks also currently employ in total 1,140 people within the state, which represents 0.2% of the population.

Density of Banks in Vermont

Banks in Vermont currently have a total of 225 branches located within the state. This equates to 3.6 branches per 10,000 people in Vermont.  If we take the data on the banks in Vermont and compare it with the banks operating in other states, we find that on this metric, banks in Vermont rank 9th 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 Vermont had on average 2.4 branches per 100 square miles. Therefore, Vermont ranks 31st out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Vermont

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  • Net Interest Margin – banks in the state of Vermont are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Vermont is ranked 28th out of the 52 states and main territories in the United States.
  • Return on Assets – banks in the state of Vermont are on average lower the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Vermont is ranked 46th out of the 52 states and main territories in the United States.
  • 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 Vermont is ranked 43rd 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 Vermont are ranked 21st 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 better 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 Vermont are ranked 19th 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 the state of Vermont

deposit-market-share-of-banks-in-Vermont

As of this writing People’s United Bank is the largest bank operating in Vermont and this is based on its share of deposits within the state. People’s United Bank currently has a 24% share of the deposits within the state. Below is summary information on the top 5 largest banks in Vermont.

People’s United Bank

People’s United Bank currently has the largest share of deposits within the state and has $4.5 billion of deposits. In addition to this the bank also has 38 offices within the state, which represents 9% of its total domestic offices.

Main Office Address: 850 Main St Bridgeport, CT 6604

Website: www.peoples.com

TD Bank

TD Bank currently has the second largest share of deposits within the state and has $3.8 billion of deposits. The bank also has 23 offices within the state, which represents 2% of its total domestic offices.

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

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

Community Bank

Community Bank currently has the third largest share of deposits within the state and has $1.6 billion of deposits. The bank also has 30 offices within the state, which represents 13% of its total domestic offices.

Main Office Address: 45-49 Court St. Canton, NY 13617

Website: www.cbna.com

Northfield Savings Bank

Northfield Savings Bank currently has the fourth largest share of deposits within the state and has $1.1 billion of deposits. Further, the bank also has 13 offices within the state, which represents 93% of its total domestic offices.

Main Office Address: 33 S Main St Northfield, VT 5663

Website: www.nsbvt.com

Keybank 

Keybank  currently has the fifth largest share of deposits within the state and has $1.0 billion of deposits. In addition, the bank also has 11 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 127 Public Sq Cleveland, OH 44114

Website: www.key.com