Somerset County, New Jersey, a core county of the New York-Newark, NY-NJ-CT-PA market, holds $16.4B in deposits across 20 insured institutions and 93 branches. Bank of America is the largest deposit holder at 17.9% share. The top three banks hold 47% of deposits, which places the county in the Moderate band. Deposits have fallen 7.5% since 2021 while the branch count fell by 17.0%. It produced $45.8B of real gross domestic product in 2024, ranking #104 of the 1,523 ranked counties by economic output.
Ranks show where the county stands among the 1,523 ranked counties (those within a Combined or Metropolitan Statistical Area that have a branch). They describe relative position, not a rating of market quality or suitability.
Deposit trend
Branches: 112 in 2021 to 93 in 2026. Institutions: 24 to 20. Top-three share: 50% to 47%.
Institutions by deposits
| Institution | Deposits | Share | 5‑yr deposits |
|---|---|---|---|
| Bank of America | $2.9B | 17.9% | -14% |
| TD Bank | $2.7B | 16.4% | +3% |
| Peapack Private Bank & Trust | $2.1B | 12.6% | -29% |
| JPMorgan Chase Bank | $1.9B | 11.6% | +11% |
| PNC Bank | $1.7B | 10.7% | -15% |
| Wells Fargo Bank | $1.6B | 9.9% | -8% |
| Provident Bank | $712M | 4.3% | -8% |
| Valley National Bank | $566M | 3.4% | +106% |
| Fulton Bank | $454M | 2.8% | -3% |
| Somerset Regal Bank | $380M | 2.3% | -7% |
| Unity Bank | $357M | 2.2% | +35% |
| Santander Bank | $178M | 1.1% | +31% |
| First Bank | $159M | 1.0% | +44% |
| Citizens Bank | $134M | 0.8% | -64% |
| Kearny Bank | $133M | 0.8% | +12% |
| Columbia Bank | $115M | 0.7% | +70% |
| Magyar Bank | $103M | 0.6% | +38% |
| The Bank of Princeton | $102M | 0.6% | +65% |
| Capital One | $74M | 0.4% | -29% |
| Crown Bank | $3M | <0.1% | -65% |
The 20 insured institutions with a branch presence in this county, per the FDIC Summary of Deposits, June 30, 2026. Five-year change compares the same institution’s county deposits in 2021 and 2026. Institutions are tracked by FDIC certificate number, and where an institution acquired another bank, the acquired bank’s prior deposits are folded into the baseline so the change reflects the combined, continuing franchise rather than reading as new. “No 2021 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year. Deposit figures are nominal and are not adjusted for inflation.
Part of the New York-Newark market
Somerset County is one of 30 counties that make up the New York-Newark, NY-NJ-CT-PA market, a Combined Statistical Area (ranked #1 of 293 U.S. markets by economic output). It produces 2.1% of the market’s output and holds 0.5% of its deposits.
| Measure | Somerset County | Share of parent market |
|---|---|---|
| 2024 GDP | $45.8B | 2.1% |
| Deposits | $16.4B | 0.5% |
| Population | 356,486 | 1.6% |
View the full New York-Newark market profile →
Recruiting in Somerset County
Deposits are split among a moderate number of institutions. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like Somerset County.
See how we help banks recruit commercial banking talent