Boston-Worcester-Providence, MA-RI-NH holds $656.9 billion in deposits across 139 insured institutions and 2,149 branches, ranking #6 of 293 U.S. markets by economic output. State Street Bank and Trust Company is the largest deposit holder at 31.6% share. The top three institutions hold 61.2% of deposits, which places the market in the concentrated band. Deposits have grown 21% since 2020 while the branch count fell by 224.
Deposit trend
Branches: 2,373 in 2020 to 2,149 in 2025. Institutions: 148 to 139. Top-three share: 59.0% to 61.2%. Deposits per branch: $306M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| State Street Bank and Trust Company | 207.9B | 31.6% | +53% |
| Bank of America | 111.9B | 17.0% | +1% |
| Citizens Bank | 82.4B | 12.5% | +13% |
| Santander Bank | 36.9B | 5.6% | +31% |
| TD Bank | 29.9B | 4.5% | +12% |
| Eastern Bank | 21.4B | 3.2% | +80% |
| Rockland Trust Company | 15.6B | 2.4% | +52% |
| Manufacturers and Traders Trust Company | 6.4B | 1.0% | new since 2020 |
| Salem Five Cents Savings Bank | 5.8B | 0.9% | +42% |
| Cambridge Savings Bank | 5.4B | 0.8% | +33% |
The 10 largest of 139 insured institutions with a branch presence, as of June 30, 2025. Five-year change compares the same institution's deposits in 2020 and 2025; an acquirer absorbs the balances of banks it bought.
Counties in this market
| County | State | GDP | Population | Share of GDP |
|---|---|---|---|---|
| Middlesex County | Massachusetts | $204,142M | 1,669,979 | 28.2% |
| Suffolk County | Massachusetts | $153,074M | 791,891 | 21.1% |
| Norfolk County | Massachusetts | $59,516M | 739,749 | 8.2% |
| Essex County | Massachusetts | $48,360M | 826,653 | 6.7% |
| Worcester County | Massachusetts | $48,166M | 888,502 | 6.6% |
| Providence County | Rhode Island | $37,008M | 678,179 | 5.1% |
| Hillsborough County | New Hampshire | $30,827M | 433,415 | 4.3% |
| Plymouth County | Massachusetts | $28,367M | 546,829 | 3.9% |
| Bristol County | Massachusetts | $27,757M | 593,640 | 3.8% |
| Rockingham County | New Hampshire | $25,954M | 324,077 | 3.6% |
| Barnstable County | Massachusetts | $14,831M | 233,539 | 2.0% |
| Merrimack County | New Hampshire | $10,733M | 158,078 | 1.5% |
| Kent County | Rhode Island | $9,791M | 173,495 | 1.4% |
| Washington County | Rhode Island | $7,655M | 129,795 | 1.1% |
| Newport County | Rhode Island | $6,912M | 83,051 | 1.0% |
| Strafford County | New Hampshire | $6,462M | 135,043 | 0.9% |
| Belknap County | New Hampshire | $3,314M | 65,147 | 0.5% |
| Bristol County | Rhode Island | $2,090M | 50,001 | 0.3% |
Recruiting in Boston
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. 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 this one, on a retained basis.
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