M&T continues to dominate deposits in Buffalo Niagara region
By Matt Glynn, The Buffalo News, N.Y. | |
McClatchy-Tribune Information Services |
M&T's deposit market share in the Buffalo Niagara region was 50.3 percent, up from 47.2 percent a year ago, according to
The top banks' rankings were the same as a year ago, but there were changes in deposit totals and market share. Though only a one-day sample, the figures show how the financial institutions stack up in deposits in a crowded market.
M&T,
M&T's
M&T grew its mortgage servicing business significantly after taking over some of that work from
For the retail segment of M&T's deposits, the bank continues to see ripples from the market shakeup
M&T has also reached out to customers about saving more for emergency needs, buying or renovating a home, and for retirement, and those efforts have generated more deposits, McMorrow said.
While M&T's market share rose over a year ago, the percentages for First Niagara and
While the deposit market share numbers for nearly of all the banks in the local report either declined or remained roughly the same as a year ago, the pie of total deposits grew. The total rose 10 percent, to
As a result, even though many banks' market share declined, some of their deposits increased.
"The latest market share data show the success of our customer-centric approach, the strength of our market presence in
"What is most important to keep in mind in looking at this index it that it represents just one single benchmark," said
For instance, he said, the figures do not take into account loans, which are "a big part of our growing business in
"The most important metric to us is our focus on developing new services that we build based on what we know our clients need," Quenneville said.
The figures the locally based banks report in the
SNL Financial looked at the
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