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PNC increases market share in past year [Pittsburgh Post-Gazette]
[October 01, 2014]

PNC increases market share in past year [Pittsburgh Post-Gazette]


(Pittsburgh Post-Gazette (PA) Via Acquire Media NewsEdge) Oct. 01--PNC Bank continues to tighten its grip on the Pittsburgh region.

The area's biggest bank increased its share of retail deposits to 50.6 percent as of June 30, up from 49.9 percent a year earlier and 44.1 percent in 2012, according to the latest market share data released by the Federal Deposit Insurance Corp.



The only other bank among the top 10 in the region that grew its market share was No. 10: ESB Bank. The Ellwood City financial institution edged up from 0.9 percent to 1 percent of the market.

The rest of the leading banks either saw slight decreases in market share or stayed even with the previous year. None of the changes was enough to upset the order in which the banks ranked.


Rhode Island-based Citizens Bank retained its distant No. 2 spot with a 7.6 percent share of deposits, unchanged from the previous year. FNB also was unchanged in the No. 3 slot with a 4.1 percent share, while No. 4 Dollar Bank saw its market share dip to 3.7 percent from 3.8 percent. Both FNB and Dollar are based in Pittsburgh.

Rounding out the top five, Buffalo, N.Y.-based First Niagara's market share slipped to 2.8 percent from 2.9 percent in 2013.

Figures reflect deposits in the seven-county Pittsburgh region.

Together the top 10 banks operated 643 offices in the region, 20 fewer than one year earlier, according to the FDIC.

PNC shuttered a net 11 offices, dropping its branch count to 154. Including its other markets, the bank has 2,821 offices -- 127 fewer than the previous year. Like other big banks, it has been closing offices and downsizing others as increasing numbers of customers switch to banking electronically.

PNC holds a commanding $49.77 billion in deposits in the Pittsburgh market.

That compares with $7.5 billion for No. 2 Citizens, $4 billion for No. 3 FNB and $944 million for ESB.

The top 10 rankings exclude Bank of New York Mellon, which sold its branch banking business to Citizens in 2001, and TriState Capital bank, a boutique bank serving midsized businesses and high net-worth individuals.

To view market share data for the 57 financial institutions in the Pittsburgh region, visit www.fdic.gov, click "Industry Analysis," then "Bank Data & Statistics," then "Deposit Market Share Report." Patricia Sabatini: [email protected] or 412-263-3066.

___ (c)2014 the Pittsburgh Post-Gazette Visit the Pittsburgh Post-Gazette at www.post-gazette.com Distributed by MCT Information Services

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