Business Services Industry
Banking Giants Hold Most New Jersey Deposits.
Knight Ridder/Tribune Business News, February, 2004
By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Feb. 8--Thanks to mergers and acquisitions, banks headquartered outside the Garden State hold the majority of New Jerseyans' deposits.
In the past decade, out-of-state giants such as FleetBoston, Wachovia, and PNC increased their share of deposits in the affluent Garden State from 16 percent to about 56 percent, according to the New Jersey Bankers Association.
But the most recent statistics from the Federal Deposit Insurance Corp. suggest that the remaining in-state banks have risen to the challenge, despite the big banks' greater marketing clout, longer menus of financial products and services, and more expansive ATM networks.
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