Long Island's retail bank market dominated by big brands

Of the nearly 1,000 retail bank branches operating on Long Island, more than half of them are run by just five companies, according to a database of retail banks compiled by newsday.com that shows the distribution of banks on the Island, including "bank deserts" underserved by major branches.

Chase, Citi, Bank of America, TD Bank and Capital One run 513 retail bank branches combined, with Chase operating 192 of those, the most any one company has on Long Island. Capital One has the second most, with 119 retail branches.

The database, compiled by lists sent to Newsday by the largest banks or by using the banks’ own online directories, only counts stand-alone retail banks, including branches run inside supermarkets. ATMs or commercial loan offices were not included.

While large banks dominate the list, the other half of the region’s retail banks is represented by nearly 30 different brands - a mix of big banks, community banks and credit unions. People’s United Bank, which has expanded its footprint on Long Island in the past few years through its acquisition of Bank of Smithtown in 2010 and its purchase of dozens of branches from Citizen’s Bank in 2012, runs 53 branches on Long Island, the same as Astoria Financial. Roslyn Savings Bank runs 45.

Taken together, credit unions and community banks also make up a large segment of Long Island’s retail banking. Bethpage Federal Credit Union runs 27 branches, while Teachers Federal Credit Union has 26. Bridgehampton National Bank also has 26 branches, while Suffolk County National Bank runs 25.

Though the database and map show the penetration these banks have on Long Island, they also show how certain areas in the region have more branches than others.

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The East End has far fewer banks per community, for example, than much more densely developed areas in Nassau and Western Suffolk counties. But even western and central Long Island  have “bank deserts,” where there are very few bank branches, or none at all. At one end of the spectrum, Great Neck is home to 20 bank branches, and Garden City 19. Meanwhile, Wyandanch, Shoreham and Cold Spring Harbor only have one branch each.

See the locations of 974 bank branches and find out which bank has the most branches closet to you.

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