The strikingly low price Citizens Financial Group Inc. has agreed to accept for its New York supermarket branches reflects a lack of demand for deposits — and for those particular branches.

Deposits are cheap right now because most banks have more than they need. And only two large banks in the New York area have a serious interest in supermarket banking, which tends to be a hit-or-miss strategy.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.