US Banks Experience Record Deposit Drop Following SVB Collapse
TL;DR
Deposits at small US banks dropped by a record $119 billion to $5.46 trillion in the week ended March 15, following the collapse of Silicon Valley Bank (SVB) on March 10, according to data released by the Federal Reserve. Borrowings at small banks increased by $253 billion to a record $669.6 billion, while deposits at large US banks rose $67 billion to $10.74 trillion. Overall US bank deposits have been in decline after sharply rising in the wake of pandemic aid in 2020 and early 2021.
- Small US banks see record drop in deposits after SVB collapse CNN
- Fed: Deposits at all U.S. banks steady at $15.26T CNBC Television
- Nearly $100 billion in deposits pulled from banks; officials call system 'sound and resilient' CNBC
- Data Shows Exactly How Big Banks Benefited From Collapse Of Silicon Valley Bank And Signature Bank - SPDR S&P Regional Banking ETF (ARCA:KRE) Benzinga
- Small banks lost $120 billion in deposits during SVB tumult Yahoo Finance
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