While two dozen banks posted deposit drops of 5% or more, U.S. bank deposits collectively rose by 0.1%.
Although more than two dozen U.S. banks saw their deposits decline by more than 5% in the first quarter, collectively all banks posted a tiny sequential increase despite concerns from investors, according to data released Monday by S&P.
However,... Although more than two dozen U.S. banks saw their deposits decline by more than 5% in the first quarter, collectively all banks posted a tiny sequential increase despite concerns from investors, according to data released Monday by S&P. However, 24 banks reported deposit declines of 5% or more during the first quarter, as turmoil enveloped some banks in the weeks following the demise of Silicon Valley Bank, which was taken over by the the Federal Deposit Insurance Corp. and sold to First Citizens Bancshares Inc. FCNCA .
First Republic had a first-quarter deposit decrease of 40.8%, while PacWest PACW lost 16.9% of its deposits in that quarter. Eagle Bancorp Inc. EGBN saw a 14.3% drop, Western Alliance Bancorp WAL saw an 11.3% reduction and Macatawa Bank Corp. MCBC saw a 10.9% drop.
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