“FDIC: US bank deposits dropped by most in 39 years to start 2023”
June 1, 2023
“US banks lost $472 billion in deposits in the first quarter, according to a new quarterly report from the Federal Deposit Insurance Corporation (FDIC) that offers a comprehensive look at how the industry navigated its most challenging period since the 2008 financial crisis.
The deposit decline was the largest since the FDIC began collecting quarterly industry data in 1984 and marked the fourth consecutive quarter of industry outflows. The regulator tracks performance for 4,672 commercial banks and savings institutions…
The FDIC report covers a tumultuous period marked by an aggressive rise in interest rates and the failures of three banks in a matter of days, including Silicon Valley Bank and Signature Bank on March 10 and March 12…
Stocks of several regional banks that came under scrutiny during the turmoil of the first quarter were down again Wednesday, including PacWest (PACW), Western Alliance (WAL), Zions (ZION), and Comerica (CMA)…”