Deposits Plummet at Small U.S. Banks After SVB Collapse.
TL;DR Summary
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 on March 10. 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. The rise in deposits at large banks equates to about half as much as the deposit decline at small banks, suggesting that some of the cash may have gone into money market funds or other instruments.
- Small U.S. banks see record drop in deposits after SVB collapse Reuters
- 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
- Small banks lost $120 billion in deposits during SVB tumult Yahoo Finance
- Money market funds, bonds, Bitcoin and gold are drawing cash from banks The Washington Post
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