Customers of small U.S. banks pulled a record $119.9 billion of deposits in the seven days ending March 15, data released by the Federal Reserve showed Friday.
That figure is seasonally adjusted. On a not-seasonally adjusted basis, small banks lost $107.8 billion.
Much of those deposits went to large banks. These saw deposits rise by $66.7 billion on a seasonally adjusted basis and $119.8 billion before seasonal adjustment. On the whole, deposits at commercial banks in the U.S. fell by a seasonally adjusted $98.4 billion, according to the Fed data. Not seasonally adjusted, the decline was $52.8 billion.Large banks are defined as the top 25 domestically chartered commercial banks, ranked by domestic assets. So Silicon Valley Bank, which was the 18th largest bank by assets, would be counted among the large banks that, as a group, gained deposits.
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