FDIC Reports Steepest Drop in US Bank Deposits in 39 Years at the Start of 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.

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