Small US banks face a record drop in deposits following SVB's collapse

Deposits at small US banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed.

Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15, which was more than twice the previous record drop and the biggest decline as a percent of overall deposits since the week ended March 16, 2007.

Borrowings at small banks, defined as all but the biggest 25 commercial US banks, increased by $253 billion to a record $669.6 billion, the Fed’s weekly data showed.

Source : Small US banks face a record drop in deposits following SVB’s collapse