Small and mid-sized banks lost $120 billion in deposits in just one week as turmoil gripped the regional banking world, according to new Federal Reserve data, while customers sought safer havens at the country's largest financial institutions.

As regional and community banks lost $120 billion during the week ending March 15, the 25 biggest banks raked in $67 billion in new deposits on a seasonally adjusted basis, according to new Fed data released Friday. The net outflow from all banks was $98 billion, an annual drop of 5.8%. Total industry deposits of $17.5 trillion was the lowest count since September 2021.

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Source:

https://news.yahoo.com/small-banks-lost-120-billion-in-deposits-during-svb-tumult-210531254.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHC1SF-4spDriFikY6PgIHvb_1-uEdY0BHZTCWA7idwiFl2xMs7oMiMVPVwFvkkoqVkCjrZnaLrIWKuns3jnnXsV4QCde2nvOpKxNVliyH_TnlnYGgingC4VTS3LGjHFqMedpR6JifwT4miuHEyF-eghXPWQn2CWzWqLDm5m1A4z#:~:text=Small%20and%20mid%2Dsized%20banks,the%20country's%20largest%20financial%20institutions.