US Bank Deposits After SVB Collapse Fall Most in Nearly a Year

Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of global financial turmoil.

The decline was entirely due to a record plunge in deposits at smaller institutions.

Bank deposits fell by $98.4 billion to $17.5 trillion in the week ended March 15, according to data released Friday by the Federal Reserve. Deposits at small banks slumped $120 billion, while those for 25 largest firms rose almost $67 billion.

So-called “other” deposits, which exclude accounts with maturity dates such as certificates of deposit, declined by $78.2 billion ...