Independent Banker - April 2024 - 28
PORTFOLIO
A recent dip in commercial bank deposits
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
1975
1980
1985
1990
1995 2000 2005 2010
2015 2020
Shaded areas indicate U.S. recessions. Source: Board of Governors of the Federal Reserve System (U.S.)
Banks battle shrinking deposit levels
Bank deposits that soared following unprecedented COVID-related
government stimulus are coming back down. Pre-pandemic
deposit levels of nearly $13.4 trillion peaked at $18.1 trillion in
May 2022. Falling bank deposit levels are now attributed to the
combination of customers spending those cash reserves coupled
with competition from high-rate financial products.
face-to-face conversation and build
a lasting relationship, " says Silsby.
The " Your Choice " promotion allowed
the customer to choose whether they
received a premium rate on either a
CD or a money market account. To
qualify, they had to open or have a
checking account at the bank. The
premium rate also was only good up
to a maximum amount of $250,000.
During the fi rst six months, the
new branch raised $17.5 million in
new deposits.
3. Play defense
It's an ideal time to increase
customer outreach to protect existing
deposits, particularly among your
biggest deposit customers. " We're
a very traditional bank, so the best
way for us to grow our deposits
is really by focusing on who our
customer is, " says Jill Sung, CEO of
$322 million-asset Abacus Federal
Savings Bank in New York City.
For example, a segment of Abacus'
customer base is recent immigrants,
who tend to have very diff erent
banking needs than the typical
customer. " We want to understand
that segment better and then make
sure we're addressing their particular
needs, " Sung says.
Many of those immigrants have
gone on to start small businesses,
and the community bank is taking a
similar targeted approach to be more
in tune with what those customers
need, which also can help to generate
referral business.
" As a small bank, I think that's our
advantage, " Sung adds.
Billions of U.S. dollars
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Independent Banker - April 2024
Table of Contents for the Digital Edition of Independent Banker - April 2024
Contents
Independent Banker - April 2024 - Cover1
Independent Banker - April 2024 - Cover2
Independent Banker - April 2024 - Contents
Independent Banker - April 2024 - 2
Independent Banker - April 2024 - 3
Independent Banker - April 2024 - 4
Independent Banker - April 2024 - 5
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Independent Banker - April 2024 - Cover3
Independent Banker - April 2024 - Cover4
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