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by Dan Burns
(Reuters) – Deposits at U.S. commercial banks rose toward the end of March. The index rose for the first time in about a month, showing signs of stabilization after two of the biggest bank failures since the financial crisis rocked the banking system and rattled savers.
Data released by the Federal Reserve on Friday showed that all commercial bank deposits rose to $ . trillion in the week ending March , on a non-seasonally adjusted basis, from $. A trillion weeks ago.
This is the first increase since early March and marks a temporary end to a record flight of deposits sparked by Silicon Valley bank failures, 100250 Signature library
(OTC: 250SBNY
) In the middle of last month. The collapse of the second and third largest banks in U.S. history forced federal regulators to guarantee all deposits at the two institutions and prompted emergency action by the Federal Reserve to restore confidence in the banking system.
