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Pandemic saving patterns push Arizona bank deposits over $227 billion

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Posted at 9:12 AM, Sep 21, 2022
and last updated 2022-09-21 12:12:29-04

PHOENIX — Arizona banks raked in more than $24 billion in new deposits in the past year, continuing a years-long trend of “unprecedented growth in deposits” for banks during the Covid-19 pandemic, according to the Federal Reserve.

Banks in Arizona collectively held more than $227.9 billion at the end of June, according to the latest annual report published by the Federal Deposit Insurance Corporation last week. Taken together, the 67 banks operating in the state added $24 billion in the past year, up from $203 billion at the end of June 2021.

These figures come from an annual FDIC survey that calculates market share in each state by tallying the amount of money each bank holds compared to the rest. The reports are current as of June 30 each year and the most recent report was published Sept. 16.

Read more of this story from the Business Journal.