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Who’s Winning on Deposits? Q1 2023 Market Gains and Declines for Banks and Credit Unions

June 14, 2023|0 min read
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Growing and retaining deposits isn’t easy. And, in today’s market, competition is increasingly fierce and consumers — and businesses — can make or break a bank based on where they choose to bank. 

Increasing deposits isn’t just about offering the best rate or incentive. It requires a number of integrated tactics strategically combined to motivate people to take action or open an account. It requires a personalized approach to marketing and customer engagement. It requires building and retaining trust with consumers.  

Let’s take a look at how banks and credit unions netted out at the end of Q1 2023 (based on data from FDIC and NCUA): 

Deposits down across the majority of financial institutions.

Forty-three percent of financial institutions reported a loss in deposits from Q4 2022 to Q1 2023. Overall, 40% of credit unions reported a loss while 48% of banks lost deposits. Amongst the top financial institutions by asset size, the average percentage of deposits lost or gained was:

  • Top 10 Financial Institutions: -1.38% 
  • Top 25 Financial Institutions: -1.86%
  • Top 50 Financial Institutions: -2.28%

Biggest winners for deposits likely driven, in part, by acquisitions. 

Of the top 9 financial institutions with the largest increase in deposits, four of them acquired or merged with another bank in Q1 2023: 

Financial Institution

Q1 2023 Reported Deposits

BMO Harris

*Acquired Bank of the West in Feb. 2023


First Citizens

*Acquired Silicon Valley Bank in Mar. 2023




Flagstar Bank

*Acquired Signature Bank in Mar. 2023


Capital One


Umpqua Bank

*Completed merger with Columbia Bank in Mar. 2023


American Express


Navy Federal Credit Union


PNC Bank


Biggest declines for deposits include First Republic Bank prior to its acquisition by Chase in Q2.

Financial Institution

Q1 2023 Reported Deposits

First Republic Bank




Charles Schwab


Bank of America


Goldman Sachs

*Note: Separately, Goldman Sachs’s online bank, Marcus, reported an increase in deposits quarter over quarter




Morgan Stanley


Wells Fargo



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