Bank and thrift deposits have topped $7 trillion for the first time, according to data released Wednesday by the Federal Deposit Insurance Corp.
In its annual summary of deposits for the period that ended June 30, the FDIC reported that total deposits climbed 4.8% year over year.
Commercial bank deposits rose 6.4%, to nearly $5.9 trillion, though thrift deposits had a year-over-year decline for the first time in at least a decade, to $1.13 trillion.
The number of banks continued to shrink, while the number of branches continued to increase — though at a slower pace than in years past.
The number of banks and thrifts fell by 2% year over year, to 8,430, and the number of branches climbed 1.9%, to 99,149. It was the smallest increase in new branches in five years.
The updated deposit data can be found at http://www2.fdic.gov/sod/index.asp.