Signature Bank Adds $6.14B in Non-Interest Bearing Deposits

Signature Bank Adds $6.14B in Non-Interest Bearing Deposits

New York-based Signature Bank added $6.14 billion in non-interest bearing deposits in the second quarter in a sign of increased growth from digital currency customers.

  • The figure compares with growth of $3.77 billion in the first quarter.
  • Analysts tend to monitor non-interest bearing deposit growth as a proxy for deposits from digital currency customers because cryptocurrency firms are often a source of low-cost deposits.
  • Signature doesn’t break out its deposits from digital currency customers.
  • Non-interest bearing deposits rose to $28.7 billion.
  • Source