Bank Deposits Continue To Rise

8 years 1 month 2 weeks ago Wednesday, October 27 2010 Oct 27, 2010 Wednesday, October 27, 2010 12:01:18 AM CDT October 27, 2010 in News
COLUMBIA -- The city of Columbia saw a 178 million dollar increase in bank deposit amounts this past year according to data from the Federal Deposit Insurance Corp.

That's a 7.8% increase from the previous year.

Columbia bank officials attribute this to people finding it more safe to deposit money in a bank as opposed to investments.

"They just want their money to be safe. Banks are FDIC insured, so we provide a safe haven for their money," said Matt Williams, President of Hawthorn Bank's Columbia branch.

Bank officials also said that they believe the amount of money deposited in banks will continue to increase in the near future.

"I think you certainly will see an increase in the deposits for a variety of reasons. One is the service level that you get is very personal. We strive to provide very personal service," said Brooke Burnham of the Bank of Missouri.

More deposits means more available money for loans.

"If we have more money in the bank, then that's more money we have to lend out to those in the community," said Burnham.

But not all banks in Columbia showed an increase.

The Federal data showed that Bank of America, Premier Bank, Callaway Bank, US Bank, and UMB Bank all had a decrease in deposits from the previous year.

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