With the financial turmoil on Wall Street, Vermont’s banking institutions are reporting a rise in deposits as people seek a safe place for their savings.
According to filings with the Securities and Exchange Commission, deposits at the Merchants Bank, the largest of the state’s six banks, jumped by more than $78 million, or 9 percent, to $946 million in the first six months of this year.
The amount invested in certificates of deposits, or CDs, at Merchants Bank rose $56 million to $389 million by the end of June. The SEC filings show most of that increase came from people depositing at least $100,000 in CDs.
According to the filings, the large investors had deposited $125 million in CDs during the first half of the year, up 46 percent from $86 million.