Magazine : Archives : 2nd Quarter 2023
Paying Up in an Uncertain Market
Even before a global banking crisis began in mid-March, which occurred after many of the interviews in this article, banks were starting to feel the pressure on their funding bases because of rising interest rates. That had community institutions like $1.5 billion Main Street Group Bancshares paying up for deposits, especially for the bank’s largest depositors. “We’re constantly looking at our rates and products, just like so many other banks. We are working hard to demonstrate value for our top 1,000 customers and reaching out to them. We’re raising our deposit rates as much as we can,” says Walter Dwyer,...
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