Oklahoma banks see an increase in bank deposits

Monday, December 22nd 2003, 12:00 am
By: News On 6

(Oklahoma City-AP) -- The state saw an 8.4% jump in state bank deposits.

Officials believe that signals a strengthened economy and an increase in consumers desire for safe investments.

The most recent report shows that bank deposits across the state grew to $44.3-billion from $40.9-billion between June 30th, 2002 and June 30th, 2003.

The increase means local banks have more money to invest.

While the state growth rate of deposits more than doubled from the previous year, it trails the national increase of 11.4%.

Officials say deposit growth across the state and nation has been spurred by customers moving cash out of investments and brokerage funds into insured accounts.