Signature Bank in New York has run off about $1.5 billion of crypto-related deposits so far this quarter.
The $110.4 billion-asset bank disclosed in its mid-quarter report that it continues to reduce the size of deposit relationships tied to the crypto industry.
As of March 1, overall deposits were down $826 million from the end of 2022, or roughly 0.9%. Excluding the runoff of crypto deposits, total deposits would be up by $682 million.
Signature also disclosed that spot loan balances are lower by about $1.7 million this quarter as it reduces loan balances in its larger business lines.