Bank of Montreal, meanwhile, reported deposits on a combined basis with its recent U.S. acquisition, Bank of the West, for the first time. Deposits fell three per cent from the pre-merger total one quarter ago and four per cent from the year ago period.
Toronto-Dominion Bank was hit the hardest with a quarter-over-quarter drop in deposits at five per cent.Banks on both sides of the border are still being hit with the fallout from the, which rippled across the U.S. regional banking sector. The Santa Clara-based bank folded in March after a run on deposits, followed soon after by New York’s Signature Bank.
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