Brokered Deposit

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Brokered Deposit

A large sum of money composed of many smaller sums offered to a broker by investors. The small sums are compiled into a brokered deposit to qualify for a higher interest rate when the broker deposits it into an investment vehicle.
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References in periodicals archive ?
In February 2019, the FDIC published an advance notice of proposed rulemaking in the Federal Register seeking comment on its regulations for the interest rate restrictions and brokered deposits. The FDIC received nearly 60 comments from individuals, banking organizations, and trade groups.
Brokered deposits decreased USD 22.3 million, or 18.0%, during the first six months of 2019.
INDB's funding costs have been a strength relative to other banks of its size, and Fitch expects that the combined entity's deposit betas will increase from INDB's past experience over the near to medium term due to BHBK's usage of higher-cost time deposits and brokered deposits. Fitch views INDB's historical ability to grow core deposits positively which could result in lower deposit betas and funding costs over time.
Integration cost was finalized during the third quarter of 2018, South State said, and included a $20.6 million decrease in interest-bearing deposits resulting from brokered deposits acquired in the merger.
Simmons also emerged from its shopping spree with twice as much in brokered deposits. Those are large deposits aggregated and shopped around by third-party brokers, as opposed to core deposits from individual customers.
(15) Prior to 2011, core deposits are defined as domestic deposits less the sum of insured brokered deposits and time deposits greater than $100,000.
27 February 2015 - Puerto Rico-based financial services group Popular, Inc.'s (NASDAQ: BPOP) Banco Popular de Puerto Rico Puerto Rico banking subsidiary has acquired certain assets and all deposits (other than certain brokered deposits) of Doral Bank from US federal banking regulator the Federal Deposit Insurance Corp.
in performance and confidence sensitive ABS and brokered deposits which
Cost of funding would be disclosed via a table quantifying (1) the amount of insured and uninsured time deposits issued and brokered deposits acquired during each of the last four quarters and (2) the weighted-average contractual yield and weighted-average contractual life for the deposits issued or acquired during each of the last four quarters.
According to a press release issued by the FDIC, Columbian had $622 million in total deposits, plus $268 million in so-called brokered deposits. Outside of the brokered deposits, there was only $46 million in 610 accounts that exceeded the insurance limits.
First Southern Bank has said that it has acquired mostly all of the assets and the deposits, except brokered deposits, of First Commercial Bank of Florida from the Federal Deposit Insurance Corporation (FDIC), more than doubling its community bank franchise.