Total deposits decreased primarily due to runoff of a portion of jumbo certificates of deposit
1% premium to deposits, excluding jumbo certificates of deposit
4 per cent to deposits, excluding jumbo certificates of deposit
All of the bank's brokered and retail jumbo certificates of deposit
("CDs"), totaling approximately $550 million, were sold in the transaction.
In addition to consumer credit products and services, Direct Merchants Bank also offers Jumbo Certificates of Deposit
for personal or business investments.
Most notably the Corporation continued to reduce its reliance on costly jumbo certificates of deposit
In order to reduce the company's heavy reliance on the securitization market for funding, Metris has begun to diversify its funding sources to include jumbo certificates of deposit
issued through DMCCB, as well as senior unsecured debt through the parent company.
The decrease in assets and deposits was management's plan to bring the loan-to-deposit ratio closer to peer banks' levels and to let higher-priced, out-of-state jumbo Certificates of Deposits
The decrease in assets and deposits are the bank's conscious efforts to let higher priced out-of-state jumbo Certificates of Deposits