With turmoil on Wall Street, deposits in Vermont banks rise

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With the financial turmoil on Wall Street, Vermont’s banking institutions are reporting a rise in deposits as people seek a safe place for their savings.

According to filings with the Securities and Exchange Commission, deposits at the Merchants Bank, the largest of the state’s six banks, jumped by more than $78 million, or 9 percent, to $946 million in the first six months of this year.

The amount invested in certificates of deposits, or CDs, at Merchants Bank rose $56 million to $389 million by the end of June. The SEC filings show most of that increase came from people depositing at least $100,000 in CDs.

According to the filings, the large investors had deposited $125 million in CDs during the first half of the year, up 46 percent from $86 million.

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