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Ranked: The U.S. Banks With the Most Uninsured Deposits

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The U.S. Banks With the Most Uninsured Deposits

The U.S. Top Banks by Uninsured Deposits

Today, there is at least $7 trillion in uninsured bank deposits in America.

This dollar value is roughly three times that of Apple’s market capitalization, or about equal to 30% of U.S. GDP. Uninsured deposits are ones that exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation (FDIC), which was actually increased from $100,000 after the Global Financial Crisis. They account for roughly 40% of all bank deposits.

In the wake of the Silicon Valley Bank (SVB) fallout, we look at the 30 U.S. banks with the highest percentage of uninsured deposits, using data from S&P Global.

Which Banks Have the Most Uninsured Deposits?

Over the last month, SVB and Signature Bank went under at lightning speed.

Below, we show how their level of uninsured deposits compare to other banks. The dataset includes U.S. banks with at least $50 billion in assets at the end of 2022.

Top 30 RankBankUninsured
Deposits (%)
Total Assets (B)
1Silicon Valley Bank*93.8$209
2Bank of New York Mellon92.0$325
3State Street Bank and Trust Co.91.2$298
4Signature Bank*89.3$110
5Northern Trust Co.81.6$155
6Citibank NA73.7$1,767
7CIBC Bank USA73.1$51
8HSBC Bank USA NA70.6$162
9City National Bank70.3$97
10First Republic Bank67.4$213
11East West Bank65.8$64
12BMO Harris Bank NA60.5$177
13Comerica Bank60.4$86
14Western Alliance Bank56.3$68
15Frost Bank53.6$53
16Banco Popular de Puerto Rico53.1$56
17MUFG Union Bank NA**53.0$104
18Zions Bancorp. NA52.2$90
19JPMorgan Chase Bank NA52.0$3,202
20U.S. Bank NA51.4$585
21Synovus Bank50.7$60
22Bank of the West**50.7$92
23KeyBank NA50.0$188
24Fifth Third Bank NA48.4$206
25Goldman Sachs Bank USA47.6$487
26Citizens Bank NA47.5$226
27Manufacturers and Traders Trust Co.47.1$200
28First Horizon Bank46.2$79
29Bank of America NA46.1$2,419
30Huntington National Bank45.6$182

*Failed banks. **Acquired banks.

Bank of New York (BNY) Mellon and State Street Bank are the active banks with the highest levels of uninsured deposits. They are the two largest custodian banks in the U.S., followed by JP Morgan. Custodian banks provide critical infrastructure in the financial system, holding assets for safe-keeping for investment managers and transferring assets, among other duties.

Both BNY Mellon and State Street are considered “systemically important” banks.

Where these banks differ from SVB is that their loans and held-to-maturity securities as a percentage of total deposits are much lower. While these loans made up over 94% of SVB’s deposits, they made up 31% of BNY Mellon’s and 40% of State Street Bank’s deposits, respectively.

Held-to-maturity securities pose a greater risk to banks. Many of these holdings have lost value since interest rates have risen at a sharp clip. This presents interest-rate risks to banks. Consider how the value of long-term U.S. Treasurys declined about 30% in 2022. In this way, if a bank sells these assets before they mature, they take on a steep loss.

Overall, 11 banks on this list have loans and held-to-maturity assets that are over 90% of their total value of deposits.

Backstop Measures

To prevent wider ramifications, regulators implemented emergency actions. This was done by protecting all deposits of SVB and Signature Bank days after they announced failure.

The Fed also set up an emergency lending facility for banks. This Bank Term Funding Program (BTFP) was created to provide additional funding for banks if depositors pulled their money. It was also set up to prevent banks from interest-rate risk.

So far, more than $50 billion in loans have been withdrawn from the BTFP, up from $11.9 billion in its first week. (The Federal Reserve updates these numbers on a weekly basis.) This has led the Fed’s balance sheet to once again tick higher after slowly declining with the introduction of quantitative tightening in 2022.

Between a Rock and a Hard Place

What does this mean for the U.S. banking system, and what are the implications for depositors and the broader financial system?

On the one hand, the Fed may have had no other option than to save the banks.

“The way the world is, the government had no alternative but to back all deposits. Or we would have had the biggest goddamn bunch of bank runs you ever saw.”

-Charles Munger

The bigger problem is that it introduces new risk into the system. If market participants expect the Fed to always come to the rescue, they will likely make less prudent decisions. Beyond this, the ultra-low interest rate environment not only made banks more sensitive to interest-rate risk as rates went up, but it also lowered the cost of risk-taking.

Now, the Fed has said that they could take necessary actions to protect uninsured deposits. How quickly BTFP loans increase in the next few months will be anyone’s guess as clients from smaller banks withdraw funds and send to larger ones or invest in money market funds.

Editor’s note: Not all types of uninsured deposits are created equal. For custodian banks, retail deposits can make up a smaller portion of total deposits while operational deposits comprise a larger share. These types of deposits hold large amounts of funds for other banks for the purposes of custody or clearing and cash management, among other functions. For this reason, they are often considered more stable forms of deposits.

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Visualizing Mining’s Footprint in British Columbia

Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.

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Mining Footprint in British Columbia

Visualizing Mining’s Footprint in British Columbia

British Columbia is considered a global leader in the development of socially and environmentally responsible resources.

An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.

This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.

A Tier 1 Jurisdiction for Mining

British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.

As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.

British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.

B.C. mined material breakdown

At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.

More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.

How Green is B.C. Mining

Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.

Land Use in B.C.Revenue (2022, CAD $)
Mining 0.04%$18.0 billion
Oil & Gas 0.4%$9.5 billion
Infrastructure1%$25.0 billion
Farmland3%$2.1 billion
Forest62%$13.3 billion

Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.

In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.

According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.

In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.

The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.

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Mapped: The 10 Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like EVs and solar power.

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Ranked: The Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.

Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.

So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.

Silver in Green Technology

Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.

When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.

Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.

In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.

Global Silver Demand Rising

With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.

2023 silver industrial demand is forecasted to rise by 4% to a new record high.

However, according to the Silver Institute, mined output is expected to decline over the next five years.

In this scenario, new mines are expected to play an important role in meeting the demand.

Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:

RankProjectOwnerCountryContained Silver Reserves (Moz)
1CorderoDiscovery SilverMexico266
2Corani Bear Creek Mining CorporationPeru229
3Prognoz Polymetal International plcRussia125
4Bowdens Silver Mines LimitedAustralia66
5Santa Ana Formerly Bear CreekPeru63
6FuwanMinco Silver CorporationChina55
7Nueva EsperanzaKingsgate Consolidated LimitedChile48
8Vares Adriatic Metals PLCBosnia & Herzegovina47
9Terronera Endeavour Silver Corp.Mexico47
10MenkechkaGeoProMining Ltd.Russia38

Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.

Once in production, it is expected to become one of the top three silver mines in the world.

As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.

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