Average money market accounts also rose, from $381.5 million in the first quarter of 2009 to $494.7 million for the same quarter of 2010, an increase of $113.1 million or 29.7 percent. The Corporation’s focus on core deposit growth, as well as certain customers tending to “park” funds in money market accounts in lower interest rate environments accounted for this growth.In comparing balances at March 31, 2010 to balances at December 31, 2009, noninterest-bearing checking, savings and money market accounts have continued to increase, while higher costing certificates of deposit and interest-bearing checking have declined. The Corporation has opted not to pay above market rates on maturing certificates of deposit, as the Corporation has ample liquidity from core deposit growth and principal paydowns on loans.
Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations
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