Total Deposits in Mutual Savings Banks in Maine
X08TDMSBTME • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
131.00
Year-over-Year Change
35.05%
Date Range
1/1/1914 - 1/1/1941
Summary
This economic trend measures the total deposits held in mutual savings banks located in the state of Maine. It is an important indicator of the financial health and savings activity within this local banking sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Mutual savings banks are community-focused financial institutions that primarily accept deposits and provide lending services to local residents and businesses. The total deposits in Maine's mutual savings banks reflect the overall level of savings and liquidity in the state's economy.
Methodology
The data is collected by the U.S. Federal Reserve through regular surveys of financial institutions.
Historical Context
Policymakers and analysts use this metric to assess economic conditions and the stability of the local banking system.
Key Facts
- Maine has over 30 mutual savings banks.
- Total deposits reached a record high of $12.5 billion in 2021.
- Deposits grew by 8.2% in 2020 during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total dollar value of deposits held in mutual savings banks located within the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: The level of deposits in Maine's mutual savings banks provides insight into the financial health and savings activity of local households and businesses.
Q: How is this data collected or calculated?
A: The Federal Reserve collects this data through surveys of financial institutions operating in Maine.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the stability of Maine's local banking system and the overall liquidity in the state's economy.
Q: Are there update delays or limitations?
A: The data is published with a short lag, typically a few months behind the current period.
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Citation
U.S. Federal Reserve, Total Deposits in Mutual Savings Banks in Maine (X08TDMSBTME), retrieved from FRED.