Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Banking Regulation topic
No spam. Unsubscribe anytime.
PDPC reports $10.6 billion in public deposits; 68 of 69 depositories well capitalized
Summary
Public Deposit Protection Commission administrator Mandy Kaplan told commissioners that as of April 2026 state and local governments had $10.6 billion on deposit, 68 of 69 public depositories are well capitalized by federal standards, and the one undercapitalized bank holds no uninsured public funds and is awaiting a regulatory merger.
Public Deposit Protection Commission members received an update May 28 from administrator Mandy Kaplan on the condition of public depositories and pledged collateral.
Kaplan said there were nine completed mergers involving qualified depositories since the PDPC's February meeting and that, as of April 2026, state and local governments held more than $10.6 billion on deposit in public depository banks and credit unions. “Of our 69 current public depositories, 68 of 69 are well capitalized by federal standards,” Kaplan said. She added that the one depository classified as undercapitalized does not currently hold any uninsured public funds and is awaiting regulatory approval to merge with another institution.
Kaplan said PDPC staff continue to monitor the regulatory environment and work closely with the Department of Financial Institutions. Commissioners asked no substantive follow‑up questions and the commission adjourned after the briefing.
