What comes first - deposit or credit

Economics Economics Questions
1

I believe the ‘post-keynsians’ believe the following:

(from http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit/)

“In the real world, banks extend credit, creating deposits in the process, and look for reserves later”.[5]

Is this true?
It doesn’t seem to make sense (or be legal?)

2

Its (kind of) true, and it makes sense.

The central bank is there to protect the banks from bankruptcies, therefore the credit injections are to protect banks that are over-extended.