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List Of Failing Banks From 2009 Until 2023

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Jan 22, 2024
List Of Failing Banks From 2009 Until 2023List Of Failing Banks From 2009 Until 2023

List Of Failing Banks From 2009 Until 2023

Citizens Bank of Sac City, Iowa, became the fifth FDIC-insured bank to fail this year. The Iowa Division of Banking closed the struggling bank on November 3.

Earlier this year, Silicon Valley Bank failed on March 10 and Signature Bank fell two days later, ending an exceptional stretch of more than 800 days without a bank failure.

Before Citizens Bank’s failure on Friday, Heartland Tri-State Bank failed on July 28, and First Republic Bank failed on May 1.

U.S. bank failures

Longest time between bank collapses in the United States since 1933.

Previous bank failure Bank failure Days since previous bank failure
June 25, 2004 Feb. 2, 2007 951
Oct. 23, 2020 March 10, 2023 867
Jan. 13, 1945 Sept. 14, 1946 608
Dec. 15, 2017 May 31, 2019 531
Aug. 16, 1996 Nov. 21, 1997 461
Feb. 19, 1962 May 24, 1963 458
May 26, 1953 Aug. 9, 1954 439

According to the FDIC, a bank fails when it becomes insolvent, which means it does not have enough funds to cover all of its customers’ deposits and the money it owes to others.

Bank collapses are not infrequent; many occur each year. Few years, such as 2022, 2021, 2018, 2006, or 2005, have seen no bank closures.

Before March 2023, just three banks had collapsed since the coronavirus epidemic began. According to the FDIC, all three banks (The First State Bank, First City Bank of Florida, and Almena State Bank) have previously encountered financial troubles. (One bank failed in 2020 before the pandemic began.)

To avoid bank collapses, keep your money in an FDIC-insured bank and adhere to their standards. Since 1933, no depositor has lost a dime in FDIC-insured funds.

When a bank fails, the FDIC calculates how much it will cost the Deposit Insurance Fund (DIF). According to the FDIC, the DIF is funded primarily through quarterly charges on FDIC-insured banks.

Bank failures since 2009

Year Total number of bank failures
2023 5
2022 0
2021 0
2020 4
2019 4
2018 0
2017 8
2016 5
2015 8
2014 18
2013 24
2012 51
2011 92
2010 157
2009 140

Source: Federal Deposit Insurance Corp.

2023 list of failed banks

Failed banks Date closed
Citizens Bank, Sac City, Iowa 11/03/2023
Heartland Tri-State Bank, Elkhart, Kansas 07/28/2023
First Republic Bank, San Francisco 05/01/2023
Signature Bank, New York 03/12/2023
Silicon Valley Bank, Santa Clara, Calif. 03/10/2023

2020 list of failed banks

Failed banks Date closed
Almena State Bank, Almena, Kan. 10/23/2020
First City Bank of Florida, Fort Walton Beach, Fla. 10/16/2020
The First State Bank, Barboursville, W.Va. 04/03/2020
Ericson State Bank, Ericson, Neb. 02/14/2020

2019 list of failed banks

Failed banks Date closed city
y National Bank of New Jersey, Newark 11/1/2019
Resolute Bank, Maumee, Ohio 10/25/2019
Louisa Community Bank, Louisa, Ky. 10/25/2019
The Enloe State Bank, Cooper, Texas 05/31/2019

2018 list of failed banks

Failed banks Date closed
None N/A

2017 list of failed banks

Failed banks Date closed Washington
n Federal Bank for Savings, Chicago 12/15/2017
The Farmers and Merchants State Bank of Argonia, Argonia, Kan. 10/13/2017
Fayette County Bank, Saint Elmo, Ill. 05/26/2017
Guaranty Bank, (dba BestBank in Georgia and Michigan), Milwaukee 05/05/2017
First NBC Bank, New Orleans 04/28/2017
Proficio Bank, Cottonwood Heights, Utah 03/03/2017
Seaway Bank & Trust Co., Chicago 01/27/2017
Harvest Community Bank, Pennsville, N.J. 01/13/2017

2016 list of failed banks

Failed banks Date closed
Allied Bank, Mulberry, Ark. 09/23/2016
The Woodbury Banking Company, Woodbury, Ga. 08/19/2016
First CornerStone Bank, King of Prussia, Pa. 05/06/2016
Trust Company Bank, Memphis, Tenn. 04/29/2016
North Milwaukee State Bank, Milwaukee 03/11/2016

2015 list of failed banks

Failed banks Date closed
Hometown National Bank, Longview, Wash. 10/02/2015
The Bank of Georgia, Peachtree City, Ga. 10/02/2015
Premier Bank, Denver 07/10/2015
Edgebrook Bank, Chicago 05/08/2015
Doral Bank, San Juan, Puerto Rico 02/27/2015
Capitol City Bank & Trust Co., Atlanta 02/13/2015
Highland Community Bank, Chicago 01/23/2015
First National Bank of Crestview, Crestview, Fla. 01/16/2015

2014 list of failed banks

Failed banks Date closed northern
n Star Bank, Mankato, Minn. 12/19/2014
Frontier Bank (dba El Paseo Bank), Palm Desert, Calif. 11/07/2014
The National Republic Bank of Chicago 10/24/2014
NBRS Financial, Rising Sun, Md. 10/17/2014
GreenChoice Bank, Chicago 07/25/2014
Eastside Commercial Bank, Conyers, Ga. 07/18/2014
The Freedom State Bank, Freedom, Okla. 06/27/2014
Valley Bank, Fort Lauderdale, Fla. 06/20/2014
Valley Bank, Moline, Ill. 06/20/2014
Slavie Federal Savings Bank, Bel Air, Md. 05/30/2014
Columbia Savings Bank, Cincinnati 05/23/2014
AztecAmerica Bank, Berwyn, Ill. 05/16/2014
Allendale County Bank, Fairfax, S.C. 04/25/2014
Vantage Point Bank, Horsham, Pa. 02/28/2014
Millennium Bank, Sterling, Va. 02/28/2014
Syringa Bank, Boise, Idaho 01/31/2014
The Bank of Union, El Reno, Okla. 01/24/2014
DuPage National Bank, West Chicago, Ill. 01/17/2014

2013 list of failed banks

Failed banks Date closed
Texas Community Bank, The Woodlands, Texas 12/13/2013
Bank of Jackson County, Graceville, Fla. 10/30/2013
First National Bank, Edinburg, Texas 9/13/2013
The Community’s Bank, Bridgeport, Conn. 9/13/2013
Sunrise Bank of Arizona, Phoenix 8/23/2013
Community South Bank, Parsons, Tenn. 8/23/2013
Bank of Wausau, Wausau, Wis. 8/9/2013
First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral), Ft. Myers 8/2/2013
Mountain National Bank, Sevierville, Tenn. 6/7/2013
1st Commerce Bank, North Las Vegas, Nev. 6/6/2013
Banks of Wisconsin (dba Bank of Kenosha), Kenosha 5/31/2013
Central Arizona Bank, Scottsdale, Ariz. 5/14/2013
Sunrise Bank, Valdosta, Ga. 5/10/2013
Pisgah Community Bank, Asheville, N.C. 5/10/2013
Douglas County Bank, Douglasville, Ga. 4/26/2013
Parkway Bank, Lenoir, N.C. 4/26/2013
Chipola Community Bank, Marianna, Fla. 4/19/2013
Heritage Bank of North Florida, Orange Park 4/19/2013
First Federal Bank, Lexington, Ky. 4/19/2013
Gold Canyon Bank, Gold Canyon, Ariz. 4/5/2013
Frontier Bank, LaGrange, Ga. 3/8/2013
Covenant Bank, Chicago 2/15/2013
1st Regents Bank, Andover, Minn. 1/18/2013
Westside Community Bank, University Place, Wash. 1/11/2013

2012 list of failed banks

Failed banks Date closed
Community Bank of the Ozarks, Sunrise Beach, Mo. 12/14/2012
Hometown Community Bank, Braselton, Ga. 11/16/2012
Citizens First National Bank, Princeton, Ill. 11/2/2012
Heritage Bank of Florida, Lutz, Fla. 11/2/2012
NOVA Bank, Berwyn, Pa. 10/26/2012
Excel Bank, Sedalia, Mo. 10/19/2012
First East Side Savings Bank, Tamarac, Fla. 10/19/2012
GulfSouth Private Bank, Destin, Fla. 10/19/2012
First United Bank, Crete, Ill. 9/28/2012
Truman Bank, St. Louis 9/14/2012
First Commercial Bank, Bloomington, Minn. 9/7/2012
Waukegan Savings Bank, Waukegan, Ill. 8/3/2012
Jasper Banking Company, Jasper, Ga. 7/27/2012
Second Federal Savings and Loan Association of Chicago 7/20/2012
Heartland Bank, Leawood, Kan. 7/20/2012
First Cherokee State Bank, Woodstock, Ga. 7/20/2012
Georgia Trust Bank, Buford, Ga. 7/20/2012
The Royal Palm Bank, Naples, Fla. 7/20/2012
Glasgow Savings Bank, Glasgow, Mo. 7/13/2012
Montgomery Bank & Trust, Ailey, Ga. 7/6/2012
The Farmers Bank of Lynchburg, Lynchburg, Tenn. 6/15/2012
Security Exchange Bank, Marietta, Ga. 6/15/2012
Putnam State Bank, Palatka, Fla. 6/15/2012
Waccamaw Bank, Whiteville, N.C. 6/8/2012
Farmers’ and Traders’ State Bank, Shabbona, Ill. 6/8/2012
Carolina Federal Savings Bank, Charleston, S.C. 6/8/2012
First Capital Bank, Kingfisher, Okla. 6/8/2012
Alabama Trust Bank, Sylacuaga, Ala. 5/18/2012
Security Bank, North Lauderdale, Fla. 5/4/2012
Palm Desert National Bank, Palm Desert, Calif. 4/27/2012
Plantation Federal Bank, Pawleys Island, S.C. 4/27/2012
Inter Savings Bank, Maple Grove, Minn. 4/27/2012
HarVest Bank of Maryland, Gaithersburg, Md. 4/27/2012
Bank of the Eastern Shore, Cambridge, Md. 4/27/2012
Fort Lee Federal Savings Bank, Fort Lee, N.J. 4/20/2012
Fidelity Bank, Dearborn, Mich. 3/30/2012
Covenant Bank & Trust, Rock Spring, Ga. 3/23/2012
Premier Bank, Wilmette, Ill. 3/23/2012
New City Bank, Chicago 3/9/2012
Global Commerce Bank, Doraville, Ga. 3/2/2012
Home Savings of America, Little Falls, Minn. 2/24/2012
Central Bank of Georgia, Ellaville, Ga. 2/24/2012
SCB Bank, Shelbyville, Ind 2/10/2012
Charter National Bank and Trust, Barrington, Ill. 2/10/2012
BankEast, Knoxville, Tenn. 1/27/2012
Patriot Bank Minnesota, Forest Lake, Minn. 1/27/2012
Tennessee Commerce Bank, Franklin, Tenn. 1/27/2012
First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, Fla. 1/27/2012
American Eagle Savings Bank, Boothwyn, Pa. 1/20/2012
The First State Bank, Stockbridge, Ga. 1/20/2012
Central Florida State Bank, Belleview 1/20/2012

2011 list of failed banks

Failed banks Date closed
Western National Bank, Phoenix 12/16/2011
Premier Community Bank of the Emerald Coast, Crestview, Fla. 12/16/2011
Central Progressive Bank, Lacombe, La. 11/18/2011
Polk County Bank, Johnston, Iowa 11/18/2011
Community Bank of Rockmart, Rockmart, Ga. 11/10/2011
SunFirst Bank, St. George, Utah 11/4/2011
Mid City Bank Inc., Omaha, Neb. 11/4/2011
All American Bank, Des Plaines, Ill. 10/28/2011
Community Banks of Colorado, Greenwood Village 10/21/2011
Community Capital Bank, Jonesboro, Ga. 10/21/2011
Decatur First Bank, Decatur, Ga. 10/21/2011
Old Harbor Bank, Clearwater, Fla. 10/21/2011
Country Bank, Aledo, Ill. 10/14/2011
First State Bank, Cranford, N.J. 10/14/2011
Blue Ridge Savings Bank, Asheville, N.C. 10/14/2011
Piedmont Community Bank, Gray, Ga. 10/14/2011
Sun Security Bank, Ellington, Mo. 10/07/2011
The RiverBank, Wyoming, Minn. 10/07/2011
First International Bank, Plano, Texas 9/30/2011
Citizens Bank of Northern California, Nevada City 9/23/2011
Bank of the Commonwealth, Norfolk, Va. 9/23/2011
The First National Bank of Florida, Milton, Fla. 9/09/2011
CreekSide Bank, Woodstock, Ga. 9/02/2011
Patriot Bank of Georgia, Cumming, Ga. 9/02/2011
First Choice Bank, Geneva, Ill. 8/19/2011
First Southern National Bank, Statesboro, Ga. 8/19/2011
Lydian Private Bank, Palm Beach, Fl. 8/19/2011
Public Savings Bank, Huntingdon Valley, Pa. 8/18/2011
The First National Bank of Olathe, Olathe, Kan. 8/12/2011
Bank of Whitman, Colfax, Wash. 8/5/2011
Bank of Shorewood, Shorewood, Ill. 8/5/2011
Integra Bank, Evansville, Ind. 7/29/2011
BankMeridian, Columbia, S.C. 7/29/2011
Virginia Business Bank, Richmond, Va. 7/22/2011
Bank of Choice, Greeley, Colo. 7/22/2011
LandMark Bank of Florida, Sarasota, Fla. 7/22/2011
Southshore Community Bank, Apollo Beach, Fla. 7/22/2011
Summit Bank, Prescott, Ariz. 7/15/2011
First Peoples Bank, Port St. Lucie, Fla. 7/15/2011
High Trust Bank, Stockbridge, Ga. 7/15/2011
One Georgia Bank, Atlanta, Ga. 7/15/2011
Signature Bank, Windsor, Colo. 7/8/2011
Colorado Capital Bank, Castle Rock, Colo. 7/8/2011
First Chicago Bank & Trust, Chicago 7/8/2011
Mountain Heritage Bank, Clayton, Ga. 6/24/2011
First Commercial Bank of Tampa Bay, Tampa, Fla. 6/17/2011
McIntosh State Bank, Jackson, Ga. 6/17/2011
Atlantic Bank & Trust, Charleston, S.C. 6/3/2011
First Heritage Bank, Snohomish, Wash. 5/27/2011
Summit Bank, Burlington, Wash. 5/20/2011
First Georgia Banking Company, Franklin, Ga. 5/20/2011
Atlantic Southern Bank, Macon, Ga. 5/20/2011
Coastal Bank, Cocoa Beach, Fla. 5/6/2011
Community Central Bank, Mount Clemens, Mich. 4/29/2011
The Park Avenue Bank, Valdosta, Ga. 4/29/2011
First Choice Community Bank, Dallas, Ga. 4/29/2011
Cortez Community Bank, Brooksville, Fla. 4/29/2011
First National Bank of Central Florida, Winter Park, Fla. 4/29/2011
Heritage Banking Group, Carthage, Miss. 4/15/2011
Rosemount National Bank, Rosemount, Minn. 4/15/2011
Superior Bank, Birmingham, Ala. 4/15/2011
Nexity Bank, Birmingham, Ala. 4/15/2011
New Horizons Bank, East Ellijay, Ga. 4/15/2011
Bartow County Bank, Cartersville, Ga. 4/15/2011
Nevada Commerce Bank, Las Vegas 4/8/2011
Western Springs National Bank & Trust, Western Springs, Ill. 4/8/2011
The Bank of Commerce, Wood Dale, Ill. 3/25/2011
Legacy Bank, Milwaukee, Wis. 3/11/2011
First National Bank of Davis, Davis, Okla. 3/11/2011
Valley Community Bank, St. Charles, Ill. 2/25/2011
San Luis Trust Bank, San Luis Obispo, Calif. 2/18/2011
Charter Oaks Bank, Napa, Calif. 2/18/2011
Citizens Bank of Effingham, Springfield, Ga. 2/18/2011
Habersham Bank, Clarksville, Ga. 2/18/2011
Canyon National Bank, Palm Springs, Calif. 2/11/2011
Badger State Bank, Cassville, Wis. 2/11/2011
Peoples State Bank, Hamtramck, Mich. 2/11/2011
Sunshine State Community Bank, Port Orange, Fla. 2/11/2011
Community First Bank Chicago 2/4/2011
North Georgia Bank, Watkinsville, Ga. 2/4/2011
American Trust Bank, Roswell, Ga. 2/4/2011
First Community Bank, Taos, N.M. 1/28/2011
FirsTier Bank, Louisville, Colo. 1/28/2011
Evergreen State Bank, Stoughton, Wis. 1/28/2011
The First State Bank, Camargo, Okla. 1/28/2011
United Western Bank, Denver 1/21/2011
The Bank of Asheville, Asheville, N.C. 1/21/2011
CommunitySouth Bank and Trust, Easley, S.C. 1/21/2011
Enterprise Banking Company, McDonough, Ga. 1/21/2011
Oglethorpe Bank, Brunswick, Ga. 1/14/2011
Legacy Bank, Scottsdale, Ariz. 1/7/2011
First Commercial Bank of Florida, Orlando 1/7/2011

2010 list of failed banks

Failed banks Date closed
Community National Bank, Lino Lakes, Minn. 12/17/2010
First Southern Bank, Batesville, Ark. 12/17/2010
United Americas Bank, Atlanta 12/17/2010
Appalachian Community Bank, McCaysville, Ga. 12/17/2010
Chestatee State Bank, Dawsonville, Ga. 12/17/2010
The Bank of Miami, Coral Gables, Fla. 12/17/2010
Earthstar Bank, Southampton, Pa. 12/10/2010
Paramount Bank, Farmington Hills, Mich. 12/10/2010
First Banking Center, Burlington, Wis. 11/19/2010
Allegiance Bank of North America, Bala Cynwyd, Pa. 11/19/2010
Gulf State Community Bank, Carrabelle, Fla. 11/19/2010
Copper Star Bank, Scottsdale, Ariz. 11/12/2010
Darby Bank & Trust Co., Vidalia, Ga. 11/12/2010
Tifton Banking Company, Tifton, Ga. 11/12/2010
First Vietnamese American Bank, Westminster, Calif. 11/5/2010
Pierce Commercial Bank, Tacoma, Wash. 11/5/2010
Western Commercial Bank, Woodland Hills, Calif. 11/5/2010
K Bank, Randallstown, Md. 11/5/2010
First Arizona Savings, Scottsdale, Ariz. 10/22/2010
Hillcrest Bank, Overland Park, Kan. 10/22/2010
First Suburban National Bank, Maywood, Ill. 10/22/2010
The First National Bank of Barnesville, Barnesville, Ga. 10/22/2010
The Gordon Bank, Gordon, Ga. 10/22/2010
Progress Bank of Florida, Tampa 10/22/2010
First Bank of Jacksonville, Jacksonville, Fla. 10/22/2010
Premier Bank, Jefferson City, Mo. 10/15/2010
WestBridge Bank & Trust Co., Chesterfield, Mo. 10/15/2010
Security Savings Bank, Olathe, Kan. 10/15/2010
Shoreline Bank, Shoreline, Wash. 10/1/2010
Wakulla Bank, Crawfordville, Fla. 10/1/2010
North County Bank, Arlington, Wash. 9/24/2010
Haven Trust Bank Florida, Ponte Verde Beach, Fla. 9/24/2010
Maritime Savings Bank, West Allis, Wis. 9/17/2010
Bramble Savings Bank, Milford, Ohio 9/17/2010
The Peoples Bank, Winder, Ga. 9/17/2010
First Commerce Community Bank, Douglasville, Ga. 9/17/2010
Bank of Ellijay, Ellijay, Ga. 9/17/2010
ISN Bank, Cherry Hill, N.J. 9/17/2010
Horizon Bank, Bradenton, Fla. 9/10/2010
Sonoma Valley Bank, Sonoma, Calif. 8/20/2010
Los Padres Bank, Solvang, Calif. 8/20/2010
Butte Community Bank, Chico, Calif. 8/20/2010
Pacific State Bank, Stockton, Calif. 8/20/2010
ShoreBank, Chicago 8/20/2010
Imperial Savings and Loan Association, Martinsville, Va. 8/20/2010
Independent National Bank, Ocala, Fla. 8/20/2010
Community National Bank at Bartow, Bartow, Fla. 8/20/2010
Palos Bank and Trust Company, Palos Heights, Ill. 8/13/2010
Ravenswood Bank, Chicago 8/6/2010
LibertyBank, Eugene, Ore. 7/30/2010
The Cowlitz Bank, Longview, Wash. 7/30/2010
Coastal Community Bank, Panama City Beach, Fla. 7/30/2010
Bayside Savings Bank, Port St. Joe, Fla. 7/30/2010
NorthWest Bank and Trust, Acworth, Ga. 7/30/2010
Home Valley Bank, Cave Junction, Ore. 7/23/2010
SouthwestUSA Bank, Las Vegas 7/23/2010
Community Security Bank, New Prague, Minn. 7/23/2010
Thunder Bank, Sylvan Grove, Kan. 7/23/2010
Williamsburg First National Bank, Kingstree, S.C. 7/23/2010
Crescent Bank and Trust Company, Jasper, Ga. 7/23/2010
Sterling Bank, Lantana, Fla. 7/23/2010
Mainstreet Savings Bank, Hastings, Mich. 7/16/2010
Olde Cypress Community Bank, Clewiston, Fla. 7/16/2010
Turnberry Bank, Aventura, Fla. 7/16/2010
Metro Bank of Dade County, Miami 7/16/2010
First National Bank of the South, Spartanburg, S.C. 7/16/2010
Woodlands Bank, Bluffton, S.C. 7/16/2010
Home National Bank, Blackwell, Okla. 7/09/2010
USA Bank, Port Chester, N.Y. 7/09/2010
Ideal Federal Savings Bank, Baltimore, Md. 7/09/2010
Bay National Bank, Baltimore, Md. 7/09/2010
High Desert State Bank, Albuquerque, N.M. 6/25/2010
First National Bank, Savannah, Ga. 6/25/2010
Peninsula Bank, Englewood, Fla. 6/25/2010
Nevada Security Bank, Reno 6/18/2010
Washington First International Bank, Seattle 6/11/2010
TierOne Bank, Lincoln, Neb. 6/04/2010
Arcola Homestead Savings Bank, Arcola, Ill. 6/04/2010
First National Bank, Rosedale, Miss. 6/04/2010
Sun West Bank, Las Vegas 5/28/2010
Granite Community Bank Granite Bay, Calif. 5/28/2010
Bank of Florida – Tampa 5/28/2010
Bank of Florida – Southwest, Naples 5/28/2010
Bank of Florida – Southeast, Fort Lauderdale 5/28/2010
Pinehurst Bank, Saint Paul, Minn. 5/21/2010
Midwest Bank & Trust Co., Elmwood Park, Ill. 5/14/2010
Southwest Community Bank, Springfield, Mo. 5/14/2010
New Liberty Bank, Plymouth, Mich. 5/14/2010
Satilla Community Bank, Saint Marys, Ga. 5/14/2010
1st Pacific Bank of California, San Diego 5/07/2010
Towne Bank of Arizona, Mesa 5/07/2010
Access Bank, Champlin, Minn. 5/07/2010
The Bank of Bonifay, Bonifay, Fla. 5/07/2010
Frontier Bank, Everett, Wash. 4/30/2010
BC National Banks, Butler, Mo. 4/30/2010
Champion Bank, Creve Coeur, Mo. 4/30/2010
CF Bancorp, Port Huron, Mich. 4/30/2010
Westernbank Puerto Rico, Mayaguez 4/30/2010
R-G Premier Bank of Puerto Rico, Hato Rey 4/30/2010
Eurobank, San Juan, Puerto Rico 4/30/2010
Wheatland Bank, Naperville, Ill. 4/23/2010
Peotone Bank & Trust Co., Peotone, Ill. 4/23/2010
Lincoln Park Savings Bank, Chicago 4/23/2010
New Century Bank, Chicago 4/23/2010
Citizens Bank & Trust Co. of Chicago 4/23/2010
Broadway Bank, Chicago 4/23/2010
Amcore Bank, Rockford, Ill. 4/23/2010
City Bank, Lynnwood, Wash. 4/16/2010
Tamalpais Bank, San Rafael, Calif. 4/16/2010
Innovative Bank, Oakland, Calif. 4/16/2010
Butler Bank, Lowell, Mass. 4/16/2010
Riverside National Bank of Florida, Fort Pierce 4/16/2010
AmericanFirst Bank, Clermont, Fla. 4/16/2010
First Federal Bank of North Florida, Palatka 4/16/2010
Lakeside Community Bank, Sterling Heights, Mich. 4/16/2010
Beach First National Bank, Myrtle Beach, S.C. 4/09/2010
Desert Hills Bank, Phoenix 3/26/2010
Unity National Bank, Cartersville, Ga. 3/26/2010
Key West Bank, Key West, Fla. 3/26/2010
McIntosh Commercial Bank, Carrollton, Ga. 3/26/2010
State Bank of Aurora, Aurora, Minn. 3/19/2010
First Lowndes Bank, Fort Deposit, Ala. 3/19/2010
Bank of Hiawassee, Hiawassee, Ga. 3/19/2010
Appalachian Community Bank, Ellijay, Ga. 3/19/2010
Advanta Bank Corp, Draper, Utah 3/19/2010
Century Security Bank, Duluth, Minn. 3/19/2010
American National Bank, Parma, Ohio 3/19/2010
Statewide Bank, Covington, La. 3/12/2010
Old Southern Bank, Orlando, Fla. 3/12/2010
The Park Avenue Bank, New York 3/12/2010
LibertyPointe Bank, New York 3/11/2010
Centennial Bank, Ogden, Utah 3/5/2010
Waterfield Bank, Germantown, Md. 3/5/2010
Bank of Illinois, Normal 3/5/2010
Sun American Bank, Boca Raton, Fla. 3/5/2010
Rainier Pacific Bank, Tacoma, Wash. 2/26/2010
Carson River Community Bank, Carson City, Nev. 2/26/2010
La Jolla Bank, La Jolla, Calif. 2/19/2010
George Washington Savings Bank, Orland Park, Ill. 2/19/2010
The La Coste National Bank, La Coste, Texas 2/19/2010
Marco Community Bank, Marco Island, Fla. 2/19/2010
First American State Bank of Minnesota, Hancock 2/05/2010
American Marine Bank, Bainbridge Island, Wash. 1/29/2010
First Regional Bank, Los Angeles 1/29/2010
Community Bank & Trust, Cornelia, Ga. 1/29/2010
Marshall Bank, Hallock, Minn. 1/29/2010
Florida Community Bank, Immokalee, Florida 1/29/2010
First National Bank of Georgia, Carrollton 1/29/2010
Columbia River Bank, The Dalles, Ore. 1/22/2010
Evergreen Bank, Seattle 1/22/2010
Charter Bank, Santa Fe, N.M. 1/22/2010
Bank of Leeton, Leeton, Mo. 1/22/2010
Premier American Bank, Miami, Fla. 1/22/2010
Barnes Banking Company, Kaysville, Utah 1/15/2010
St. Stephen State Bank, St. Stephen, Minn. 1/15/2010
Town Community Bank & Trust, Antioch, Ill. 1/15/2010
Horizon Bank, Bellingham, Wash. 1/08/2010

2009 list of failed banks

Failed banks Date closed
First Federal Bank of California, Santa Monica 12/18/2009
Imperial Capital Bank, La Jolla, Calif. 12/18/2009
Independent Bankers’ Bank, Springfield, Ill. 12/18/2009
New South Federal Savings Bank, Irondale, Ala. 12/18/2009
Citizens State Bank, New Baltimore, Mich. 12/18/2009
Peoples First Community Bank, Panama City, Fla. 12/18/2009
RockBridge Commercial Bank, Atlanta 12/18/2009
SolutionsBank, Overland Park, Kan. 12/11/2009
Valley Capital Bank, Mesa, Az. 12/11/2009
Republic Federal Bank, Miami 12/11/2009
Greater Atlantic Bank, Reston, Va. 12/04/2009
Benchmark Bank, Aurora, Ill. 12/04/2009
AmTrust Bank, Cleveland 12/04/2009
The Tattnall Bank, Reidsville, Ga. 12/04/2009
First Security National Bank, Norcross, Ga. 12/04/2009
The Buckhead Community Bank, Atlanta 12/04/2009
Commerce Bank of Southwest Florida, Fort Myers, Fla. 11/20/2009
Pacific Coast National Bank, San Clemente, Calif. 11/13/2009
Orion Bank, Naples, Fla. 11/13/2009
Century Bank, a Federal Savings Bank,  Sarasota, Fla. 11/13/2009
United Commercial Bank, San Francisco 11/6/2009
Gateway Bank of St. Louis 11/6/2009
Prosperan Bank, Oakdale, Minn. 11/6/2009
Home Federal Savings Bank, Detroit 11/6/2009
United Security Bank, Sparta, Ga. 11/6/2009
North Houston Bank, Houston 10/30/2009
Madisonville State Bank, Madisonville, Texas 10/30/2009
Citizens National Bank, Teague, Texas 10/30/2009
Park National Bank, Chicago 10/30/2009
Pacific National Bank, San Francisco 10/30/2009
California National Bank, Los Angeles 10/30/2009
San Diego National Bank, San Diego 10/30/2009
Community Bank of Lemont, Lemont, Ill. 10/30/2009
Bank USA, Phoenix 10/30/2009
First DuPage Bank, Westmont, Ill. 10/23/2009
Riverview Community Bank, Otsego, Minn. 10/23/2009
Bank of Elmwood, Racine, Wis. 10/23/2009
Flagship National Bank, Bradenton, Fla. 10/23/2009
Hillcrest Bank Florida, Naples 10/23/2009
American United Bank, Lawrenceville, Ga. 10/23/2009
Partners Bank, Naples, Fla. 10/23/2009
San Joaquin Bank, Bakersfield, Calif. 10/16/2009
Southern Colorado National Bank, Pueblo, Colo. 10/2/2009
Jennings State Bank, Spring Grove, Minn. 10/2/2009
Warren Bank, Warren, Mich. 10/2/2009
Georgian Bank, Atlanta 9/25/2009
Irwin Union Bank, Louisville, Ky. 9/18/2009
Irwin Union Bank & Trust Co., Columbus, Ind. 9/18/2009
Venture Bank, Lacey, Wash. 9/11/2009
Brickwell Community Bank, Woodbury, Minn. 9/11/2009
Corus Bank, Chicago 9/11/2009
First State Bank, Flagstaff, Ariz. 9/4/2009
Platinum Community Bank, Rolling Meadows, Ill. 9/4/2009
Vantus Bank, Sioux City, Iowa 9/4/2009
InBank, Oak Forest, Ill. 9/4/2009
First Bank of Kansas City, Kansas City, Mo. 9/4/2009
Affinity Bank, Ventura, Calif. 8/28/2009
Mainstreet Bank, Forest Lake, Minn. 8/28/2009
Bradford Bank, Baltimore 8/28/2009
Guaranty Bank, Austin, Texas 8/21/2009
CapitalSouth Bank, Birmingham, Ala. 8/21/2009
First Coweta Bank, Newman, Ga. 8/21/2009
EBank, Atlanta 8/21/2009
Community Bank of Nevada, Las Vegas 8/14/2009
Community Bank of Arizona, Phoenix 8/14/2009
Union Bank, Gilbert, Ariz. 8/14/2009
Colonial Bank, Montgomery, Ala. 8/14/2009
Dwelling House Savings and Loan Association, Pittsburgh 8/14/2009
Community First Bank, Prineville, Ore. 8/7/2009
Community National Bank of Sarasota County, Venice, Fla. 8/7/2009
First State Bank, Sarasota, Fla. 8/7/2009
Mutual Bank, Harvey, Ill. 7/31/2009
First BankAmericano, Elizabeth, N.J. 7/31/2009
Peoples Community Bank, West Chester, Ohio 7/31/2009
Integrity Bank, Jupiter, Fla. 7/31/2009
First State Bank of Altus, Altus, Okla. 7/31/2009
Security Bank of Jones County, Gray, Ga. 7/24/2009
Security Bank of Houston County, Perry, Ga. 7/24/2009
Security Bank of Bibb County, Macon, Ga. 7/24/2009
Security Bank of North Metro, Woodstock, Ga. 7/24/2009
Security Bank of North Fulton, Alpharetta, Ga. 7/24/2009
Security Bank of Gwinnett County, Suwanee, Ga. 7/24/2009
Waterford Village Bank, Williamsville, N.Y. 7/24/2009
Temecula Valley Bank, Temecula, Calif. 7/17/2009
Vineyard Bank, Rancho Cucamonga, Calif. 7/17/2009
BankFirst, Sioux Falls, S.D. 7/17/2009
First Piedmont Bank, Winder, Ga. 7/17/2009
Bank of Wyoming, Thermopolis, Wyo. 7/10/2009
Founders Bank, Worth, Ill. 7/2/2009
Millennium State Bank of Texas, Dallas 7/2/2009
The First National Bank of Danville, Danville, Ill. 7/2/2009
The Elizabeth State Bank, Elizabeth, Ill. 7/2/2009
Rock River Bank, Oregon, Ill. 7/2/2009
The First State Bank of Winchester, Winchester, Ill. 7/2/2009
The John Warner Bank, Clinton, Ill. 7/2/2009
Mirae Bank, Los Angeles 6/26/2009
MetroPacific Bank, Irvine, Calif. 6/26/2009
Horizon Bank, Pine City, Minn. 6/26/2009
Neighborhood Community Bank, Newnan, Ga. 6/26/2009
Community Bank of West Georgia, Villa Rica, Ga. 6/26/2009
First National Bank of Anthony, Anthony, Kan. 6/19/2009
Cooperative Bank, Wilmington, N.C. 6/19/2009
Southern Community Bank, Fayetteville, Ga. 6/19/2009
Bank of Lincolnwood, Lincolnwood, Ill. 6/5/2009
Citizens National Bank, Macomb, Ill. 5/22/2009
Strategic Capital Bank, Champaign, Ill. 5/22/2009
BankUnited, Coral Gables, Fla. 5/21/2009
Westsound Bank, Bremerton, Wash. 5/8/2009
America West Bank, Layton, Utah 5/1/2009
Citizens Community Bank, Ridgewood, N.J. 5/1/2009
Silverton Bank, Atlanta, Ga. 5/1/2009
First Bank of Idaho, Ketchum 4/24/2009
First Bank of Beverly Hills, Calabasas, Calif. 4/24/2009
Michigan Heritage Bank, Farmington Hills, Mich. 4/24/2009
American Southern Bank, Kennesaw, Ga. 4/24/2009
Great Basin Bank of Nevada, Elko, Nev. 4/17/2009
American Sterling Bank, Sugar Creek, Mo. 4/17/2009
New Frontier Bank, Greeley, Colo. 4/10/2009
Cape Fear Bank, Wilmington, N.C. 4/10/2009
Omni National Bank, Atlanta 3/27/2009
Teambank, Paola, Kan. 3/20/2009
Colorado National Bank, Colorado Springs, Colo. 3/20/2009
FirstCity Bank, Stockbridge, Ga. 3/20/2009
Freedom Bank of Georgia, Commerce, Ga. 3/6/2009
Security Savings Bank, Henderson, Nev. 2/27/2009
Heritage Community Bank, Glenwood, Ill. 2/27/2009
Silver Falls Bank, Silverton, Ore. 2/20/2009
Pinnacle Bank, Beaverton, Ore. 2/13/2009
Corn Belt Bank & Trust Co., Pittsfield, Ill. 2/13/2009
Riverside Bank of the Gulf Coast, Cape Coral, Fla. 2/13/2009
Sherman County Bank, Loup City, Neb. 2/13/2009
County Bank, Merced, Calif. 2/6/2009
Alliance Bank, Culver City, Calif. 2/6/2009
FirstBank Financial Services, McDonough, Ga. 2/6/2009
Ocala National Bank, Ocala, Fla. 1/30/2009
Suburban Federal Savings Bank, Crofton, Md. 1/30/2009
MagnetBank, Salt Lake City, Utah 1/30/2009
1st Centennial Bank, Redlands, Calif. 1/23/2009
Bank of Clark County, Vancouver, Wash. 1/16/2009
National Bank of Commerce, Berkeley, Ill. 1/16/2009

What is FDIC insurance?

The Federal Deposit Insurance Corporation (FDIC) covers deposits at member banks in the event of a bank failure. The FDIC insurance is backed by the full confidence and credit of the United States government.

The FDIC covers deposits up to $250,000 per FDIC-insured bank and ownership type. This ensures that consumers’ money is safe, as long as it stays within the boundaries and rules.

What major banks have failed in 2023?

First Republic Bank, established in San Francisco, is the second-largest bank failure in US history. Santa Clara, California-based Silicon Valley Bank follows at number three on the all-time list, and New York City-based Signature Bank is the fourth-largest bank that failed.

How many banks failed after 2008?

The Federal Deposit Insurance Corporation’s database shows that 25 banks collapsed in 2008. That includes Washington Mutual, the largest bank failure in US history. Over the next three years, approximately 400 banks failed.

What 4 banks have failed in 2023?

Several high-profile regional banks, including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank, folded in a matter of weeks in spring 2023. These banks were not limited to one geographic location, and there was no one explanation for their failures.

How many banks failed in 2010?

There were 157 bank failures in 2010. See the detailed descriptions below.

What is the name of the 2 banks that failed?

Consumers were caught off guard when Silicon Valley Bank and Signature Bank failed in March 2023, becoming the second and third-largest bank failure in US history. Three other banks collapsed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July, and Citizens Bank of Sac City in November.

Why the FDIC was created

The FDIC was established in 1933 to protect consumers when financial institutions fail and must close their doors.

During the Great Depression, banks were not insured. When banks failed, Americans lost their savings. When banks collapse, the FDIC steps in to protect depositors and their funds.

Bank failures are unusual,” says Mark Hamrick, Bankrate’s senior economist and Washington bureau head. “But when they happen, affecting covered institutions, FDIC coverage is important.”

Having that insurance is a critical safeguard against financial unpredictability. Following a spate of bank failures, including those of Silicon Valley Bank and First Republic Bank, consumers may rest assured that the government will guarantee all of their savings that fall within the insurance limitations, and they will not have to worry about withdrawing their money.

What about money market funds?

Money market mutual funds, which invest in low-risk securities, are not FDIC-insured, even when purchased from a bank.

Money market accounts, on the other hand, are typical deposit products that yield interest and are federally insured if placed in an FDIC-insured institution. They are subject to a $250,000 insurance limit.

How much does FDIC insurance cover?

The typical deposit insurance coverage maximum is $250,000 for each depositor, FDIC bank, and ownership type. As a result, each FDIC-insured bank provides depositors with at least $250,000 in coverage.

Is that $250K for one bank or one account?

Your money is safe at any FDIC-insured bank where you have a deposit of up to $250,000. For example, if you have $250,000 in deposits at Bank A and $250,000 in deposits at Bank B, you will be insured for $500,000.

If you have funds in multiple banks, but they all have the same FDIC certificate, you may not have as much insurance protection as you thought. The Bank Find tool, stated above, can assist you with this.

You can have multiple accounts at the same bank and be covered. A depositor’s total balance in checking, savings, and other traditional deposit accounts is guaranteed for up to $250,000. If you have deposits in several ownership categories at the same bank (such as single, joint, irrevocable, and revocable trust accounts), they are insured individually.

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) to figure out how much of your money is insured.

If you have any additional coverage inquiries, please contact your bank or call the FDIC.

I’ve deposited $250K. Is the yield earned on that insured?

The FDIC insurance limit of $250,000 covers both principal and interest. If you deposit $250,000 and receive $4,000 in interest, you are only covered for that amount if your bank fails. If you deposit $245,000 and earn $5,000 in interest, you are protected for the principal plus all interest because it is not above the FDIC’s $250,000 insurance cap.

Some deposits over $250,000, such as those related to trusts, may be eligible for further coverage. In that instance, the FDIC would examine the accounts and conclude.

Does insurance cover savings, CDs, and money market accounts?

FDIC insurance protects typical bank deposit products such as checking and savings accounts, time deposits like CDs, money market deposit accounts, Negotiable Order of Withdrawal accounts (NOW), cashier’s checks, money orders, and other bank-issued official items.

It excludes financial goods such as mutual funds, stocks, bonds, and annuities, even if purchased via an FDIC-insured bank. Furthermore, it does not protect the contents of safe deposit boxes.

Are online banks insured?

Just because a financial institution does not have any branches does not imply that it is not federally insured. Numerous internet banks are insured by the FDIC. Because they have fewer overhead costs than traditional banks, online banks frequently offer greater interest rates on CDs and savings accounts.

Before interacting with an online bank, ensure that it is a reputable bank and not a fraudulent website. The FDIC’s BankFind tool can be used to determine if an online bank is insured. You can also call the FDIC at 877-275-3342 and request to talk with a deposit insurance consultant to see whether an online bank is FDIC-insured.

Remember that FDIC insurance protects deposits at insolvent banks, not deposits lost as a result of online theft or fraud.

Are credit unions insured?

Credit unions are covered by the National Credit Union Administration Share Insurance Fund. On December 31, 2022, there were 4,760 federally insured credit unions in the United States.

The National Credit Union Administration oversees the fund, which guarantees member deposits up to $250,000. The fund is supported by the full faith and credit of the United States. The Share Insurance Fund also protects IRA and Keogh retirement savings for up to $250,000 each, as well as revocable and irrevocable trust accounts.

According to the NCUA’s website, credit union members have never lost one cent of their insured money at a federally insured credit union.

What if my bank fails?

If your bank collapses, you are not required to submit a claim with the FDIC to recover your deposits. The FDIC will act immediately to make you whole, either by opening a new account at another insured bank that is equal to the insured sum at the failed bank or by issuing you a check for the insured balance.

Some deposits over $250,000 may be eligible for coverage, such as those tied to trusts or set up by a third-party broker. In those circumstances, the FDIC examines the accounts and determines the amount of deposit protection available to them.

When a bank fails, the FDIC becomes the receiver of its assets and is in charge of collecting and selling those assets to pay off the bank’s debts, including claims for deposits greater than $250,000. The sale of a failing bank’s assets might take years. As assets are sold, the FDIC will make regular payouts to depositors for uninsured funds.

How to check a bank or credit union’s financial health?

You can use the FDIC’s BankFind tool to learn more about an FDIC-insured bank, including specific financial information, operational status, and how to contact a bank regulator for information or assistance. The FDIC also provides a list of failing banks.

To learn about the financial performance of a federally insured credit union, use the NCUA’s Research a Credit Union tool. The NCUA also provides a list of failed credit unions or those that have been put under conservatorship.

Why was the FDIC created?

The Federal Deposit Insurance Corporation was formed during the Great Depression when President Franklin D. Roosevelt signed the Banking Act of 1933. On January 1, 1934, the FDIC began insuring bank deposits of up to $2,500. Panicked bank customers, afraid they would never see their money again, withdrew their deposits, disrupting the banking system.

Roosevelt and some of his advisors were opposed to the creation of the FDIC. They believed it would be prohibitively expensive and would unjustly benefit badly operated institutions. But Americans desired protection, and they received it. Deposit insurance stabilized the banking system and helped restore public trust in it.

Ever since the FDIC has served as a safety net for depositors. The FDIC insures deposits in insolvent banks. It is funded through insurance premiums paid by financial institutions and investment returns. Payouts are made from the FDIC’s Deposit Insurance Fund.

By TheMost

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